PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1300907
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1300907
Global Retail sourcing and procurement software market is valued approximately at USD 5.4billion in 2022 and is anticipated to grow with a healthy growth rate of more than 13.65% over the forecast period 2023-2030. Retail sourcing and procurement software is used by the retail industry for managing the transactions related to sourcing and procurement of goods and services from different vendors and resource providers. The retail sourcing and procurement software market is expanding because of rising automation in retail industry and growing number of e-commerce platforms. Its importance has progressively increased during the last few decades.
According to a survey conducted by Capgemini, Consumers may presently access product information and inventory availability via automation in 22% of retail locations, according to retailer responses. In the following three years, retailers anticipated that number to rise to 38% of stores. Another important component driving is growing number of e-commerce platforms. According to a recent report by Ecommerce Platforms, over 2.3 billion consumers made at least one purchase using e-commerce platforms in 2022 alone. This indicates that ecommerce shopping continues to grow on a regular basis. In 2023, the eCommerce market is anticipated to grow to USD4.11 trillion. Market volume is anticipated to reach USD6.35 trillion by 2027, with revenue predicted to expand at a rate of 11.51% per year CAGR 2023 to 2027. In addition, increasing number of mobile applications and rising technological advancement in retail sourcing and procurement software would create lucrative growth opportunity. However, Limited technical knowledge among the enterprise workforce and high cost stifles the market growth during the forecast period 2022-2030.
The key regions considered for the Global Retail sourcing and procurement software market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share owing to the rising technological advancement by key market players. According to Statista, the retail sourcing market is dominated by North America. The outsourcing market in the Americas has a value of 62 billion dollars. Asia Pacific is expected to fastest growing region during the forecast period, owing to factors such as rising number of e commerce platforms in the market and the need for sourcing and category expertise and strong demand to build better supplier relationships and enhanced purchasing experience.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures are dummy in nature, final lists may vary in the final deliverable
List of tables and figures are dummy in nature, final lists may vary in the final deliverable