Global Source-to-Pay Outsourcing Market Hits $27.59 Billion in 2022, Set for Impressive 12.57% CAGR Growth by 2028

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Nov 07, 2023, 17:45 ET

DUBLIN, Nov. 7, 2023 /PRNewswire/ -- The "Source-to-Pay Outsourcing Market Report by Type (S2C, P2P), Application, Region 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global source-to-pay outsourcing market is experiencing remarkable growth, with the market size reaching US$ 27.59 billion in 2022. Forecasts indicate robust expansion in the coming years, with the market expected to reach US$ 55.8 billion by 2028, reflecting a compelling Compound Annual Growth Rate (CAGR) of 12.57% during the period from 2023 to 2028.

Key Market Drivers:

Expanding Geographic Reach of Organizations
Rapid Digitization
Increasing Adoption of Source-to-Pay (S2P) Outsourcing in Manufacturing

Source-to-pay (S2P) outsourcing is a financial arrangement where companies delegate their purchasing and procurement tasks to a third-party service provider. It relies on digital technologies to offer services such as automating manual processes, eAuctions, inventory management, and implementation. S2P outsourcing streamlines payment functions, enhancing efficiency and expenditure control. It mitigates risks linked to errors, broadens access to global suppliers, and improves control and compliance. Furthermore, it saves time, effort, and resources on repetitive tasks, driving global demand for S2P outsourcing services.

Market Trends:

The market is flourishing due to the growth of public and private organizations and their increasing adoption of S2P outsourcing. This allows businesses to concentrate on core activities, manage fluctuating transaction volumes, and support business expansion or contraction. Rapid digitization and the expanding reach of organizations are driving the need for S2P outsourcing, which facilitates smooth business operations and enhances profitability.

Moreover, there is a rising utilization of S2P outsourcing in the consumer packaged goods (CPG) industry to ensure quality standard compliance, manage inventory levels, negotiate contracts, and establish supplier performance metrics. The integration of automation technologies, including artificial intelligence (AI), robotic process automation (RPA), and machine learning (ML), enables organizations to streamline financial tasks like purchase order creation, invoice processing, and supplier management.

S2P outsourcing providers are incorporating e-procurement platforms and systems for seamless data exchange, workflow automation, and real-time visibility. They are also focusing on building robust supplier relationships, improving collaboration, and driving supplier performance to deliver superior outcomes. Furthermore, the growing emphasis on personalized learning and the development of educational infrastructure are creating a favorable market outlook worldwide.

Key Market Segmentation:

Type:
- S2C (Source to Contract)
- P2P (Procure to Pay)
Application:
- Manufacturing
- C2G
- Software and IT
- Energy and Chemicals
- Others
Region:
- North America
  - United States
  - Canada
- Asia-Pacific
  - China
  - Japan
  - India
  - South Korea
  - Australia
  - Indonesia
- Europe
  - Germany
  - France
  - United Kingdom
  - Italy
  - Spain
  - Russia
- Latin America
  - Brazil
  - Mexico
- Middle East and Africa

Competitive Landscape:

The report provides an in-depth analysis of the competitive landscape in the global source-to-pay outsourcing market. It includes detailed profiles of major companies, such as Capgemini SE, CGI Inc., Corbus LLC, GEP Worldwide, Infosys Limited, among others. This represents a partial list of companies, and the complete list is available in the report.

Key Questions Answered in This Report:

How has the global source-to-pay outsourcing market performed and what are the growth expectations?
What are the drivers, restraints, and opportunities in the global source-to-pay outsourcing market?
What impact do these drivers, restraints, and opportunities have on the market?
Which regions hold the most potential in the source-to-pay outsourcing market?
What is the market breakup based on type, and which type is the most attractive?
What is the market breakup based on application, and which application is the most promising?
How is the competitive landscape structured, and who are the key players in the market?

For more information about this report visit https://www.researchandmarkets.com/r/y1jwxj

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