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Retail Sourcing and Procurement Market - Set for Rapid Growth by 2024

Zion Market Research, the market research group announced the analysis report titled "Retail Sourcing and Procurement Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024"


Sarasota, FL -- (SBWIRE) -- 07/14/2017 -- Global Retail Sourcing and Procurement Market: Overview

The procurement and sourcing processes are designed in order to engage and evaluate the suppliers for acquiring services and goods. It includes processes such as insourcing, outsourcing, strategic sourcing and global sourcing among others. In order to enhance the consumer experience, the retail industry has shifted to industrialized, automated and cloud-based solutions for the retention of the customers. To increase the sales and business the retail industry has focused on the adoption of mobile and cloud technologies for the procurement and sourcing activities.

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Global Retail Sourcing and Procurement Market: Segmentation

The global retail sourcing and procurement market is segmented into solution, service, deployment type, user type, and region. On the basis of the solution, the global market is segregated into procure-to-pay, contract management, spend analysis, supplier management, and strategic sourcing. Based on the services provided by the retail sourcing and procurement the market is categorized as training and support, implementation and consulting. There are two types of deployment mode which are on-premises and cloud. The different types of a user include large enterprise and small and medium enterprise (SME). Region-wise, the market is diversified into regions such as Europe, Asia Pacific, North America, Latin America and the Middle East and Africa.

Global Retail Sourcing and Procurement Market: Growth Factors

In procurement activities, automation has created a new trend and is being widely adopted; this is going to continue in the future owing to the adoption of the mobile applications and cloud-based applications that support the sourcing and procurement process. Large retailers, in order, to maintain their position in the market are evolving technologically and are getting opportunities to become the industry infrastructure providers owing to the high demand for the store operations and inventory management. The better visibility in data that is related to sourcing and improved relationship between suppliers and retailers and the demand for centralized procurement processes are the factors that are driving the market growth. The end-users are becoming more informed about resources owing to the wide range of product choices and the rapid globalization, thus the retail sourcing and procurement market is growing.

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Global Retail Sourcing and Procurement Market: Regional Analysis

The largest market share for the retail sourcing and procurement market was accounted by North America. The factors that contributed to this growth are better network infrastructure, digital penetration in logistics and support, technological advancement and digital penetration in logistics and support. North America is followed by Europe and the Asia-Pacific region. The factors that attributed to this growth include rapidly developing infrastructure, growing technology user base and increasing technology penetration.

Global Retail Sourcing and Procurement Market: Competitive Players

The key market players in the retail sourcing and procurement market include Oracle Corporation, Sciquest, JDA Software Group, GT Nexus, Proactis, Zycus Inc., Ivalua Inc., SAP SE, IBM Corporation, Epicor Software Corporation, GEP, Tradogram, Cegid and Vroozi.

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