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    Due to the surging adoption of lightweight materials in the manufacturing of vehicles by various automobile manufacturing companies, the demand for adhesives and sealants is expected to observe significant growth in Asia-Pacific (APAC) in the coming years. Since the last few years, automobile manufacturers have been increasingly adopting lightweight materials, such as aluminum and plastic...
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  • Enactment of Strict Environmental Protection Policies to Cause Boom of Electric Car Market in Asia-Pacific in Future
    There has been a sharp growth in the sales of electric cars over the last few years, mainly because of the increasing pollution levels, the enactment of strict emission regulations and norms, reducing prices of electric car batteries, and the rising customer preference for electric cars over the conventional internal combustion engine (ICE)-powered vehicles in many countries around the...
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  • Cloud Supply Chain Management Market growth and future opportunities
    Surging adoption in transportation management has been one of the major drivers for the cloud SCM market. As the world’s transportation networks and supply chains become increasingly intertwisted and complex, the systems that support them are advancing and improving at a rapid pace. Software vendors have been integrating more transportation optimization capabilities into their solutions,...
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  • How is Rising Prevalence of Road Accidents Contributing To Surge in Global Medical Bionics Market?
    One of the major factors boosting the adoption of medical bionics is the rising number of amputations, caused due to injuries and accidents, across the world. For instance, as per the Association for Safe International Road Travel (ASIRT), 2.35 million people are injured or disabled in the U.S. annually and the road accidents cost almost $230.6 billion in the country. Furthermore,...
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  • India Set to Witness Explosive Demand for Specialty Chemicals in Near Future
    Due to the surging population levels and the soaring consumer spending, the sales of specialty chemicals are rising sharply in Asia-Pacific (APAC). The increasing population of middle-class people, the growing disposable income of people, rapid industrialization, and the expansion of the manufacturing sector are creating huge requirement for specialty chemicals in this region. Besides this, the...
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  • Popularity of Retail Sourcing and Procurement Set to Soar in Asia-Pacific in Future
    For more insights:- https://www.psmarketresearch.com/market-analysis/retail-sourcing-and-procurement-market

    The rapid digitalization in the retail industry is pushing up the popularity of retail sourcing and procurement across the world. Rapid advancements and innovations in digital technologies are revolutionizing the supply chain management process and are predicted to change the way retail procurement provides value to retail companies around the world. As per a recent survey, nearly 84% all procurement companies believe that digitalization would completely change the way procurement services are delivered over the next few years.

    With rapid advancements in various digital technologies such as blockchain, robotics, and artificial intelligence (AI), transparency and stock visibility for both retailers and vendors would increase massively in the coming years. Blockchain allows retailers to gain the trust of consumers by supporting autonomous transactions and maintaining chain-of-custody information and procurement and sourcing data. For example, Walmart Inc. and IBM Corporation are working together to implement the blockchain technology for tracking food supply.

    This is improving the efficiency and transparency in the supply chain record keeping process and enhancing the food safety. Additionally, this partnership is using blockchain technology for tracing mangoes from farms to various stores, which is reducing the time taken for tracking the supply of mangoes from weeks or days to two seconds. Due to these factors, the popularity of retail sourcing and procurement is growing rapidly across the world.

    This is driving the progress of the global retail sourcing and procurement market. Depending on solution, the market is classified into supplier management, procure-to-pay, spend analysis, contract management, and strategic sourcing. Amongst these, the spend analysis category will exhibit the highest CAGR in the market in the future. This will be because of the rising adoption of spend analysis solutions, due to their ability to offer a detailed grouping, analyzing, categorizing, and cleansing of the spend data of an organization.

    When services are taken into consideration, the retail sourcing and procurement market is categorized into training and support, consulting, and implementation. Out of these, the implementation category recorded the highest growth in the market in the past years. The deployment of solutions such as contract management and strategic sourcing requires highly skilled and trained professionals who use various methods for developing a proper operational management system for assisting a business.

    Geographically, the retail sourcing and procurement market will demonstrate the fastest growth in the Asia-Pacific (APAC) region in the upcoming years, as per the forecast of PS Intelligence, a market research firm based in India. This will be because of the rapid expansion of the retail industry and the growing awareness among various retail companies operating in the region about the improvements required in their operations such as supplier management, procurement expenses, and contract management.

    Hence, it can be said with full confidence that the demand for retail sourcing and procurement will soar all over the world in the upcoming years, primarily because of the rising requirement for more effective and efficient supply chain management process and the rapid digitalization in the retail industry.
    Popularity of Retail Sourcing and Procurement Set to Soar in Asia-Pacific in Future For more insights:- https://www.psmarketresearch.com/market-analysis/retail-sourcing-and-procurement-market The rapid digitalization in the retail industry is pushing up the popularity of retail sourcing and procurement across the world. Rapid advancements and innovations in digital technologies are revolutionizing the supply chain management process and are predicted to change the way retail procurement provides value to retail companies around the world. As per a recent survey, nearly 84% all procurement companies believe that digitalization would completely change the way procurement services are delivered over the next few years. With rapid advancements in various digital technologies such as blockchain, robotics, and artificial intelligence (AI), transparency and stock visibility for both retailers and vendors would increase massively in the coming years. Blockchain allows retailers to gain the trust of consumers by supporting autonomous transactions and maintaining chain-of-custody information and procurement and sourcing data. For example, Walmart Inc. and IBM Corporation are working together to implement the blockchain technology for tracking food supply. This is improving the efficiency and transparency in the supply chain record keeping process and enhancing the food safety. Additionally, this partnership is using blockchain technology for tracing mangoes from farms to various stores, which is reducing the time taken for tracking the supply of mangoes from weeks or days to two seconds. Due to these factors, the popularity of retail sourcing and procurement is growing rapidly across the world. This is driving the progress of the global retail sourcing and procurement market. Depending on solution, the market is classified into supplier management, procure-to-pay, spend analysis, contract management, and strategic sourcing. Amongst these, the spend analysis category will exhibit the highest CAGR in the market in the future. This will be because of the rising adoption of spend analysis solutions, due to their ability to offer a detailed grouping, analyzing, categorizing, and cleansing of the spend data of an organization. When services are taken into consideration, the retail sourcing and procurement market is categorized into training and support, consulting, and implementation. Out of these, the implementation category recorded the highest growth in the market in the past years. The deployment of solutions such as contract management and strategic sourcing requires highly skilled and trained professionals who use various methods for developing a proper operational management system for assisting a business. Geographically, the retail sourcing and procurement market will demonstrate the fastest growth in the Asia-Pacific (APAC) region in the upcoming years, as per the forecast of PS Intelligence, a market research firm based in India. This will be because of the rapid expansion of the retail industry and the growing awareness among various retail companies operating in the region about the improvements required in their operations such as supplier management, procurement expenses, and contract management. Hence, it can be said with full confidence that the demand for retail sourcing and procurement will soar all over the world in the upcoming years, primarily because of the rising requirement for more effective and efficient supply chain management process and the rapid digitalization in the retail industry.
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    Retail Sourcing and Procurement Market | Industry Report, 2023
    The global retail sourcing and procurement market was valued at $2,782.2 million in 2017 and is forecasted to witness a CAGR of 11.6% during 2018–2023.
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  • Adaptive Cruise Control: Key to Save Lives on Roads
    The rising prevalence of road accidents is one of the major factors fueling the demand for adaptive cruise control across the world. Road accidents are one of the biggest causes of deaths in various countries and regions. Africa and Asia-Pacific (APAC) record the highest and the second-highest occurrence of road crashes in the world respectively. Due to the growing incidence of road accidents,...
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  • How is Increasing Number of Burn Cases Contributing to Growth of Saudi Arabian Surgical Sutures Market?
    Due to the soaring number of surgeries and burn cases in Saudi Arabia, the demand for surgical sutures is expected to rise considerably in the coming years. Since the last few years, the prevalence of chronic diseases and other health problems has increased dramatically, and this is resulting in a huge rise in the number of surgeries being performed in the country. The other major factors...
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  • Lightweight Automotive NVH Materials Improving Overall Ride Experience
    Automotive noise, vibration, and harshness (NVH) materials are substances or agents that can reduce or block NVH originating from automobile parts, such as steering wheel, engine box, accelerator, brake paddles, armrest, steering wheel, and floor and seat, of a vehicle. Automakers use rubber, metal sheet, polyvinyl chloride (PVC), felt, resins, cork, and fiberglass to reduce or block NVH at the...
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  • Rapid Urbanization Driving Adoption of Automotive Window and Sealing Systems
    The increasing adoption of vehicles will boost the sales of automotive window and sealing systems in the coming years. The rapid urbanization in emerging economies, such as China, Indonesia, and India, has fueled the adoption of commercial and passenger vehicles in these countries. Moreover, the soaring disposable income of people in developed and developing nations will also propel vehicle...
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