Market Size –
The generative artificial intelligence (AI) in procurement market size has grown exponentially in recent years. It will grow from $0.12 billion in 2023 to $0.16 billion in 2024 at a compound annual growth rate (CAGR) of 28.7%. The growth in the historic period can be attributed to increased data availability, complexity in supply chains, vendor relationships, focus on strategic procurement, and the rise of big data.
The generative artificial intelligence (AI) in procurement market size is expected to see exponential growth in the next few years. It will grow to $0.43 billion in 2028 at a compound annual growth rate (CAGR) of 29.0%. The growth in the forecast period can be attributed to increased adoption of cloud computing, integration with IoT and big data, expansion of industry-specific solutions, emphasis on sustainability, and rise of autonomous procurement. Major trends in the forecast period include AI-driven predictive analytics, autonomous procurement, dynamic pricing optimization, conversational AI interfaces, and multi-modal data fusion.
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Scope Of Generative AI In Procurement Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Generative AI In Procurement Market Overview
Market Drivers –
The rising need for cloud services is expected to propel the growth of generative artificial intelligence (AI) in the procurement market going forward. Cloud services are computing services delivered over the internet, including storage, databases, and software, provided by cloud computing providers, enabling users to access and use these services without needing on-premises infrastructure. The growing demand for cloud services is due to the desire for agility, innovation, cost savings, and competitive advantage in an increasingly digital and interconnected world. Generative AI technology in procurement is empowered by the robust computational capabilities and scalability offered by cloud services, enabling companies to fully exploit the capabilities of generative AI algorithms while capitalizing on the adaptable, easily accessible, and cost-effective nature of cloud computing infrastructure. For instance, in December 2023, Eurostat, a Luxembourg-based statistical office of the European Union, the adoption rate of cloud computing services among medium-sized enterprises increased to 59% in 2022, up from 53% in 2021. Therefore, the rising need for cloud services is driving the growth of generative artificial intelligence (AI) in the procurement market.
Market Trends –
Major companies operating in the generative artificial intelligence (AI) in procurement market are developing innovative products such as the generative AI Suite to enhance the competitive advantages of finance and procurement teams. A generative AI suite for procurement teams would encompass a range of AI-powered tools and solutions designed to streamline and optimize various aspects of the procurement process. For instance, in October 2023, ZIP, a US-based provider of innovative software solutions, launched the generative AI suite to revolutionize teams’ workflows by offering cutting-edge tools and capabilities. The Generative AI Suite provides predictive analytics, automated insights, supplier relationship management, and contract management. This new AI capability directly integrates AI into request intake, approval, and contract renewal workflows. This eliminates thousands of hours employees would otherwise spend on labor-intensive vendor contract reviews and error-prone data entry for purchase requests, purchase orders, and invoices.
The generative ai in procurement market covered in this report is segmented –
1) By Type: Direct Procurement, Indirect Procurement, Goods Procurement, Services Procurement
2) By Organization Size: Large Enterprise, Small And Medium Enterprises
3) By Application: Supplier Identification, Product Or Service Recommendation, Negotiation Support, Risk Assessment, Contract Analysis, Fraud Detection, Predictive Modeling, Other Applications
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Regional Insights –
North America was the largest region in the generative AI in procurement market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative AI in procurement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the generative AI in procurement market report are Google LLC; Microsoft Corporation; Dell Technologies Inc.; Amazon Web Services Inc.; International Business Machines Corporation (IBM); Oracle Corporation; Jabil Optics Germany GmbH; SAP SE; Genpact Limited; GEP Worldwide; Zoho Corporation Pvt. Ltd.; Coupa Software Inc.; Basware Corporation; Zycus Inc.; Jaggaer Holdings Inc.; Tradeshift Holdings Inc.; Ivalua Inc.; Agiloft Inc.; Master of Code Global Inc.; Sirion Inc.; Scoutbee GmbH; Simfoni Limited; LevaData Inc.; Aavenir Inc.; Suplari Inc.
Table of Contents
1. Executive Summary
2. Generative Artificial Intelligence (AI) In Procurement Market Characteristics
3. Generative Artificial Intelligence (AI) In Procurement Market Trends And Strategies
4. Generative Artificial Intelligence (AI) In Procurement Market – Macro Economic Scenario
5. Global Generative Artificial Intelligence (AI) In Procurement Market Size and Growth
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31. Generative Artificial Intelligence (AI) In Procurement Market Other Major And Innovative Companies
32. Global Generative Artificial Intelligence (AI) In Procurement Market Competitive Benchmarking
33. Global Generative Artificial Intelligence (AI) In Procurement Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Generative Artificial Intelligence (AI) In Procurement Market
35. Generative Artificial Intelligence (AI) In Procurement Market Future Outlook and Potential Analysis
36.Appendix
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