According to 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", 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.
Browse 70 market data Tables and 66 Figures spread through 148 Pages and in-depth TOC on "Retail Sourcing and Procurement Market - Global Forecast to 2021"
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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.
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.
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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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Growing acceptance of the resolutions, internationally, by way of a number of retail businesses is expected to be the cause for the development of the business above the period of prediction.
Furthermore, arrival of Internet of Things [IoT], Cloud Technology, and Big Data is the important issue to increase the application of the resolutions in the industries.The necessity of superior discernibility in sourcing associated information and centralism of procurement procedures are the main motivating issues powering the development of the market.
The market can be divided in to: Large Enterprise, Small & Medium Enterprise [SME].The subdivision of Small & Medium Enterprise [SME] engaged the biggest stake of the market.
It was responsible for 51% stake of the of market in the year 2016 and is expected to appear by way of a speedily developing subdivision by means of a CAGR of 11.7% for the duration of prediction.
The retail sourcing & procurement market on the source of Type of Solution could span Spend Analysis, Contract management, Strategic sourcing, Procure-to-pay, Supplier management.The subdivision of “procure-to-pay” is likely to be the biggest such as it benefits retail establishments to manage an eloquent purchase-to-pay procedure, allowing administrations to attain supreme efficiency and competence for the general procurement action.
The retail sourcing and procurement industry on the source of Area with respect to Trades in terms of intake, Profits, Market stake and Development percentage could span North America [U.S.A, Canada], Europe [Germany, U.K.], Asia Pacific [India, Japan, China], Latin America [Brazil, Mexico], Middle East & Africa.By the source of geography, North America is estimated to be the utmost donor tracked by Europe.
Retail Sourcing and Procurement Market:WiseGuyReports.com adds “Global Retail Sourcing and Procurement Market Research Report 2020 Analysis and Forecast 2026” reports to its database.Executive SummaryThe report lays out a detailed form of database with regard to the recent discoveries and the key technological advancements in the industry, along with the assessment of the impact that these developments can have on the growth prospects of the market.
The report primarily focuses on the business conditions coupled with the potential headways as well as the entryways in the global Retail Sourcing and Procurement market.
The continually changing dynamics in the market have also been appraised by the experts.
In summary, the report throws light on the market status throughout the forecast period, which starts with 2020, and ends with 2026.Request Free Sample Report @ https://www.wiseguyreports.com/sample-request/5506714-covid-19-impact-on-global-retail-sourcing-andPrimary Boosters & ChallengesApart from offering an in-depth appraisal of the main dynamics that mold the Retail Sourcing and Procurement market, the report also outlines the pricing record, volume trends and the market size in the coming years.
The significant opportunities, challenges along with the primary boosters are also outlined in the report, for providing an enhanced comprehension of the market.Regional StudyThe opportunities, threats, inadequacies and strengths in the Retail Sourcing and Procurement market have been elucidated in the report, with respect to certain regions.
The oncoming and the latest trends combined with the market size across these regions are provided in this section of the report.Method of ResearchThe Retail Sourcing and Procurement market research provides hands-on data, after an acute analysis conducted by the experts, who have used the Porter’s Five Force Model’s parameters.
Global “Retail Sourcing And Procurement Market” was appreciated at US$ 2748.70 million in the year 2016.
Growing acceptance of the resolutions, internationally, by way of a number of retail businesses is expected to be the cause for the development of the business above the period of prediction.
Furthermore, arrival of Internet of Things [IoT], Cloud Technology, and Big Data is the important issue to increase the application of the resolutions in the industries.
Latest report on the global Retail Sourcing And Procurement market is a compilation of key market insights and discusses key market dynamics such as drivers, restraints, and opportunities at length.
Download Free Sample Report Now @ https://www.millioninsights.com/industry-reports/retail-sourcing-procurement-market/request-sample The necessity of superior discernibility in sourcing associated information and centralism of procurement procedures are the main motivating issues powering the development of the market.
It was responsible for 51% stake of the of market in the year 2016 and is expected to appear by way of a speedily developing subdivision by means of a CAGR of 11.7% for the duration of prediction.
