Market Size of Retail Sourcing and Procurement Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 13.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Retail Sourcing & Procurement Market Analysis
The retail sourcing and procurement market is expected to registera CAGR of 13 % during the forecast period 2019- 2024. There is an increasein the centralization system of procurement processes with the advanced technologies and storage systems, such as advanced cloud storage system, which is assisting to have better visibility of data.
- Companies across retail sector are repetitively trying to find out the new areas through which they can reduce their total operational costs. Implementing new advanced technologies, such as artificial intelligence, deep learning and blockchain will help to automate the sourcing procurement activities in a better way. For instance, RFID chips can be placed on every product to provide a way for the business owners to track their inventory easily.
- Once implemented, it is very time consuming and cost intensive to reverse the sourcing method or put into practice another technology. Thus it requires sufficient planning to select and execute the sourcing and procurement methods.
Retail Sourcing & Procurement Industry Segmentation
With increasing globalization and growing business complexities, the need for efficient and effective sourcing and procurement solutions is increasing year-over-year. The retail industry has always been prone to constant changes owing to shifting customer preferences. Thus there is a need for implementation of a streamlined process in the retail supply chain.
| By Deployment Type | |
| On-Premise | |
| Cloud |
| By Solution Type | |
| Strategic Sourcing | |
| Supplier Management | |
| Contract Management | |
| Procure-to-pay | |
| Spend Analysis |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East & Africa |
Retail Sourcing and Procurement Market Size Summary
The retail sourcing and procurement market is experiencing significant growth, driven by the adoption of advanced technologies and centralized procurement processes. Companies in the retail sector are increasingly leveraging technologies such as artificial intelligence, deep learning, and blockchain to streamline sourcing and procurement activities, thereby reducing operational costs. The integration of advanced cloud storage systems enhances data visibility, facilitating better management of supplier relationships and sales performance. This technological advancement is crucial for retailers to maintain competitiveness in a market characterized by tight margins and fluid dynamics. The shift towards electronic contract management solutions, including electronic hand signatures, is also transforming traditional paper-based processes, offering faster, more cost-effective, and secure management of contract portfolios.
In North America, the retail sourcing and procurement market is witnessing substantial investment from both small and medium enterprises and large corporations, driven by the region's robust startup ecosystem and technological advancements. The demand for improved network infrastructure and digital logistics support is further propelling market growth. Strategic partnerships between vendors and technology leaders are enhancing the capabilities of retail sourcing and procurement solutions, integrating automation and cutting-edge technologies. Notable collaborations, such as Infor's partnership with Linklogis and HighJump's engagement with GAIA, highlight the global expansion and technological integration efforts within the industry. These developments are reshaping supply chains and logistics, enabling retailers to overcome geographical limitations and optimize their operations.
Retail Sourcing and Procurement Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Introduction to Market Drivers and Restraints
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1.3 Market Drivers
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1.3.1 Growing Demand for Advanced Retail Sourcing and Procurement Solutions and Services is Driving the Market Growth
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1.4 Market Restraints
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1.4.1 Vendor Lock-In is a Challenging Factor
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1.5 Industry Attractiveness - Porter's Five Force Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Deployment Type
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2.1.1 On-Premise
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2.1.2 Cloud
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2.2 By Solution Type
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2.2.1 Strategic Sourcing
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2.2.2 Supplier Management
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2.2.3 Contract Management
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2.2.4 Procure-to-pay
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2.2.5 Spend Analysis
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 Latin America
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2.3.5 Middle East & Africa
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Retail Sourcing and Procurement Market Size FAQs
What is the current Retail Sourcing and Procurement Market size?
The Retail Sourcing and Procurement Market is projected to register a CAGR of 13% during the forecast period (2024-2029)
Who are the key players in Retail Sourcing and Procurement Market?
Kinaxis, Proactis Holdings Plc., Coupa Software, HighJump Software and Basware Corporation are the major companies operating in the Retail Sourcing and Procurement Market.
