Albany, NY, Nov. 17, 2015 (GLOBE NEWSWIRE) -- This report covers the growth prospects of the global procurement outsourcing market in the power industry. It includes market segmentation based on procurement outsourcing services. It also discusses standalone procurement outsourcing and procurement outsourcing as a part of BPO services offered until 2019. The major geographies included in this report are the Americas, APAC, and EMEA. Accenture, Capgemini, Genpact, GEP, IBM, and Xchanging are the major market vendors.
Market overview of procurement outsourcing
Growing adoption of IT in BPO effectively drives the adoption of procurement outsourcing services, and the market is likely to reach a CAGR of approximately 14.97% by 2019. There is a visible inclination toward automating BPO operations, which allows service providers to significantly improve their sustainability in the market. Importance is being given to building reusable service delivery platforms and increasing scalability and automation by leveraging new software tools that quantify, manage, and control the implementation of a process within as well as between organizations.
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Due to volatile economic conditions, companies often have to deal with declining budgets and CPOs are often forced to accomplish more with fewer resources. Budgetary restrictions are thus moving more CPOs to seek low-cost delivery solutions such as outsourcing. Procurement outsourcing service providers have invested significantly in their procurement offerings, enhancing their capabilities in a number of areas including new offerings such as risk analytics and value engineering, contract drafting, spend analytics, and SCM such as logistics support and inventory analysis.
Market segmentation of procurement outsourcing by type
Standalone procurement outsourcing
Procurement outsourcing as a part of BPO services offered
The majority of the market is occupied by the standalone procurement outsourcing segment with a market share of 52%, and the remaining 48% of the market is held by the procurement outsourcing as a portion of BPO services offered segment. It is expected that the standalone procurement outsourcing segment will witness rapid growth during the forecast period.
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Market segmentation of procurement outsourcing by end-user
- Manufacturing sector
- BFSI sector
- Consumer packaged goods sector
- Software and telecom sector
- Energy and chemicals sector
- Automotive sector
- Pharmaceuticals sector
- Hospitality sector
The manufacturing and BFSI sectors are the early adopters of procurement outsourcing services, followed by the rest of the industry verticals. Global uncertain economic pressure requires organization to adapt cost-efficient solutions to boost up their procurement process. Strategic procurement management system can help an organization achieve the following: cost control, increased procurement approach, visibility in the entire procurement process, and process innovation.
Geographical segmentation of the procurement outsourcing market
The Americas is the largest contributor in terms of overall spending on the procurement outsourcing market, followed by EMEA and APAC. Based on overall spending, the US is the dominant country in this market, and procurement outsourcing spending on its states is expected to increase further during the forecast period. The UK is the largest market in EMEA for procurement outsourcing.
Vendor landscape of the procurement outsourcing market
There are numerous enterprises in the marketplace that have been providing procurement outsourcing services for a long time. Some of the large companies dominate the market with their innovative and high-quality services. In the current scenario, companies are opting for the automation of processes, simplification of IT environment, and development of an economical cost structure, which suggests that there will be a favorable spending environment for the procurement outsourcing market during the forecast period.
The top six leading vendors of the market:
The other prominent vendors of the market include Aegis, ATS Group, CGI, Corpus, CSC, DSSI, HCL, HP, Infosys, Optimum Procurement, Proxima, Synise, TCS, TechMahindra , Wipro, WNS and Xerox .
S2P is an effective strategy that delegates one or more business activities to external companies (suppliers) that then administer and manage the selected activity based on defined and measurable performance criteria. It helps clients operate efficiently, reduces time to market, and helps focus on core competencies. S2P leads to the successful creation of an economical cost structure in the long term. The global S2P outsourcing market continued to grow during the 2008-2009 global financial crisis. The Americas accounted for the majority of the market growth. EMEA and APAC followed the Americas. The demand for procurement outsourcing services in the global market originates from large corporations, SMEs, and government organizations. The global S2P outsourcing market is expected to grow at a CAGR of 14.1% during the forecast period.
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The global S2P outsourcing market can be segmented into two: global S2C outsourcing market and global P2P outsourcing market. This report covers information about the market share of the global S2P outsourcing market by category. The report also covers information about end-user segmentation of the global S2P outsourcing market.
Customer relationship management (CRM) has become one of the most influential factors in building brand loyalty and strengthening of brand image. Call center interaction in CRM is often cited in defining customer service; however, there are many facets of CRM outsourcing that have evolved with rising customer needs and expectations. With the growing digitization in the CRM industry, service providers are innovating on their service offerings to expand their portfolio beyond call centers. These offerings include modern communication, multi-channel engagement of customers, self-service, and analytics solutions.
The global CRM outsourcing market to grow at a CAGR of 5.75% over the period 2014-2019.
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Covered in this Report
The global CRM outsourcing market is segmented on the basis of services end-users.
Global CRM Outsourcing Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. It covers the market landscape and its growth prospects in the coming years. The report also includes a discussion on the key vendors operating in this market.
Organizations have a huge amount of data in different departments such as HR, procurement, production, sales, and marketing. To use these data efficiently, data analysis is required. Data analytics allows organizations to gain powerful customer and market-related insights and take business decisions based on these actionable insights. Data analytics outsourcing is the process in which organizations employ service providers to perform analytics on organization-wide data. This increases the efficiency of organizations and also helps them strategize their decisions based on the outcome of data analysis.
The global data analytics outsourcing market to grow at a CAGR of 30.54% over the period 2014-2019.
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Covered in this report
The report covers the current scenario and the growth prospects of the global data analytics outsourcing market for the period of 2015-2019. To calculate the market size, the report considers revenue generated from data analytics outsourcing services.
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