According to the new market research report "Retail Sourcing and Procurement Market by Solution (Strategic Sourcing, Supplier Management, Contract Management, Procure-to-Pay, and Spend Analysis), Service (Implementation, Training, Consulting), Deployment, User and Region - Global Forecast to 2021", The Retail Sourcing and Procurement Market is estimated to grow from USD 2.58 Billion in 2016 to USD 4.83 Billion by 2021, at an estimated Compound Annual Growth Rate (CAGR) of 13.4% from 2016 to 2021.
The need for better visibility in sourcing related data and centralization of procurement processes are the important driving factors fueling the growth of the retail sourcing and procurement market.
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Procure-to-Pay is expected to be the largest contributor in the solution segment
The market for procure-to-pay is expected to be the largest as it helps retail organizations to manage an articulate purchase-to-pay process, enabling organizations to achieve maximum productivity and efficiency for the overall procurement activity. Moreover, a restructured sourcing and procurement process makes it easier for users to automate purchase order processing. Furthermore, due to low costs and scalability features of the cloud deployment type, retail sourcing and procurement customers are expected to be more receptive toward cloud than on-premises. The end users in this market are also turning toward consulting services to deploy the right sourcing and procurement solution as per their business objectives.
The North American region is expected to contribute the maximum market share to the overall retail sourcing and procurement market
Among the regions, North America is expected to be the highest contributor followed by Europe. The market is in the emerging stage in the regions of Asia-Pacific (APAC), Latin America, and Middle East and Africa (MEA). Therefore, these regions exhibit immense scope for the adoption of retail sourcing and procurement solutions. There is huge return on investment in the retail sourcing and procurement market, but the need to conform to mandatory protocols and inappropriate management of invoice and payable in these regions is the major restraining factor for the wide adoption of retail sourcing and procurement solutions. Additionally, the growing technological developments in the field of cloud, analytics, and the emergence of Bring Your Own Device (BYOD) trend have led to the high adoption of sourcing and procurement solutions in the retail sector.
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The major vendors in the retail sourcing and procurement market include SAP SE, Oracle, IBM, Zycus, PROACTIS, Ivalua, GT Nexus, Epicor, Tradogram, GEP, Vroozi, and Cegid.
The retail sourcing and procurement market has been segmented into solutions, services, deployment types, user types, and regions. The solutions include strategic sourcing, supplier management, contract management, procure-to-pay, and spend analysis. Services offered in the retail sourcing and procurement market are implementation, training & support, and consulting services. Deployment types are segmented into cloud and on-premises. User types are classified as small & medium enterprises and large enterprises. Finally, the retail sourcing and procurement market is segmented on the basis of regions into North America, Europe, APAC, MEA, and Latin America.
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