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Retail Sourcing and Procurement Market Analysis: Its CAGR, Market Segmentation and Global Industry Overview

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Executive Summary

The retail sourcing and procurement market research reports provide in-depth analysis of the market conditions, trends, and geographical spread of the industry. The market is expected to grow at a CAGR of % during the forecasted period, driven by increasing demand for efficient sourcing and procurement solutions in the retail sector.

Market trends in retail sourcing and procurement include the adoption of advanced technologies such as artificial intelligence, machine learning, and big data analytics to streamline sourcing processes and improve decision-making. Additionally, there is a growing emphasis on sustainability and ethical sourcing practices, with retailers looking to source products from environmentally and socially responsible suppliers.

In terms of geographical spread, North America (NA) is a key market for retail sourcing and procurement, driven by the presence of several leading retail companies and technological advancements in the region. The Asia-Pacific (APAC) region is also witnessing significant growth, fueled by the expanding retail industry in countries like China and India. Europe is another important market for retail sourcing and procurement, with a focus on cost optimization and compliance with regulatory requirements. The USA is a major player in the retail sourcing and procurement market, leveraging advanced technologies and innovative strategies to improve sourcing efficiency and reduce costs.

China, as one of the largest retail markets in the world, is experiencing rapid growth in retail sourcing and procurement, driven by the increasing demand for consumer goods and the adoption of digital technologies. Overall, the retail sourcing and procurement market is poised for significant growth across different regions, fueled by the need for efficient sourcing solutions and the increasing focus on sustainability and ethical practices in the retail sector.

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Market Segmentation:

This Retail Sourcing and Procurement Market is further classified into Overview, Deployment, Application, and Region. 

In terms of Components, Retail Sourcing and Procurement Market is segmented into:

  • Cegid
  • Epicor Software Corporation
  • GEP
  • GT Nexus
  • IBM Corporation
  • Ivalua
  • JDA Software Group
  • Proactis
  • SAP SEOracle Corporation
  • Sciquest
  • Tradogram
  • Vroozi
  • Zycus

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The Retail Sourcing and Procurement Market Analysis by types is segmented into:

  • Strategic Sourcing
  • Supplier Management
  • Contract Management
  • Procure-to-Pay
  • Spend Analysis

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The Retail Sourcing and Procurement Market Industry Research by Application is segmented into:

  • Retail Enterprise
  • Others

In terms of Region, the Retail Sourcing and Procurement Market Players available by Region are:

North America:

  • United States
  • Canada

Europe:

  • Germany
  • France
  • U.K.
  • Italy
  • Russia

Asia-Pacific:

  • China
  • Japan
  • South Korea
  • India
  • Australia
  • China Taiwan
  • Indonesia
  • Thailand
  • Malaysia

Latin America:

  • Mexico
  • Brazil
  • Argentina Korea
  • Colombia

Middle East & Africa:

  • Turkey
  • Saudi
  • Arabia
  • UAE
  • Korea

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Key Drivers and Barriers in the Retail Sourcing and Procurement Market

Key drivers in the Retail Sourcing and Procurement market include the increasing demand for cost-effective sourcing solutions, the growing adoption of cloud-based procurement software, and the rise of e-commerce which is driving retailers to optimize their procurement processes. However, barriers such as complex supply chains, lack of skilled professionals, and regulatory issues can hinder market growth. Challenges faced in the market include managing supplier relationships, ensuring compliance with regulations, and dealing with fluctuating commodity prices. Additionally, the need to incorporate sustainability and ethical sourcing practices poses a significant challenge for retailers in the sourcing and procurement space.

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Competitive Landscape

Among the competitive players in the retail sourcing and procurement market, SAP SE stands out as a key leader. SAP SE is a multinational software corporation based in Germany that develops enterprise software to manage business operations and customer relations. With a history dating back to 1972, SAP has established itself as a global leader in providing innovative and efficient solutions for various industries, including retail sourcing and procurement.

Epicor Software Corporation is another notable player in the market, offering comprehensive software solutions for retail businesses. Founded in 1972, Epicor has a strong presence in the retail industry, with a focus on improving operational efficiency and maximizing productivity.

In terms of market growth and size, the retail sourcing and procurement market is witnessing significant expansion due to the increasing adoption of digital technologies and the growing need for streamlined processes in the retail sector. The market is expected to continue growing as companies recognize the importance of efficient sourcing and procurement practices in driving business success.

As for sales revenue, SAP SE reported total revenue of € billion in 2020, highlighting its strong financial performance and continued growth in the market. Epicor Software Corporation, on the other hand, reported total revenue of $1.16 billion in 2020, underscoring its position as a key player in the retail sourcing and procurement market.

Overall, the retail sourcing and procurement market is evolving rapidly, with companies like SAP SE and Epicor Software Corporation leading the way in providing innovative solutions that cater to the changing needs of retailers worldwide.

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