Retail Sourcing and Procurement Market Size, Share, Trends, Growth 2032

Retail Sourcing and Procurement Market Insights

According to Zion Market Research, the global Retail Sourcing and Procurement Market was worth USD 5.62 Billion in 2023. The market is forecast to reach USD 20.33 Billion by 2032, growing at a compound annual growth rate (CAGR) of 13.7% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Retail Sourcing and Procurement Market industry over the next decade.

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Global Retail Sourcing and Procurement Market: Overview

The procurement and sourcing processes are designed in order to engage and evaluate the suppliers for acquiring services and goods. It includes processes such as in sourcing, outsourcing, strategic sourcing, and global sourcing among others. In order to enhance the consumer experience, the retail industry has shifted to industrialized, automated, and cloud-based solutions for the retention of customers. To increase sales and business, the retail industry has focused on the adoption of mobile and cloud technologies for procurement and sourcing activities.

Global Retail Sourcing and Procurement Market: Growth Factors

In procurement activities, automation has created a new trend and is being widely adopted; this is going to continue in the future owing to the adoption of mobile applications and cloud-based applications that support the sourcing and procurement process. Large retailers, in order, to maintain their position in the market are evolving technologically and are getting opportunities to become the industry infrastructure providers owing to the high demand for store operations and inventory management.

The better visibility in data that is related to sourcing and improved relationship between suppliers and retailers and the demand for centralized procurement processes are the factors that are driving the market growth. The end-users are becoming more informed about resources owing to the wide range of product choices and rapid globalization, thus the retail sourcing and procurement market is growing.

?Global Retail Sourcing and Procurement Market: Segmentation

The global retail sourcing and procurement market is segmented into solution, service, deployment type, user type, and region.

On the basis of the solution, the global market is segregated into procure-to-pay, contract management, spend analysis, supplier management, and strategic sourcing.

Based on the services provided by retail sourcing and procurement, the market is categorized as training and support, implementation, and consulting.

There are two types of deployment modes which are on-premises and cloud.

The different types of a user include large enterprises and small and medium enterprises (SMEs). 

Retail Sourcing and Procurement Market: Report Scope

Global Retail Sourcing and Procurement Market: Regional Analysis

The largest market share for the retail sourcing and procurement market was accounted for by North America. The factors that contributed to this growth are better network infrastructure, digital penetration in logistics and support, technological advancement, and digital penetration in logistics and support. North America is followed by Europe and the Asia-Pacific region. The factors attributed to this growth include rapidly developing infrastructure, a growing technology user base, and increasing technology penetration.

Global Retail Sourcing and Procurement Market: Competitive Players

Some of the key players in the Retail Sourcing and Procurement market are 

• Oracle Corporation
• Sciquest
• JDA Software Group
• GT Nexus
• Proactis
• Zycus Inc.
• Ivalua Inc.
• SAP SE
• IBM Corporation
• Epicor Software Corporation
• GEP
• Tradogram
• Cegid
• Vroozi among others.

This Report Segments the Retail Sourcing and Procurement Market into:

By Solution

• Procure-To-Pay
• Contract Management
• Spend Analysis
• Supplier Management
• Strategic Sourcing

By Service

• Training And Support
• Implementation And Consulting

By Deployment Type

• On-Premises
• Cloud

By User Type

• Large Enterprise
• Small And Medium Enterprise (SME)

Global Retail Sourcing and Procurement Market: Regional Segment Analysis

• North America

  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa