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IMARC Group's latest report, titled“ Procure-To-Pay Outsourcing market : Global industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032 ”, The global procure-to-pay outsourcing market size reached US$ 7.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 12.3 Billion by 2032, exhibiting a growth rate (CAGR) of 6.1% during 2024-2032.
Factors Affecting the Growth of the Procure-To-Pay Outsourcing Industry:
Cost Efficiency and Savings : One of the primary drivers for the growth of the procure-to-pay (P2P) outsourcing market is the pursuit of cost efficiency and savings by businesses. Outsourcing P2P processes allows organizations to benefit from economies of scale, reduce operational costs, and optimize resource utilization. Service providers leverage specialized expertise and technology to streamline procurement and payment processes, resulting in lower transaction costs and improved overall operational efficiency.
Focus on Core Competencies : Many organizations choose to outsource their procure-to-pay functions to focus on their core competencies. By delegating routine procurement tasks and payment processes to outsourcing partners, companies can redirect internal resources toward strategic activities, innovation, and core business functions. This strategic outsourcing approach enables organizations to enhance their competitiveness and agility in the market.
Access to Advanced Technology and Expertise : The dynamic nature of procurement processes and the constant evolution of technology drive businesses to seek external expertise. P2P outsourcing providers often offer access to advanced technologies such as automation, artificial intelligence, and data analytics. These technologies help streamline procurement workflows, improve accuracy, and provide valuable insights for better decision-making. Organizations benefit from the expertise of outsourcing partners, staying abreast of industry best practices and ensuring compliance with changing regulations.
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The key Players Operating in the Industry:
Accenture plc C1 India Private Limited Capgemini SE Coupa Software Inc Genpact GEP Worldwide IBM Corporation Infosys Limited Jaggaer SAP SE Zycus Inc
Global Procure-To-Pay Outsourcing Market Trends:
Currently, the market is experiencing significant growth due to the widespread adoption of procure-to-pay (P2P) outsourcing. This rise is attributed to easy access to local talent and skilled personnel at reduced costs, emerging as a key factor driving market expansion. Businesses are increasingly turning to P2P outsourcing to streamline their procurement processes, fostering operational efficiency and generating a positive market outlook. The market is also propelled by the growing preference for cloud-based procurement and payment solutions, offering enhanced user convenience.
Additionally, the rising adoption of P2P outsourcing is effectively reducing paper-based documentation, minimizing confusion, and alleviating delays in financial-related tasks. The market benefits from P2P outsourcing's various advantages, including advanced order processing, catalog management, spot buying facilities, and efficient invoice data capturing and matching. Furthermore, companies across diverse sectors are embracing P2P outsourcing to boost productivity, optimize procurement processes, and enhance data quality in procurement operations, creating favorable market dynamics. The increasing presence of specialized P2P service providers globally further contributes to the market's growth, providing lucrative opportunities for industry investors.
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Procure-To-Pay Outsourcing Market Report Segmentation:
Type Insights:
Inventory Management Logistics Services Customer Service Business Process Outsourcing (BPO) E-Procurement
Inventory management represented the largest segment due to the pivotal role that efficient inventory management plays in enhancing overall supply chain effectiveness.
Application Insights:
SME Private Enterprise Utilities Others
SME accounted for the largest market share due to the unique benefits that SMEs derive from outsourcing their procurement and payment processes.
Breakup by Region:
North America (United States, Canada) Europe (Germany, France, United Kingdom, Italy, Spain, Others) Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
North America was the largest market for procure-to-pay outsourcing due to the growing demand for e-procurement solutions among businesses.
Key Highlights of the Report:
Market Performance (2018-2023) Market Outlook (2024-2032) Porter's Five Forces Analysis Market Drivers and Success Factors SWOT Analysis Value Chain Comprehensive Mapping of the Competitive Landscape
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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