Global Retail Sourcing And Procurement Software Market Size By Component (Solution, Strategic Sourcing, Supplier Network), By Deployment Type (Cloud, On-premise), By Geographic Scope And Forecast

Retail Sourcing And Procurement Software Market Size And Forecast

Retail Sourcing And Procurement Software Market size was valued at USD 4.18 Billion in 2024 and is projected to reach USD 11.83 Billion by 2031, growing at a CAGR of 13.65% during the forecast period 2024-2031.

The need for better visibility in sourcing related data and the centralization of procurement processes are the important driving factors for the Retail Sourcing And Procurement Software Market. The Global Retail Sourcing And Procurement Software Market report provides a holistic evaluation of the market. The report offers comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Retail Sourcing And Procurement Software Market Definition

Retail sourcing and procurement software is used by the retail industry for managing the transactions related to sourcing and procurement of goods and services from different vendors and resource providers. The emergence of new business models and technological advancement are creating a need for retail sourcing and procurement software. Retail sourcing and procurement software facilitate spend analysis, financial savings management, contract management, and request management software. The retail industry is shifting towards automation and expansion in the range of services and goods to enhance the customer experience and customer retention.

Global Retail Sourcing And Procurement Software Market Overview

A sourcing and procurement solution for a retail industry allows an organization to automate spend management activities and improve the efficiency of procure-to-pay processes. The report aims at estimating the market size and future growth potential of the market across various segments such as services, solutions, deployment types, user types, and regions. The base year considered for the study and the forecast period has been considered. The need for better visibility in sourcing related data and the centralization of procurement processes are the important driving factors for the market.

The market is recognized by stiff competition by key vendors. Big players are trying to adopt techniques like partnership, acquisition, and agreements to extend the portfolio and customer reach. The technological innovations are expected to drive the market into further competition. Other factors that drive the retail sourcing and procurement software are rising need of supplier management, supply chain management, procurement, selling and fulfillment, and big data analytics. However, factors such as high costs, limited technical knowledge among the enterprise workforce, lack of awareness and resisting behavior, volatility in the market in terms of prices of commodity, and fuel & labor rates, are likely to restrain the growth of the market.

In addition, the inability to manage the supplier efficiently is one of the challenges in front of the global Retail Sourcing And Procurement Software Market. Nevertheless, the evolving potential markets, growth of mobile applications, and increasing partnerships across key vendors are creating huge opportunities in the global Retail Sourcing And Procurement Software Market.

Global Retail Sourcing And Procurement Software Market Segmentation Analysis

The Global Retail Sourcing And Procurement Software Market is Segmented On The Basis of Component, Deployment Type, and Geography.

Retail Sourcing And Procurement Software Market, By Component

• Solution
• Strategic Sourcing
• Supplier Network
• Contract Management
• Procure-to-pay
• Service
• Implementation
• Training and support
• Consultation

Based on Component, the market is segmented into Solution, Strategic Sourcing, Supplier Network, Contract Management, Procure-to-pay, Service, Implementation, Training, and support, Consultation. Retail purchasing is quickly evolving in response to advancements and changes in technology, hiring, and personnel requirements, business practices, and consumer demands and concerns. Big data will become a larger part of procurement and will assist in simplifying procurement decisions, form processes, & select suitable procurement solutions. Moreover, artificial intelligence and big data together will revolutionize the overall efficiency and speed of sourcing and procurement processes.

Retail Sourcing And Procurement Software Market, By Deployment Type

• Cloud
• On-premise

Based on Deployment Type, the market is bifurcated into Cloud and On-premise. This segment is expected to grow as the customers require specialized instructors who can carry out project executions with excellence. Moreover, training services are also offered through dedicated training centers that offer eLearning courses for managers, developers, and implementation teams. The procurement cloud helps to streamline the source-to-pay process through social collaboration and automation, thus, achieving high margins by controlling costs. Additionally, cloud-based software supports seamless accessibility without additional IT effort to the device. With timely upgrades and maintenance made in the cloud-based procurement software, the segment is likely to experience the highest growth in the coming years.

Retail Sourcing And Procurement Software Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Based on Geography, the Global Retail Sourcing And Procurement Software Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America is projected to hold the largest market share and is expected to dominate the retail sourcing and procurement market. The factors supplementing the growth of this market are the strong collaboration between retail organizations and suppliers and the centralization of procurement processes. The market in Asia-Pacific is expected to show a significant growth potential in the years to come. This extensive growth is owing to the need for sourcing and category expertise and the strong demand to build better supplier relationships and enhanced purchasing experience.

Key Players

The “Global Retail Sourcing And Procurement Software Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are SAP, IBM, Zycus, Vroozi, Logic Source, Bristlecone, Perfect Commerce, GEP, Infor, and Cegid.

The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

Partnerships, Collaborations, and Agreements

• In February 2020, Proactis announced collaboration with global change-ready technology and implementation specialist Agilyx Group to provide a variety of spends management solutions and services to Agilyx customers. This collaboration means that Agilyx can recognize where a customer has an unfulfilled need or has made the decision to make changes that Proactis technology can meet the specified, allowing that customer to gain additional value from their current ERP solution.
• In June 2019 – Infor announced a new partnership with Linklogis, which will use the Infor Nexus platform to strengthen a set of financial service solutions intended to increase the supply chains of small and medium-sized upstream suppliers who are traditionally underfunded and neglected.

Mergers and Acquisitions

• In June 2019 HighJump, a leading supplier of supply chain solutions, makes an announcement its selection by Mexican design furniture omnichannel retailer GAIA. GAIA exemplifies HighJump’s expanding global footprint and abilities to fulfill the demands of retailers throughout Latin America with the linked, automated supply chain of the long term.
• In December 2014, The acquisitions of numerous prominent players assist SAP SE, Oracle, and IBM in expanding their product portfolios and growing their customer base. For illustration, SAP SE acquired Concur Technologies to promote its business development strategy and establish a new model for business resources, methods, and spend analysis.

Product Launches and Product Expansions

• In April 2020, Epicor Software Corporation has launched Epicor Commerce Connect Express (ECC Express), a new portal to its existing Epicor Commerce Connect solution. The e-commerce product is intended for businesses that require an immediate way to boost productivity, provide high-quality online experiences, and remain in contact with their valuable suppliers and customers.
• In March 2017, E2open has innovated in its product line supply chain solutions. With this innovation, the new connector will modify and markedly accelerate the integration of Oracle Enterprise Resource Planning (ERP) and Oracle Supply Chain Management (SCM) Cloud.

Report Scope