The Asia Pacific Retail Sourcing and Procurement Market is expected to witness market growth of 16.3% CAGR during the forecast period (2024-2031).
The China market dominated the Asia Pacific Retail Sourcing and Procurement Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $1.14 billion by 2031. The Japan market is registering a CAGR of 15.6% during 2024-2031. Additionally, the India market is expected to showcase a CAGR of 17.1% during 2024-2031.
Compliance and risk management complexities increasingly shape this market. With retailers sourcing from a vast network of suppliers, they must navigate diverse regulations and standards that vary by region. These standards cover labor practices, environmental protections, product safety, and ethical sourcing requirements, which retailers must meet to avoid legal issues, protect their reputations, and prevent financial losses.
Advanced procurement tools have become critical in helping retailers address these compliance challenges. These tools provide features such as compliance tracking, automated reporting, and audit trails, allowing retailers to monitor and verify supplier practices efficiently. For example, compliance tracking can automatically update retailers on relevant regulatory changes or flag areas of potential non-compliance, while audit trails provide transparent records for accountability.
Australia's landscape increasingly focuses on sustainable practices and supply chain resilience. Australian retailers invest in data-driven procurement solutions to enhance transparency and ethical sourcing, reflecting consumer demands for environmentally responsible practices. The Australian government supports this trend through the “Modern Manufacturing Strategy,” which promotes local sourcing and supply chain resilience. Government grants and programs under this strategy encourage retailers to adopt procurement solutions that align with sustainable and ethical standards. Therefore, with governments actively promoting digital transformation and resilience in supply chains, the Asia Pacific retail sourcing and procurement market is well-positioned for significant growth.
The China market dominated the Asia Pacific Retail Sourcing and Procurement Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $1.14 billion by 2031. The Japan market is registering a CAGR of 15.6% during 2024-2031. Additionally, the India market is expected to showcase a CAGR of 17.1% during 2024-2031.
Compliance and risk management complexities increasingly shape this market. With retailers sourcing from a vast network of suppliers, they must navigate diverse regulations and standards that vary by region. These standards cover labor practices, environmental protections, product safety, and ethical sourcing requirements, which retailers must meet to avoid legal issues, protect their reputations, and prevent financial losses.
Advanced procurement tools have become critical in helping retailers address these compliance challenges. These tools provide features such as compliance tracking, automated reporting, and audit trails, allowing retailers to monitor and verify supplier practices efficiently. For example, compliance tracking can automatically update retailers on relevant regulatory changes or flag areas of potential non-compliance, while audit trails provide transparent records for accountability.
Australia's landscape increasingly focuses on sustainable practices and supply chain resilience. Australian retailers invest in data-driven procurement solutions to enhance transparency and ethical sourcing, reflecting consumer demands for environmentally responsible practices. The Australian government supports this trend through the “Modern Manufacturing Strategy,” which promotes local sourcing and supply chain resilience. Government grants and programs under this strategy encourage retailers to adopt procurement solutions that align with sustainable and ethical standards. Therefore, with governments actively promoting digital transformation and resilience in supply chains, the Asia Pacific retail sourcing and procurement market is well-positioned for significant growth.
List of Key Companies Profiled
- Cegid Group
- Epicor Software Corporation
- GEP Software
- Infor, Inc. (Koch Industries)
- IBM Corporation
- Ivalua Inc.
- Blue Yonder Group, Inc. (Panasonic Holdings Corporation)
- Oracle Corporation
- SAP SE
- Coupa Software, Inc.
Market Report Segmentation
By Deployment
- Cloud
- On-premise
By Component
- Solution
- Strategic Sourcing
- Supplier Management
- Contract Management
- Procure-to-Pay (P2P)
- Other Solution Type
- Service
- Implementation
- Consulting
- Other Service Type
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
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. Asia Pacific Retail Sourcing And Procurement Market by Deployment
Chapter 6. Asia Pacific Retail Sourcing And Procurement Market by Component
Chapter 7. Asia Pacific Retail Sourcing And Procurement Market by Enterprise Size
Chapter 8. Asia Pacific Retail Sourcing And Procurement Market by Country
Chapter 9. Company Profiles
Companies Mentioned
Some of the leading companies profiled in this Asia-Pacific Retail Sourcing and Procurement Market report include:- Cegid Group
- Epicor Software Corporation
- GEP Software
- Infor, Inc. (Koch Industries)
- IBM Corporation
- Ivalua Inc.
- Blue Yonder Group, Inc. (Panasonic Holdings Corporation)
- Oracle Corporation
- SAP SE
- Coupa Software, Inc.
Methodology
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