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's a real battleground, isn't it? Everyone's trying to outdo each other. The big names are all about teaming up, buying out smaller companies, and making deals to offer more and reach more customers. And with tech constantly evolving, things are only going to get more competitive! What's really fueling the need for retail sourcing and procurement software? Well, it's all about better managing suppliers, the whole supply chain, the actual procurement process, selling, fulfilling orders, and making sense of all that big data. But, it's not all smooth sailing. Things like high costs, not enough tech skills with the workforce, a general resistance to change, and those unpredictable price swings in commodities, fuel, and labor – they're all putting a damper on the market's growth.

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

When we look at Deployment Type, we see the market basically splits into two campsCloud and good old On-premise solutions. The Cloud segment's really expected to take off, mainly because customers are looking for top-notch experts who can nail project execution. Plus, you've got dedicated training centers popping up, offering eLearning courses for everyone from managers to developers and implementation teams. Think of it like thisa procurement cloud is your go-to for smoothing out the whole source-to-pay process, using social collaboration and automation to boost your margins by keeping costs in check. On top of that, cloud-based software is super easy to access from anywhere without bogging down IT. Because cloud procurement software gets regular upgrades and maintenance, this area’s predicted to grow the fastest in the years ahead.

Retail Sourcing And Procurement Software Market, By Geography

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

Okay, so when we look at where Global Retail Sourcing And Procurement Software is used, we can break it down by geographyNorth America, Europe, Asia Pacific, and basically, everywhere else. Right now, North America is predicted to be the biggest user, basically running the show when it comes to retail sourcing and procurement. Why? Well, it's because retailers and their suppliers are working super well together, and they're making their procurement processes more streamlined. But don't count out the Asia-Pacific region! They're expected to really take off in the next few years. They need better sourcing and expertise in different categories, and there's a huge push to build better relationships with suppliers and make the whole buying experience way better.

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