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Procurement Outsourcing Market to Reach $16.1 Billion, Globally, by 2032 at 11% CAGR: Allied Market Research

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The global procurement outsourcing market has grown due to several factors such as technological advancements and rise in need for advanced efficiency & productivity. 

NEW CASTLE, Del., Aug. 16, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Procurement Outsourcing Market by Component (Solution, and Service), Deployment (On-premise, and Cloud), Organization Size (Small and Medium-sized Enterprises (SMEs), and Large Enterprises), and Industry Vertical (Banking Financial Services & Insurance (BFSI), Healthcare, and IT & Telecommunication): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the procurement outsourcing market was valued at $6.4 billion in 2023, and is estimated to reach $16.1 billion by 2032, growing at a CAGR of 11% from 2024 to 2032.

Prime determinants of growth 

The global procurement outsourcing market has grown due to several factors such as technological advancements and rise in need for advanced efficiency & productivity. However, loss of control & visibility and data security & privacy act as restraints for the procurement outsourcing market. In addition, the surge in demand for strategic sourcing and category management are expected to provide ample opportunities for market growth during the forecast period. 

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Report coverage & details: 

Report Coverage 

Details 

Forecast Period 

2024–2032 

Base Year 

2023

Market Size in 2023 

$6.4 Billion

Market Size in 2032 

$16.1 Billion

CAGR 

11.0 %

No. of Pages in Report 

400

Segments Covered 

Component, Deployment, Organization Size, Industry Vertical, and Region. 

Drivers 

Technological advancementsRise in need for advanced efficiency and productivity 

Opportunity 

 Growing demand for strategic sourcing and category management

Restraints 

Loss of control and visibilityData security and privacy 

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The solution segment is expected to grow faster throughout the forecast period. 

By component, the solution segment held the highest market share in 2023, as organizations are increasingly outsourcing their procurement activities to specialized service providers to optimize costs, improve efficiency, and enhance their focus on core business operations. 

The cloud segment is expected to grow faster throughout the forecast period.

By deployment, the cloud segment held the highest market share in 2023. This is attributed to its inherent benefits, such as scalability, flexibility, cost-effectiveness, and ease of implementation. Cloud-based solutions enable organizations to access procurement services and data seamlessly, anytime, and anywhere, using any device, providing convenience and accessibility. 

The large enterprises segment is expected to grow faster throughout the forecast period.

By organization size, the large enterprises segment held the highest market share in 2023. As large enterprises typically have more complex procurement needs, higher transaction volumes, and larger budgets, outsourcing is a more viable option for them. Large enterprises often have diverse supplier networks, operations, and the need for specialized procurement expertise. 

The BFSI segment is expected to grow faster throughout the forecast period.

By industry vertical, the BFSI segment held the highest market share in 2023. The dominance of the banking, financial services, and insurance (BFSI) segment in the procurement outsourcing market is driven by its complex procurement requirements, such as regulatory compliance, risk management, and cost optimization. The BFSI industry relies on robust procurement solutions to address these specific needs. 

North America to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2023 and is expected to boost in terms of revenue throughout the forecast period. The market for outsourcing services in North America is expanding as a result of the escalating technical breakthroughs and digital transformations occurring across several business verticals, including telecommunications, IT, retail, and finance. 

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Major Industry Players: – 

Accenture IBM Corporation Infosys Capgemini Genpact Wipro Limited WNS Corbus LLCHCL Technologies LimitedTata Consultancy Services.  

The report provides a detailed analysis of these key players in the global procurement outsourcing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

Recent Industry Development: 

In February 2024, Genpact partnered with ServiceNow, to deliver Source-to-Pay applications across finance and supply chain operations. The Genpact Source-to-Pay offering uses ServiceNow AI capabilities to help accelerate team productivity, simplify the user experience, and increase cost efficiency. In September 2022, GEP expanded its services by the opening of a new office in Abu Dhabi. The firm’s newest office provides a full range of procurement and supply chain consulting services and the industry’s leading procurement software platform. In October 2021, Accenture acquired Xoomworks Group, a consulting and technology company that specializes in procurement technology, digital innovation, and software solutions development. The acquisition is expected to expand Accenture’s capabilities for helping clients accelerate technology-led business and procurement transformation. 

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Saxon Unmanned Selects IGCS International and Lacks Enterprises for its High-Volume USA Manufacturing Partner for its Platforms

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DALLAS, May 10, 2026 /PRNewswire/ — Saxon Unmanned has selected IGCS International and its strategic partner Lacks Enterprises to deliver high-volume, 100% USA-made production of its flagship UAV platforms: Monitor VTOL, VIPER, Atlas, and Titan.

This strategic partnership immediately accelerates output at IGCS’s fully domestic Grand Rapids, Michigan facilities — an 80,000 ft² advanced composites center, seven injection molding plants with 115+ machines (250–4,400 tons), four electroplating lines, and three high-volume painting & finishing facilities producing over 60,000 parts per day. The result: dramatically faster production rates, significantly lower costs, and uncompromising Made-in-America quality.

Pairing Saxon Unmanned’ s rugged, long-endurance airframe designs with IGCS’s world-class composites, molding, plating, and finishing expertise, the alliance is now scaling delivery for multiple UAV platforms.

“Saxon Unmanned chose IGCS and Lacks for one reason: they deliver the fastest, highest-volume USA production in the industry,” said John Ferguson of Saxon Unmanned. “We will be manufacturing the Monitor VTOL, VIPER, Atlas, and Titan at scale — lighter, stronger, more affordable, and 100% American-made.”

“This partnership fulfills the requirements of USA MADE for America’s Drone Dominance program with rapid, reliable domestic manufacturing,” added Russ Spears, President of IGCS International. “IGCS and Lacks are proud to serve as Saxon’s high-volume production engine — and we have massive available capacity ready for more partners. We invite every forward-thinking drone manufacturer to bring your designs to our Grand Rapids facilities and scale production faster and more affordably than ever before.”

The alliance strengthens U.S. supply chain security, reinforces American manufacturing supremacy, and meets the urgent demand for unmatched unmanned aircraft superiority. IGCS International and Lacks Enterprises are actively seeking additional unmanned systems partners ready to launch at full speed with proven, high-capacity domestic manufacturing.

About IGCS International IGCS International delivers advanced manufacturing solutions to the Department of War and prime contractors. All operations are 100% USA-based in Grand Rapids, Michigan. www.igcsintl.com

About Lacks Enterprises Founded in 1961, Lacks Enterprises is a advanced manufacturing powerhouse with deep expertise in electroplating, high-tonnage injection molding, advanced composites, and high-performance painting & finishing. Operating multiple state-of-the-art facilities in Grand Rapids, Michigan, Lacks delivers Tier-1 quality, high-volume capacity, and unmatched surface engineering capabilities — all 100% Made in America. lacksenterprises.com

About Saxon Unmanned McPherson, Kansas-based designer and manufacturer of rugged, long-endurance UAV systems. saxonunmanned.com

KCR Management provides strategic advisory services and assists qualified companies in accessing financing solutions, including through Bank of America Government Contracting (BofA Gov Con), to support rapid scaling, compliance, and growth.

Media Contact: Russ Spears,
President, IGCS International
Email: russ@igcsintl.com www.igcsintl.com

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SOURCE IGCS International

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NVIDIA Founder, CEO Jensen Huang to Carnegie Mellon University Graduates: ‘Shape What Comes Next’

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Visionary leader behind AI tech delivers keynote, receives honorary doctorate

PITTSBURGH, May 10, 2026 /PRNewswire/ — Carnegie Mellon University conferred more than 5,800 undergraduate and graduate degrees at its 128th Commencement ceremony on Sunday, May 10. Bridging the gap between technological innovation and the transformative power of the arts, these new alumni are ready to address society’s most urgent needs with the bold, collaborative spirit that defines the Carnegie Mellon experience.

Founder and CEO of NVIDIA Jensen Huang, received an honorary Doctor of Science and Technology degree and delivered an inspiring keynote address, articulating lessons learned and offering advice to graduates entering a world of accelerating change.

“You are entering the world at an extraordinary moment. A new industry is being born. A new era of science and discovery is beginning. AI will accelerate the expansion of human knowledge and help solve problems once beyond our reach,” he said. “No generation has entered the world with more powerful tools — or greater opportunities — than you. We are all standing at the same starting line. This is your moment to help shape what comes next. So run. Don’t walk.”

Huang, who has earned a spot on multiple “most influential people” lists in recent years, shared stories from his more than three decades at NVIDIA — a powerhouse underpinning the world’s most advanced AI and accelerated computing. He met with a group of Carnegie Mellon University students prior to the ceremony to learn about their interests and to see research projects they’ve helped to develop during their time at CMU. In his address, Huang encouraged graduates to stay dedicated to their pursuits with unwavering determination.

“Carnegie Mellon has a motto I love: My heart is in the work. So, put your heart in the work. Build something worthy of your education, your potential, and the people who believed in you long before the world did,” he said. “We have the opportunity to close the technology divide — and bring the power of computing and intelligence to billions of people for the very first time. To reindustrialize America and restore our capacity to build. And to help create a future more abundant, more capable, and more hopeful than the world you inherited.”

Carnegie Mellon University President Farnam Jahanian introduced Huang, praising him for continuing to advance a vision of technology as a powerful tool for amplifying what people can create, discover and achieve.

“His influence extends far beyond the technology sector, with tools and platforms that are empowering researchers, practitioners, students, creators and entrepreneurs around the globe to tackle increasingly complex challenges and unlock new possibilities,” Jahanian said.

Inspired by the late Carnegie Mellon professor and Nobel laureate Herb Simon, Jahanian urged graduates to be actors, not spectators, and to shape the future through lifelong learning, open dialogue and faith in humanity.

He went on to offer a parting charge before congratulating members of the Class of 2026 on their accomplishments.

“When the landscape shifts beneath you, make the world your classroom; your canvas; your laboratory; and your stage,” Jahanian said. “Consider all the people who have contributed to your success today and remember to enrich the lives of others in the same way.”

Simi Olusola-Ajayi, a graduating master’s student in Human-Computer Interaction who represented her class at the ceremony, exemplifies Jahanian’s charge. In her remarks, she shared her story about discovering a new path at Carnegie Mellon and exploring the middle — “the space between who we thought we would be and who we are becoming right now.”

“I do not know what middles we will find ourselves navigating next. What rooms we will walk into. What adventures we will stumble into or charge into headfirst. But we get to do so with a masterclass subscription that never expires,” Olusola-Ajayi said. “We get to show up in every room, in every middle, in ways only a Carnegie Mellon education could have prepared us for.”

Her words resonated with Keenan Norton, a newly minted alumnus and Fulbright Scholar with a degree in chemical engineering, environmental and sustainability studies, and Hispanic studies.

“I am equipped with the cultural and political humility that will be required of the engineers of the future to fight for good in ways that are meaningful for and considerate of all stakeholders,” Norton said.

Beverly Da Costa, the first recipient of Carnegie Mellon’s Bachelor of Science in Robotics degree, joined the group of students who met with Huang on Sunday morning.

As graduation approached, she reflected on her time at CMU forging her own new path for the future.

“Problem-solving has been baked into every single class here, and I don’t just mean math problems. I mean resourcefulness,” she said of her CMU experience.

She noted lab research exposed her to the full complexity of real robotic systems — from wiring and electronics to code, testing and failures — while her classes reinforced those lessons through hands-on, experiential learning rather than theory alone.

“That bakes the memories and lessons into your brain in a way that sticks, especially the mistakes,” she said. “I feel ready for what’s next.”

In addition to celebrating its newest alumni, Carnegie Mellon University recognized four prominent leaders during the ceremony. CMU Provost James H. Garrett Jr. conferred honorary degrees upon Huang, as well as 2026 Tony Awards Nominee Broadway producer and CMU alumna Jamie deRoy, International Poetry Forum founder Samuel Hazo and Nobel laureate in economic sciences Thomas Sargent.

About Carnegie Mellon University
Carnegie Mellon is a private, internationally ranked research university with acclaimed programs spanning the sciences, engineering, technology, business, public policy, humanities and the arts. Our diverse community of scholars, researchers, creators and innovators is driven to make real-world impacts that benefit people across the globe. With an unconventional, interdisciplinary and entrepreneurial approach, we do the work that matters.

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SOURCE Carnegie Mellon University

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MICROIP Unveils “Software-Driven Hardware” Strategy at EEC 2026, Partnering with Poland to Build a Resilient Edge AI & ASIC Supply Chain

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KATOWICE, Poland, May 10, 2026 /PRNewswire/ — At the 2026 European Economic Congress (EEC 2026), MICROIP Chairman Dr. James Yang participated in a high-level dialogue at the “Poland-Taiwan Economic Cooperation Forum.” Joined by Ambassador Liu Yong-jian and HCG Vice Chairman Michael Chiu, Dr. Yang advocated leveraging Taiwan’s semiconductor prowess to propel Poland into a strategic hub for European Edge AI.

Addressing the “Last Mile” of AI deployment, Dr. Yang noted that global adoption is hindered by fragmented end-user demands and the high cost of general-purpose chips. “MICROIP advocates a ‘Software-Driven Hardware’ approach,” Yang stated, emphasizing translating domain expertise into silicon reality. By utilizing mainstream chip platforms alongside MICROIP’s low-power Customized ASIC Design Services (CATS) and AIVO No-Code platform, engineers can transform specific industry knowledge into specialized applications with minimal barriers. This model has already demonstrated commercial success in autonomous UAV navigation—tracking objects without internet access—and in smart cities, where on-device processing protects privacy while saving critical bandwidth.

The forum highlighted the synergy between Poland’s “Soft Intelligence” and Taiwan’s “Hard Foundations”. Michael Chiu of HCG identified Poland as a core innovation partner for Taiwan’s security industry. Dr. Yang noted that combining Europe’s software talent with Taiwan’s hardware creates a “resilient supply chain,” establishing Poland as an “AI Hardware-Software Innovation Hub”. Furthermore, MICROIP collaborates with its sister company, Arculus System, to provide professional EDA services. This strategic partnership significantly reduces the ASIC R&D-to-mass-production cycle, allowing MICROIP to co-define global AIoT standards while providing European clients with the most cost-effective solutions to meet localized market needs.

“Talent is the ultimate currency of the AI industry; we invest where the talent is,” Yang concluded. Success will be measured by a deep symbiosis of technology and talent, moving beyond simple trade to a thriving industrial ecosystem. This strategic alignment positions MICROIP to bridge technical value with international capital markets, opening a new chapter for the global ASIC and AI software design service industry.

About MICROIP

MICROIP is a Taiwan-based leader in ASIC design services, AI software, and IP licensing. Through its CATS (Custom ASIC Technology & Solutions) and CAPS (Cross-platform AI Processing Service) platforms, it accelerates real-world AI deployment and shortens development cycles. Visit www.micro-ip.com.

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SOURCE MICROIP

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