S2P Outsourcing Market: Regaining Its Glory | HP, Accenture, GEP
Updated · May 19, 2023
According to HTF MI, The Global S2P Outsourcing industry, which is presently valued at USD 4.1 billion, is predicted to develop at a 4.6% annual rate and reach a potential market size of USD 5.9 billion by 2028.
Published Via 11Press : The S2P Procedure is applied throughout the whole procurement project. Buying, contract lifecycle management, supplier performance evaluations, spending analytics, and accounts payable are some of the processes involved. You need to set up a source-to-pay process if you want to continuously negotiate the best terms and rates with suppliers. The source-to-pay process is used by businesses to locate and evaluate providers. The necessary items, services, and software are subsequently purchased, and payments are made. S2P software increases the effectiveness of procurement through the use of technology, big data, and digital networks. Instead of viewing procurement as a collection of unconnected processes, best-in-class businesses combine purchases from many business divisions to enhance performance, provide greater spending insight, and generate business value.
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S2P Outsourcing Market Key Players
Below are the most prominent enterprise S2P Outsourcing industry players.
- HP (US)
- Accenture (Ireland)
- GEP (US)
- DXC (US)
- Capgemini (France)
- IBM (US)
- CGI (Canada)
- Corbus (US)
- Genpact (US)
S2P Outsourcing Market Key Business Segments
By Product Type
- Procurement outsourcing
- Accounts payable outsourcing
- Supplier management outsourcing
- Spend analytics outsourcing
- Contract management outsourcing
By End Use Application
- Energy & Chemicals
- Software & IT
S2P Outsourcing Market Regional Analysis
The following geographical subgroups have been established for the S2P Outsourcing market:
- North America (the United States and Canada)
- South American nations such as Argentina, Brazil, Colombia, Chile, and others
- Europe, which is made up of the following nations: Italy, Spain, France, the Nordic nations, Portugal, the United Kingdom, and Germany.
- Area of Asia-Pacific
- Southeast Asia, but also China, Japan, Australia, India, and other APAC nations
- MEA (Nigeria, Israel, Saudi Arabia, Egypt, Turkey, South Africa, and other countries)
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Market Growth Drivers
- S2P outsourcing can help companies manage their procurement processes more effectively and affordably.
- S2P outsourcing companies commonly leverage cutting-edge procurement technology, such as e-procurement platforms and analytics tools, to assist organizations in improving the accuracy, transparency, and speed of their procurement process.
- Businesses that outsource their procurement and delegate their procurement-related tasks to experts may concentrate on their core competencies. This makes it possible for businesses to concentrate on what they do best, increasing overall efficiency and production.
- Supply chain ethics are being scrutinized more closely, there are more restrictions, and the procurement process is becoming more complicated.
- The growing demand for digital procurement solutions and automation is also boosting market growth.
- Advancements in technology and the development of new procurement software and tools are expected to create new opportunities in the S2P outsourcing market.
- S2P procurement allows businesses to outsource procurement-related duties to experts while focusing on their core strengths.
- This enables businesses to focus on what they do best, boosting overall efficiency and output.
- S2P outsourcing firms frequently use cutting-edge procurement technology, including e-procurement platforms and analytics tools, to help businesses increase the precision, transparency, and efficiency of their procurement procedures.
- Employing S2P outsourcing companies allows companies to ensure procurement compliance and avoid fines for noncompliance.
- Businesses may scale up or down their procurement processes with the help of S2P outsourcing services, giving them more flexibility and agility.
- The services of aforementioned reasons are preventing the S2P outsourcing business from expanding. control malfunction If businesses outsource their procurement, they will have less direct control over the procedure.
- This could lead to concerns over reliability, dependability, and accountability. Sharing confidential purchasing information with a third-party source might lead to security problems, including the potential for data breaches.
- Communication and understanding issues may arise when working with a third-party provider in a foreign nation or area.
- Once a business signs a contract with an S2P outsourcing provider, it may have little room to maneuver in terms of changing the procurement procedure. Some businesses can be reluctant to outsource the procurement, particularly if they have traditionally done it internally.
Major Development in the S2P Outsourcing Market
|Market Forecast (2029)||US$ 5.9 Bn|
|Current Market Size (2022)||US$ 4.1 Bn|
|Dominating Segment||Accounts payable outsourcing|
|Major Players Profiled||TCS, HP, GEP, Accenture, Avaali, Capgemini, IBM, CGI, DXC, Infosys, Corbus, Wipro, WNS, Genpact|
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Frequently Asked Question
What is the S2P Outsourcing Market’s current market size?
A: The S2P Outsourcing Market is projected to grow at a CAGR of 4.6% over the forecast period, from a value of USD 4.1 billion in 2022 to USD 5.9 billion in 2032.
How is the S2P Outsourcing Market divided into its major segments?
A: The Global S2P Outsourcing Market is segmented according to Type (Accounts Payable Outsourcing, Procurement Outsourcing, Supplier Management Outsourcing, Contract Management Outsourcing, Spend Analytics Outsourcing), Application (Energy & Chemicals, Manufacturing, Software & IT, Others), Service Provider (Pure-Play Outsourcing Service Providers, Consulting Firms, In-House Shared Service Centres), Deployment Mode (Cloud-based, On-premise), and End-User
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