A study conducted by Market Research Inc. predicts the growth of the global procurement market from $5 billion in 2019 to more than $8 billion by 2024. It is projected to have an average compound annual growth rate of more than 8% during this period.
The largest segment of the procurement market during the forecast period will be strategic sourcing. It will be followed by spend management, contract management, category management, process management and transaction management.
In terms of industry, the manufacturing sector, particularly vertical manufacturing, is expected to maintain the largest market. It will be followed by retail and consumer packaged goods, banking, financial services and insurance (BFSI), information technology, telecom, energy, healthcare, travel and hospitality industries.
North America is expected to be the biggest procurement market during the forecast period. It is the center of technological innovation and a leader in early the adoption of new technologies. Companies in the region, particularly in the U.S. and Canada, are always trying to improve the efficiency of their procurement process implementing best practices.
Some of the biggest market players during the forecast period include Ireland-based Accenture, U.S.-based Genpact, France-based Capgemini, UK-based Proxima and India-based Wipro.