San
Francisco, 17 September 2018 - The global retail sourcing and procurement market is expected
to reach USD 2.74 billion by 2025, according to a new report by Grand View
Research, Inc. Increasing centralization in procurement processes and better
visibility in sourcing related data has been a major factor driving market
growth. In addition, recent development of Artificial Intelligence (AI), cloud
computing, and Internet of Things (IoT) and its implementation across retail
procurement processes also paved the way for greater development of retail
software and solutions.
With rise of internet shopping and major shifts in
consumer buying patterns, different trends are re-shaping the retail industry
in the last few years. With a cutthroat competition, retailers are struggling
to maintain and find profitability, thus, initiating them to take a defensive
stance. Rising expenses, loss of sales productivity, and real-time buying
trends are indulging retail businesses to adopt sourcing and procurement tools
in order to cope up with the customer demand. Moreover, retailers need to look
at their cost structures in order to decide their staffing, pricing, and
operations.
Retail and procurement consulting was the largest
service category in 2016 and is expected to maintain a comparatively low growth
rate over the forecast period. It constituted with a share of about 38% in
2016. Cloud deployment in retail sourcing and procurement is expected to
observe the fastest growth over the next nine years with an estimated CAGR of
around 12.1% from 2017 to 2025. Procurement cloud helps to streamline
source-to-pay process through social collaboration and automation, thus,
achieving high margins by controlling costs. Additionally, cloud based software
supports seamless accessibility without additional IT effort to the device.
Full
Research Report On Global Retail Sourcing & Procurement Market By Grand
View Research:
Further
key findings from the study suggest:
- The global retail sourcing and procurement
market is expected to grow at a CAGR of 11.5% from 2016 to 2025
- Procure to pay emerged as the largest solution
segment in 2016 and is estimated to generate revenue over USD 1,977.9
million by 2025
- Global retail sourcing and procurement demand
in spend analysis was USD 377.2 million in 2016 and is anticipated to
witness staggered growth over the next nine years
- The U.S. large enterprise market for retail
sourcing and procurement was 516.2 million in 2016 and is estimated to
reach a total volume of over 1,288.2 million by 2025
- The industry in Asia Pacific is projected to
witness substantial growth over the next decade owing to various
developments across major economies, especially in the Internet of Things
(IoT) and artificial intelligence technologies. The regional market is
expected to grow at a CAGR of 12.9% from 2017 to 2025
- Key players including SAP SE, Oracle, SciQuest,
and IBM Corporation dominated the global retail sourcing and procurement
market while accounting for over 78% of the total revenue in 2016
Browse
More Reports Of This Category By Grand View Research:
www.grandviewresearch.com/industry/communication-services
www.grandviewresearch.com/industry/communication-services
Grand View Research has segmented the global retail sourcing and
procurement market on the basis of solution, services, deployment, end user,
and region:
Solution
Outlook (Revenue, USD Million, 2014 - 2025)
- Strategic
sourcing
- Supplier
management
- Contract
management
- Procure-to-pay
- Spend
Analysis
Service
Outlook (Revenue, USD Million, 2014 - 2025)
- Implementation
- Consulting
- Training
& Support
Deployment
Outlook (Revenue, USD Million, 2014 - 2025)
- On
premise
- Hybrid
- Cloud
End Use
Outlook (Revenue, USD Million, 2014 - 2025)
- Small
& Medium Enterprise (SME)
- Large
Enterprise
Regional
Outlook (Revenue, USD Million, 2014 - 2025)
- North
America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia
Pacific
- China
- India
- Japan
- Latin
America
- Brazil
- Mexico
- Middle
East & Africa
Access
Press Release Of This Research Report By Grand View Research:
www.grandviewresearch.com/press-release/global-retail-sourcing-procurement-market
www.grandviewresearch.com/press-release/global-retail-sourcing-procurement-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research reports,
and consulting services. To help clients make informed business decisions, we
offer market intelligence studies ensuring relevant and fact-based research
across a range of industries, from technology to chemicals, materials and
healthcare.
For More
Information: www.grandviewresearch.com
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