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Retail Sourcing and Procurement Market by Component (Solution, Service), by Deployment Model (On-premises, Cloud), by Organization Size (SME, Large enterprises), by North America (U.S., Canada), by Europe (UK, Germany, France, Italy, Spain, Russia, Nordics, Rest of Europe), by Asia Pacific (China, India, Japan, Australia, South Korea, Southeast Asia, Rest of Asia Pacific), by Latin America (Brazil, Mexico, Argentina, Rest of Latin America), by MEA (UAE, Saudi Arabia, South Africa, Rest of MEA) Forecast 2025-2033
The size of the Retail Sourcing and Procurement Market was valued at USD 4.1 Billion in 2023 and is projected to reach USD 7.99 Billion by 2032, with an expected CAGR of 10% during the forecast period. The Retail Sourcing and Procurement Market emphasizes retailers' strategies, processes, and technologies for efficiently sourcing and acquiring goods and services while ensuring cost-effectiveness, quality, and sustainability. This industry encompasses tasks like handling suppliers, negotiating contracts, predicting demand, managing inventory, and handling logistics, all crucial for maintaining an efficient supply chain. Due to the increasing focus on sustainability, automation, and digitalization, retailers are looking for more advanced sourcing and procurement solutions to cope with the growing complexity of global supply chains. AI, machine learning, and blockchain technologies are being used to simplify processes, increase visibility, lower expenses, and enhance decision-making. Furthermore, the increasing significance of e-commerce and omnichannel retailing is leading to a demand for flexible and adaptable procurement processes that can swiftly adjust to evolving consumer needs. Significant growth is anticipated in the Retail Sourcing and Procurement Market as retailers prioritize enhancing sourcing strategies to boost profitability, enhance operational efficiency, and align with consumer demands in a competitive market.
The market is moderately concentrated, with the top players accounting for a significant market share. Key characteristics of the market include:
The Retail Sourcing and Procurement Market is undergoing rapid evolution, driven by advancements in technology and changing business dynamics. Key market trends include:
North America and Europe currently dominate the Retail Sourcing and Procurement Market, accounting for over 60% of the market share. However, Asia-Pacific is expected to experience significant growth in the coming years due to its rapidly expanding retail sector.
In terms of segments, the solution segment is expected to grow significantly, driven by increasing adoption of strategic sourcing, supplier management, and contract management solutions. The cloud deployment model is also gaining popularity due to its scalability and cost-effectiveness.
Our comprehensive market report provides insights into the Retail Sourcing and Procurement Market, including:
The market analysis examines the market's growth drivers, competitive landscape, and emerging trends:
Component
Deployment Model
Organization Size
Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of 10% from 2019-2033 |
Segmentation |
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Note* : In applicable scenarios
Primary Research
Secondary Research
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Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
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