The North America Procurement Outsourcing Market is expected to witness market growth of 10.2% CAGR during the forecast period (2024-2031).
The US market dominated the North America Procurement Outsourcing Market by Country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of USD3.29 billion by 2031. The Canada market is experiencing a CAGR of 12.5% during 2024-2031. Additionally, the Mexico market would exhibit a CAGR of 11.6% during 2024-2031.
The procurement outsourcing market is the industry segment that delegates procurement functions and processes to external service providers. Organizations partner with these providers to manage various aspects of procurement, such as sourcing, purchasing, contract management, supplier management, and spend analysis, allowing them to focus on core business activities. Procurement outsourcing is utilized across various sectors and industries, including manufacturing, retail, healthcare, finance, and technology.
Procurement outsourcing allows organizations to access a broader supplier base, enabling diversification and reducing dependency on single suppliers. This diversification is crucial for mitigating risks associated with supply chain disruptions, geopolitical issues, or financial instability in specific regions.
Outsourcing procurement can foster innovation in the IT industry by facilitating access to the latest technologies and solutions. Specialized procurement firms stay abreast of industry trends and emerging technologies, ensuring that IT companies are equipped with the most advanced tools available. This access to innovation is crucial for maintaining a competitive edge in the fast-paced tech industry. Ultimately, the goal of procurement outsourcing in the USA’s IT sector is to enhance service delivery.
By ensuring that IT companies have access to the best technologies and services, procurement outsourcing contributes to improved product development, greater customer satisfaction, and overall better service delivery. This aligns with the broader objectives of the IT industry to provide high-quality and innovative solutions to consumers and businesses. In conclusion, expansion of the IT industry and rising telecom sector in the region is driving the growth of the market.
The US market dominated the North America Procurement Outsourcing Market by Country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of USD3.29 billion by 2031. The Canada market is experiencing a CAGR of 12.5% during 2024-2031. Additionally, the Mexico market would exhibit a CAGR of 11.6% during 2024-2031.
The procurement outsourcing market is the industry segment that delegates procurement functions and processes to external service providers. Organizations partner with these providers to manage various aspects of procurement, such as sourcing, purchasing, contract management, supplier management, and spend analysis, allowing them to focus on core business activities. Procurement outsourcing is utilized across various sectors and industries, including manufacturing, retail, healthcare, finance, and technology.
Procurement outsourcing allows organizations to access a broader supplier base, enabling diversification and reducing dependency on single suppliers. This diversification is crucial for mitigating risks associated with supply chain disruptions, geopolitical issues, or financial instability in specific regions.
Outsourcing procurement can foster innovation in the IT industry by facilitating access to the latest technologies and solutions. Specialized procurement firms stay abreast of industry trends and emerging technologies, ensuring that IT companies are equipped with the most advanced tools available. This access to innovation is crucial for maintaining a competitive edge in the fast-paced tech industry. Ultimately, the goal of procurement outsourcing in the USA’s IT sector is to enhance service delivery.
By ensuring that IT companies have access to the best technologies and services, procurement outsourcing contributes to improved product development, greater customer satisfaction, and overall better service delivery. This aligns with the broader objectives of the IT industry to provide high-quality and innovative solutions to consumers and businesses. In conclusion, expansion of the IT industry and rising telecom sector in the region is driving the growth of the market.
List of Key Companies Profiled
- Infosys Limited
- TATA Consultancy Services Ltd.
- HCL Technologies Ltd.
- WNS (Holdings) Ltd.
- NB Ventures, Inc. (Global eProcure)
- Wipro Limited
- IBM Corporation
- Accenture PLC
- Genpact Limited
- Capgemini SE
Market Report Segmentation
By Component
- Services
- Solutions
By Deployment
- Cloud
- On-Premise
By Industry Vertical
- BFSI
- IT & Telecommunication
- Healthcare
By Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
By Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. North America Procurement Outsourcing Market by Component
Chapter 6. North America Procurement Outsourcing Market by Deployment
Chapter 7. North America Procurement Outsourcing Market by Industry Vertical
Chapter 8. North America Procurement Outsourcing Market by Organization Size
Chapter 9. North America Procurement Outsourcing Market by Country
Chapter 10. Company Profiles
Companies Mentioned
Some of the key companies in the North America Procurement Outsourcing Market include:- Infosys Limited
- TATA Consultancy Services Ltd.
- HCL Technologies Ltd.
- WNS (Holdings) Ltd.
- NB Ventures, Inc. (Global eProcure)
- Wipro Limited
- IBM Corporation
- Accenture PLC
- Genpact Limited
- Capgemini SE
Methodology
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