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Procurement Outsourcing Market Humanizing Research Making an Impact with Effective Focus Group Strategies | Wipro Limited, Genpact Ltd, DXC Technology Company, Capgemini SE

Procurement Outsourcing Market Humanizing Research Making an Impact with Effective Focus Group Strategies | Wipro Limited, Genpact Ltd, DXC Technology Company, Capgemini SE

Report Ocean is a comprehensive analysis of the “Procurement Outsourcing Market”  that includes both qualitative and quantitative data. The report covers various regions and provides insights into major industry changes, challenges faced by businesses and competitors, and potential new opportunities in the market. It also includes a SWOT analysis, Porter’s Five Forces model, and a value chain review to help readers understand the industry’s position in the market and the stakeholder positions.

Global Procurement Outsourcing Market Sees Robust Growth, Expected to Surpass USD 4.6 Trillion by 2030 with a CAGR of Over 5.1%

Refreshed Content:

Procurement outsourcing, a strategic approach to sourcing and managing raw materials efficiently, has gained prominence. This involves entrusting the procurement process to a third-party vendor, streamlining the flow of crucial information related to orders and payments. The market’s growth is propelled by factors such as the increasing need for new IT solutions, enterprises seeking streamlined procurement processes, and a rising demand to manage compliance policies effectively. Additionally, the widening gap between customer demands and business capabilities further drives the adoption of procurement outsourcing solutions.

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Moreover, the rising IT spending in various sectors such as healthcare, IT telecom, and others is anticipated to create a lucrative demand for the market. According to the CompTIA in 2023, global IT spending is projected to reach USD 4.6 trillion in 2023, marking a 5.1% increase from 2022. This includes investments in emerging technologies such as the Internet of Things (IoT), robotics, and mixed reality. The expenditure on these new technologies is expected to contribute approximately 30% to the overall spending, amounting to USD 1.36 trillion in 2023. Additionally, technological advancements and the adoption of artificial intelligence and big data technologies are expected to provide lucrative opportunities for the growth of the procurement outsourcing market during the forecast period. However, a lack of technical expertise stifles market growth throughout the forecast period of 2023-2030.

Key Regions:

In 2022, Asia Pacific dominated the market due to widespread adoption across industries like healthcare, energy & utilities, life sciences, and information technology. North America is poised for the fastest growth during the forecast period, driven by mature economies, advanced IT infrastructure, and a focus on improving procurement processes.

Major Market Players:

Key players in the market include International Business Machines Corporation, Wipro Limited, Genpact Ltd, DXC Technology Company, Capgemini SE, GEP Worldwide, Tata Consultancy Services Limited, WNS (Holdings) Ltd., Infosys Ltd, and Accenture Plc.

Recent Developments News:

  1. July 2022: Infosys announced the acquisition of BASE life science in Europe, enhancing clinical trials, drug development, and health outcomes for life sciences companies.
  2. September 2022: Accenture PLC acquired Sentia’s businesses in Belgium, Bulgaria, and the Netherlands, strengthening its ability to offer comprehensive cloud infrastructure services.

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Objective of the Study:

The study aims to define market sizes of different segments & countries in recent years and forecast values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report provides detailed information about crucial aspects such as driving factors, challenges, potential opportunities in micro markets, competitive landscape analysis, and product offerings of key players. The detailed segments and sub-segments of the market are explained below:

By Services:

  • Business Process Outsourcing Services
  • Consulting Services

By Component:

  • Solution
  • Services

By Deployment Model:

  • On-Premises
  • Cloud

By Enterprise Size:

  • Large Enterprises
  • Small Medium Enterprises

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By Application:

  • Marketing Related Services
  • IT Related Services
  • HR Related Services
  • Facilities Management Office Services
  • Others

By Industry Vertical:

  • BFSI
  • Energy & Utilities
  • Healthcare
  • IT & Telecom
  • Professional Services
  • Manufacturing
  • Retail
  • Logistics
  • Others

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • ROE
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • RoAPAC
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa

Report Scope:

  • Historical Data: 2020 – 2021
  • Base Year for Estimation: 2022
  • Forecast Period: 2023-2030
  • Report Coverage: Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
  • Segments Covered: Services, Component, Deployment Model, Enterprise Size, Application, Industry Vertical, Region
  • Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
  • Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

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Advantages of Opting for Our Market Research Report:

Strategic Decision-Making:

Our market research reports provide invaluable insights for strategic decision-making. By analyzing industry trends, market dynamics, and emerging opportunities, businesses can make informed choices that align with their long-term goals and objectives.

Market Understanding:

A comprehensive understanding of the market is crucial for success. Our reports delve deeply into market size, segmentation, and growth drivers, ensuring businesses have a nuanced comprehension of the landscape they operate in, aiding in effective planning and execution.

Competitive Intelligence:

Staying ahead of the competition is paramount. Our reports offer detailed competitive intelligence, highlighting key players, their market share, strategies, and strengths. This enables businesses to identify opportunities for differentiation and develop robust strategies for sustainable growth.

Customer Insights:

Understanding customer behavior is fundamental to success. Our research provides in-depth customer insights, including preferences, buying patterns, and needs. This information is instrumental in tailoring products and services to meet customer expectations and enhance overall satisfaction.

Risk Mitigation:

Every business venture involves risks, and our reports are designed to identify and assess potential risks within the industry. This proactive approach empowers businesses to develop risk mitigation strategies, ensuring resilience in the face of challenges and uncertainties.

Investment and Funding Decisions:

For investors and stakeholders, our reports offer a reliable foundation for investment decisions. Through thorough analysis of market trends and growth projections, we provide essential information to support sound investment and funding choices, maximizing returns on investment.

Validation and Credibility:

Our market research reports undergo rigorous analysis and validation processes, ensuring the credibility of the information presented. Businesses can rely on our reports as trustworthy sources, fostering confidence in decision-making processes and strategic planning.

Long-term Business Planning:

Successful businesses thrive on effective long-term planning. Our reports provide a forward-looking perspective, forecasting industry trends and potential challenges. This foresight is indispensable for crafting robust business plans that stand the test of time and dynamic market conditions.

Key Questions Answered by the Report:

  • What are the driving factors for market growth?
  • What challenges and limitations does the market face?
  • What emerging opportunities exist in the market?
  • What potential threats and risks could impact the market?
  • What is the current market size and growth rate?
  • What are the market segments and their sizes?
  • Which regions are projected to experience the highest growth and market share?
  • What variables affect different geographical areas?
  • Who are the major players in the market and their rankings?
  • What recent partnerships, launches, expansions, or acquisitions have occurred among the companies profiled?
  • What are the comprehensive profiles of the top market players, including business overview, insights, product benchmarking, and SWOT analysis?
  • What is the present market outlook, considering recent changes and growth possibilities?
  • What are the drivers, obstacles, and restrictions in both developing and emerging regions?
  • How does the market analysis utilize Porter’s five forces analysis?
  • How does the Value Chain provide insights into market dynamics?

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About Report Ocean:

Report Ocean stands as a preeminent provider of market research reports within the industry. Renowned globally, we are acclaimed for delivering insightful and informative research reports. Our commitment lies in furnishing clients with a comprehensive blend of both quantitative and qualitative research outcomes. As an integral component of our expansive global network and thorough industry coverage, we offer an in-depth reservoir of knowledge that empowers strategic and well-informed business decisions. Our approach integrates cutting-edge technology, advanced analysis tools, and our proprietary research models, all underpinned by years of expertise. This synergy allows us to craft essential details and facts that consistently surpass expectations.

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Report Ocean:
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Tel: +1888 212 3539 (US – TOLL FREE)
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