Procurement Outsourcing Services Market: Product Scope, Overview, Industry Oppor

Posted by Sakshi Mishra on December 30th, 2019

According to a new market report titled Procurement Outsourcing Services Market -Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026 published by Transparency Market Research the global procurement outsourcing services market is expected to reach US$ 8,050.6 Mn by 2026, from US$ 2,819.2 Mn in 2017, expanding at a CAGR of 12.7% from 2018 to 2026. According to the report, the global market is expected to continue to be influenced by a range of macroeconomic and industry-specific factors. North America is anticipated to continue to be at the forefront in generating demand for procurement outsourcing services, with the market in the region estimated to expand at a CAGR of 12.7% during the forecast period. Technological advancements, increased digitization, and presence of a large number of procurement outsourcing services providers in the region are anticipated to drive the procurement outsourcing services market in North America. 

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Manufacturing and BFSI industries and stringent regulatory guidelines to drive the global procurement outsourcing services market

Increase in adoption of new IT solutions with modern consumer trends in different organizations and rise in emphasis on business process automation are expected to boost the growth of the procurement outsourcing services market in the next few years. Moreover, increase in demand for procurement services from the manufacturing and BFSI industries is expected to fuel the growth of the market in the near future. Companies are increasingly adopting procurement outsourcing services, which are outsourced by third-party vendors, to reduce their operational costs and increase their revenues. This is likely to propel the growth of the market during the forecast period.