Global Retail Sourcing and Procurement Market - By Deployment Type, Solution Type, End Users and Region - Growth, Trends and Forecast (2022 - 2030)
The Retail Sourcing and Procurement market is expected to register a CAGR of over 12.96% during the forecast period 2018 - 2023. The report profiles the on-cloud and on-premise providers of Retail Sourcing and Procurement software and service for various industries.
Due to increase in the centralization system of procurement processes with the advanced technologies and storage systems such as advanced cloud storage system which are assisting to have better visibility of data that is related to sourcing which has been a significant factor driving the market growth. Further, the continuous development in the new technologies of Artificial Intelligence (AI), cloud computing, and the Internet of Things (IoT) and its implementation across retail procurement processes aid to pave the new way for the more significant development of retail software and solutions.
Growing Demand for advanced retail sourcing and procurement solutions and services
Companies across diverse verticals are repetitively trying to find out the new areas through which they can reduce their total operational costs. The retail sector is one such area where this objective can be achieved. Implementing new advanced technologies such as artificial intelligence, deep learning with the help to automate the sourcing procurement activities in a better way. For instance, RFID chips can be placed on every product to provide a way for the business owners to track their inventory easily.
Additionally, to see the increase in the need retail sourcing and procurements software and solutions different vendors are forming the strategic partnerships with different technology leaders to combine their products with the latest technologies or some automation in the retail sourcing and procurements. For an instance, JAGGAER has done partnership with Kloepfel to enhance the Strategic Sourcing Solution with artificial intelligence technology. As the demand for the retail sourcing and procurement market is directly related to the E-Commerce penetration rates, the more E-Commerce rates around the globe, higher is the demand for retail sourcing and procurement market.
North America the largest market in terms of global share
The North America region is projected to have the largest growth in demand, during the forecast period (2018-2023), The North America provides a suitable environment for startups and SMEs, in terms of government regulations and compliance. According to Business.org, the top 20 startups of ecosystems are located in North America, for instance Austin, Texas has more than 5,500 start-ups, as well as big- tech giants firms like Facebook, Google, and Apple.
Owing to this, Retail Enterprises (SMEs and Large) are investing heavily in the North America region and aiding the significant demand for retail sourcing and procurement. Furthermore, factors such as the diverse packaging that increases demand for better network infrastructure, digital penetration in logistics and support, technological advancements are also aiding the market to grow in the region. Moreover, improved technology and streamlined global supply chains/ logistics have unchained the United States manufacturing from the limitations of geography.
Key developments in the market
• Jun 2018: JDA Software Group, Inc. has done the partnership with HCL Technologies to modernizing the solutions architecture and shifting to a SaaS model. With this expansion, it will help to increase the services capabilities for the solutions (DA Commerce, SofTechnics, and Pricing and Revenue Management), enable new and enhanced product innovations, and aims to ensure best-in-class customer experience and support.
• Mar 2017: E2open has done innovation in their product line supply chain solutions. With this new product innovation the new connector will simplify and significantly accelerate the integration of Oracle Enterprise Resource Planning (ERP) and Oracle Supply Chain Management (SCM) Cloud.
Major players: KINAXIS, MANHATTAN ASSOCIATES, PROACTIS HOLDINGS PLC. ,COUPA SOFTWARE, HIGHJUMP., BASWARE CORPORATION, SAP SE, ORACLE CORPORATION, IBM CORPORATION, EPICOR SOFTWARE CORPORATION, JDA SOFTWARE GROUP, INC., JAGGAER, GT NEXUS, ZYCUS INC. , and PROACTIS HOLDINGS PLC., among others.
Reasons to Purchase this Report
• Provides latest insights into Global Retail Sourcing and Procurement Market.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• To understand the dominating technology in the market.
• The region that is expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares and strategies employed by the major market players.
• 3 months analyst support along with the Market Estimate sheet (in Excel).
Customization of the Report
• This report can be customized to meet the desired requirements. Please connect with our analyst/sales representative, who will ensure you get a report that suits your needs.
Due to increase in the centralization system of procurement processes with the advanced technologies and storage systems such as advanced cloud storage system which are assisting to have better visibility of data that is related to sourcing which has been a significant factor driving the market growth. Further, the continuous development in the new technologies of Artificial Intelligence (AI), cloud computing, and the Internet of Things (IoT) and its implementation across retail procurement processes aid to pave the new way for the more significant development of retail software and solutions.
Growing Demand for advanced retail sourcing and procurement solutions and services
Companies across diverse verticals are repetitively trying to find out the new areas through which they can reduce their total operational costs. The retail sector is one such area where this objective can be achieved. Implementing new advanced technologies such as artificial intelligence, deep learning with the help to automate the sourcing procurement activities in a better way. For instance, RFID chips can be placed on every product to provide a way for the business owners to track their inventory easily.
Additionally, to see the increase in the need retail sourcing and procurements software and solutions different vendors are forming the strategic partnerships with different technology leaders to combine their products with the latest technologies or some automation in the retail sourcing and procurements. For an instance, JAGGAER has done partnership with Kloepfel to enhance the Strategic Sourcing Solution with artificial intelligence technology. As the demand for the retail sourcing and procurement market is directly related to the E-Commerce penetration rates, the more E-Commerce rates around the globe, higher is the demand for retail sourcing and procurement market.
North America the largest market in terms of global share
The North America region is projected to have the largest growth in demand, during the forecast period (2018-2023), The North America provides a suitable environment for startups and SMEs, in terms of government regulations and compliance. According to Business.org, the top 20 startups of ecosystems are located in North America, for instance Austin, Texas has more than 5,500 start-ups, as well as big- tech giants firms like Facebook, Google, and Apple.
Owing to this, Retail Enterprises (SMEs and Large) are investing heavily in the North America region and aiding the significant demand for retail sourcing and procurement. Furthermore, factors such as the diverse packaging that increases demand for better network infrastructure, digital penetration in logistics and support, technological advancements are also aiding the market to grow in the region. Moreover, improved technology and streamlined global supply chains/ logistics have unchained the United States manufacturing from the limitations of geography.
Key developments in the market
• Jun 2018: JDA Software Group, Inc. has done the partnership with HCL Technologies to modernizing the solutions architecture and shifting to a SaaS model. With this expansion, it will help to increase the services capabilities for the solutions (DA Commerce, SofTechnics, and Pricing and Revenue Management), enable new and enhanced product innovations, and aims to ensure best-in-class customer experience and support.
• Mar 2017: E2open has done innovation in their product line supply chain solutions. With this new product innovation the new connector will simplify and significantly accelerate the integration of Oracle Enterprise Resource Planning (ERP) and Oracle Supply Chain Management (SCM) Cloud.
Major players: KINAXIS, MANHATTAN ASSOCIATES, PROACTIS HOLDINGS PLC. ,COUPA SOFTWARE, HIGHJUMP., BASWARE CORPORATION, SAP SE, ORACLE CORPORATION, IBM CORPORATION, EPICOR SOFTWARE CORPORATION, JDA SOFTWARE GROUP, INC., JAGGAER, GT NEXUS, ZYCUS INC. , and PROACTIS HOLDINGS PLC., among others.
Reasons to Purchase this Report
• Provides latest insights into Global Retail Sourcing and Procurement Market.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• To understand the dominating technology in the market.
• The region that is expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares and strategies employed by the major market players.
• 3 months analyst support along with the Market Estimate sheet (in Excel).
Customization of the Report
• This report can be customized to meet the desired requirements. Please connect with our analyst/sales representative, who will ensure you get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
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