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Generative AI In Procurement Market 2024 - By Analysis, Industry Trends, Growth And Forecast To 2033
Generative AI In Procurement Market
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Generative AI In Procurement Market 2024 Key Insights:
• 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%.
• Cloud Services Fueling Generative AI Adoption In Procurement
• Integration of Generative AI Suite In Procurement Workflows
• North America was the largest region in the generative AI in procurement market in 2023
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