Procurement is a process of acquiring goods and services for the organization and sourcing implies locating sources for these goods and services.
Increasing influx of technologies to enhance legacy systems among various industries is expected to be the key factor to drive growth of global Retail Sourcing And Procurement Market in the forecast period. This incorporates increase in adoption for sourcing and procurement services among multiple retail enterprises to enhance existing business plan with upcoming potential business strategies.
Increasing digitalization in retail sector resulting into high growth of e–commerce. This resulting into increasing demand for online shopping management, streamline category management, real-time supplier relationship management, and many more. This in turn expected to support growth of the global market.
The Retail Sourcing And Procurement Market is segmented on the Basis of solution, service and regions. On the basis of solution, the global market is segmented into Strategic Sourcing, Supplier Management, Contract Management, Procure-To-Pay, Spend Analysis. The Contract Management segment accounts for highest revenue share and is expected to witness significant growth during the forecast period.
On the basis of service, the global market is segmented into Implementation, Consulting, Training and Support. The Consulting segment is expected to account for highest market share in the global market and expected to witness highest growth in terms of revenue during the forecast period.
On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The market in Asia Pacific accounts for highest share in terms of revenue in the global market. The Asia Pacific market is expected to witness highest growth in terms of revenue over the forecast period.
Key players in the global market include SciQuest, Inc., Atos SE, Zycus, Inc., GT Nexus, Inc., Bristlecone Ltd, Vroozi, Inc., Cegid Group SA, IBM Corporation, Oracle Corporation, SAP SE
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