London, 15 October 2014: TechNavio, the independent tech-focused global research firm, has published a report on the Global Procurement Outsourcing Market 2014-2018, which is expected to grow at a CAGR of 13.24 percent during the period 2013-2018.
Procurement outsourcing is a part of outsourcing that involves the subcontracting of the key procurement requirements of an organization to a third-party vendor that has expertise in the required domains. It is an effective strategy of delegating one or more business activities to external companies (vendors), which then administer and manage the selected activity based on defined and measurable performance criteria. It helps client firms to increase operational efficiency, concentrate on their core competencies, reduce time to market, obtain access to fresh talent and experience along with the latest technologies, and build an organization with an economical cost structure over the long term.
“Spend analytics in procurement enables companies to create a structured view of the procurement spend and identifies the major areas of savings from procurement outsourcing,” says Faisal Ghaus, Vice President of TechNavio.
Key Market Drivers
- Significant Cost Reduction
- Increased Focus of Enterprises on Core Competencies
- Increased Incorporation of IT in BPO
- Emergence of Outsourcing Destinations
Key Market Trends
- Emergence of Social Media
- Growing Demand for Analytics in Procurement Outsourcing
- Market Consolidation
- Upsurge of Cloud Services
- Movement up Value Chain
Key Market Vendors
- Accenture plc
- Genpact Ltd.
- GEP
- International Business Machines Corp. (IBM)
- Xchanging plc
To define the market circumstances in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
