Market Analysis
published on Mar 07, 2024
Report Overview:
NelsonHall's market analysis of the Procurement Transformation market and industry trends consists of 62 pages
Who is this Report for:
NelsonHall’s procurement transformation report is a comprehensive market assessment report designed for:
- Sourcing managers investigating sourcing developments within the procurement services outsourcing and consulting market
- Vendor marketing, sales, and business managers developing strategies to target Procurement service opportunities
- Financial analysts and investors specializing in the procurement services sector, including accounts payable services.
Scope of this Report:
The report analyzes the worldwide market for procurement services and addresses the following questions:
- What is the market size and projected growth for the global procurement services market by geography?
- What is the profile of activity in the global procurement services market by industry sector?
- What are the top drivers for adoption of procurement services?
- What are the benefits currently achieved by users of procurement services?
- What factors are inhibiting user adoption of procurement services?
- What pricing mechanisms are typically used within procurement services, and how is this changing?
- Who are the leading procurement services vendors globally and by geography?
- What combination of services is typically provided within procurement services contracts, and what new services are being added?
- What is the current pattern of delivery location used for procurement services, and how is this changing?
- What services are delivered from onshore and which from offshore?
- What are the challenges and success factors within procurement services?
Key Findings & Highlights:
The global procurement services market in 2023 is estimated at ~$2.85bn and is expected to grow at a CAGR of 7% through 2028. The current outsourcing and consulting engagements are focused on outcomes such as savings, operating model optimization, and improving compliance. Primary drivers for procurement transformation continue to be challenges associated with legacy systems and organizational complexities resulting in inefficiencies and the need for reduced operational costs.
The procurement transformation services market is made up of several global and regional service providers and consultancies, including Accenture, Capgemini, Dragon Sourcing, Efficio, GEP, Infosys, IBM, Tata Consultancy Services, Tech Mahindra, Wipro, WNS Global Services.