Insights on the Retail Sourcing and Procurement Global Market to 2026

On Nov 25, 2021

Dublin, Nov. 25, 2021 (GLOBE NEWSWIRE) — The “Retail Sourcing and Procurement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” report has been added to ResearchAndMarkets.com’s offering.

The global retail sourcing and procurement market exhibited strong growth during 2015-2020. Retail sourcing and procurement refers to the services used by organizations for evaluating and engaging the suppliers for acquiring goods and services. It involves processes such as insourcing, outsourcing and global and strategic sourcing through automated, mobile and cloud technologies. The retail sourcing and procurement solutions also facilitate supplier and contract management and offer services, such as procure-to-pay and spend analysis. They are commonly used by small, medium and large-sized organizations for implementation, training and consulting to optimize sourcing and procurement activities, improve customer retention and enhance overall consumer experience.

Significant growth in the retail industry across the globe is one of the key factors creating a positive outlook for the market. Retail sourcing and procurement solutions facilitate the organizations to automate spend management activities and improve the efficiency of procure-to-pay processes. Moreover, the increasing demand for enhanced visibility in tracking related data, centralized procurement processes and improved collaboration between retailers and suppliers is providing a thrust to the market growth.

Additionally, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT), artificial intelligence (AI), cloud technology and big data solutions, are acting as other growth-inducing factors. The adoption of these technologies enables the enterprises to trace and procure goods promptly, efficiently, maximize profits and keep track of the future business transaction and supplier performance. Other factors, including rising expenditure capacities of the consumers, along with increasing automation in procurement activities, are anticipated to drive the market toward growth. Looking forward, the publisher expects the global retail sourcing and procurement market to grow at a CAGR of around 12% during the forecast period (2021-2026).

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global retail sourcing and procurement market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, solution, service, deployment and end use.

Breakup by Solution:

Strategic Sourcing
Supplier Management
Contract Management
Procure-to-pay
Spend Analysis

Breakup by Service:

Implementation
Consulting
Training and Support

Breakup by Deployment:

Breakup by End Use:

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United…