Global Retail Sourcing and Procurement Market to Grow at 10.46% During 2025-2033, Bolstered by Rising Need for Centralized Processes

January 16, 2025 | Technology & Media

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IMARC Group’s latest report, titled “Retail Sourcing and Procurement Market Report by Solution (Strategic Sourcing, Supplier Management, Contract Management, Procure-to-pay, Spend Analysis), Service (Implementation, Consulting, Training and Support), Deployment (On-premise, Hybrid, Cloud), End Use (Small and Medium Enterprise (SME), Large Enterprise), and Region 2025-2033,” finds that the global retail sourcing and procurement market reached a value of USD 5.7 Billion in 2024. Retail sourcing and procurement refer to business functions used by organizations to automate spend management activities and improve the efficiency of procure-to-pay processes. It helps enterprises in outsourcing, insourcing, inventory, contracting, and other purchasing-related activities through mobile, automated and cloud technologies. In recent years, retail sourcing and procurement solutions have gained traction as they assist in simplifying procurement decisions, form processes, and select suitable procurement solutions.

Global Retail Sourcing and Procurement Market Trends:

The rising need for centralization of procurement processes and better visibility in sourcing-related data are driving the market growth. Besides this, rapid globalization and growing business complexities have increased the need for efficient and effective sourcing and procurement solutions. Moreover, market players are implementing advanced technologies, such as artificial intelligence (AI), deep learning and blockchain, to help the retail sector automate sourcing and procurement activities. They are also developing mobile and cloud technologies to enable organizations to reduce costs and integrate with a web-based, on-demand solution that does not require infrastructure investment. Looking forward, the market value is projected to reach USD 13.9 Billion by 2033, expanding at a CAGR of 10.46% during 2025-2033.

Market Summary:

Based on the solution, the market has been segmented into strategic sourcing, supplier management, contract management, procure-to-pay and spend analysis.
On the basis of the service, the market has been categorized into implementation, consulting and training and support.
The market has been classified based on the deployment into on-premises, hybrid and cloud.
On the basis of the end use, the market has been segregated into small and medium enterprises (SME), and large enterprises.
Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has also been examined, with some of the key players being Basware Corporation, Blue Yonder Group Inc. (Panasonic Corp.), Epicor Software Corporation, International Business Machines Corporation, Infor Inc. (Koch Industries Inc.), Ivalua Inc, Kinaxis Inc., Oracle Corporation, Proactis Holdings Plc, SAP SE, JAGGAER Inc. and Zycus Inc.

Report Scope:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Segment Coverage	Solution, Service, Deployment, End Use, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Basware Corporation, Blue Yonder Group Inc. (Panasonic Corp.), Epicor Software Corporation, International Business Machines Corporation, Infor Inc. (Koch Industries Inc.), Ivalua Inc, Kinaxis, Oracle Corporation, Proactis Holdings Plc, SAP SE, JAGGAER Inc. and Zycus Inc.
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Retail Sourcing and Procurement Market to Grow at 10.46% During 2025-2033, Bolstered by Rising Need for Centralized Processes

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