Retail Sourcing and Procurement Market: Accelerating Towards US$ 13.3 Billion by 2032 with 10.9% CAGR

The global retail sourcing and procurement market size reached US$ 5.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.3 Billion by 2032, exhibiting a growth rate (CAGR) of 10.9% during 2024-2032.

Industry Overview: 

Retail sourcing and procurement solutions, including strategic sourcing, supplier management, and procurement analytics, play a pivotal role in modern retail business operations. These solutions, available in different forms like software and services, are characterized by their efficiency, cost-effectiveness, and adaptability, making them instrumental in the procurement process and supplier management. Retail sourcing and procurement solutions find extensive application in industries such as fashion, electronics, and grocery, assisting in efficient purchasing, sourcing, and vendor management.

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Retail Sourcing and Procurement Market Trends & Growth Drivers: 

The growing need for efficient procurement processes and vendor management in the retail sector is driving the demand for retail sourcing and procurement solutions. These solutions are acknowledged for their role in streamlining procurement, improving supplier relationships, and enabling cost savings. Trends towards digitizing procurement processes and leveraging analytics for decision making have also stimulated the retail sourcing and procurement market. The increasing prevalence of e-commerce and the need for efficient supply chain management are contributing to market growth.

The versatility of these solutions across different retail sectors enhances their commercial value and demand. The expansion of the retail sector, fueled by rising global consumerism and the growth of e-commerce, is broadening the reach of retail sourcing and procurement solutions. The trend towards adopting efficient and strategic procurement practices contributes to the market growth, as these solutions offer a comprehensive approach to sourcing and procurement. Moreover, the evolution of e-commerce, with its demand for efficient vendor management and strategic sourcing, is driving the retail sourcing and procurement market.

Furthermore, the growth of technology providers and software-as-a-service (SaaS) platforms offering sourcing and procurement solutions is increasing accessibility to these tools, fueling global demand. The availability of various solution types tailored to specific retail operations appeals to businesses, driving adoption. The increasing trend of digitizing retail operations and leveraging data for decision-making also contributes to market growth. In addition, a key factor driving the retail sourcing and procurement market is the growth in the retail sector. The rising demand for efficient solutions to manage sourcing and procurement, coupled with the growing complexity of retail operations, significantly boosts the demand for these solutions. 

The continued focus on improving efficiency in sourcing and procurement, combined with the convenience of software solutions and online services, is driving the market growth. Furthermore, advancements in retail sourcing and procurement technology, offering improved analytics and decision-making capabilities, are offering lucrative growth opportunities for this market. The introduction of AI-powered procurement solutions, predictive analytics, and integration with other retail systems is shaping the future of the retail sourcing and procurement market. The ongoing shift towards digitization in retail and the trend of strategic sourcing will continue to impact the growth of the retail sourcing and procurement market positively.

Other factors such as the advent of e-commerce, improved economic conditions, and increased competition in the retail sector is also contributing to the growth of the retail sourcing and procurement market globally.

Top Companies Operating in the Global Retail Sourcing and Procurement Industry:

• 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. 
• Zycus Inc.

Market Segmentation:

Breakup by Solution:

• Strategic Sourcing
• Supplier Management
• Contract Management
• Procure-to-pay
• Spend Analysis

Breakup by Service:

• Implementation
• Consulting
• Training and Support

Breakup by Deployment:

• On-premise
• Hybrid
• Cloud

Breakup by End Use:

• Small and Medium Enterprise (SME)
• Large Enterprise

Breakup by Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

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Other Key Points Covered in the Report:

• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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