Generative AI In Procurement Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share

How Are the key drivers contributing to the expansion of the generative ai in procurement market?
The increasing demand for cloud services is anticipated to drive the growth of generative artificial intelligence (AI) within the procurement market sector. Cloud services encompass a wide range of computing provisions offered over the internet, such as storage, databases, and software. These are typically offered by cloud computing service providers, eliminating the need for users to have their own infrastructure. The enhanced demand for these services is attributed to their offering of agility, innovation, cost-effectiveness, and a competitive edge in a progressively digital and interconnected global landscape. Generative AI within the procurement sector benefits from robust computational power and scalability that cloud services provide. This allows businesses to maximally utilize the potential of generative AI algorithms, while leveraging the adaptability, easy accessibility, and cost efficiency of cloud computing infrastructure. For example, Eurostat, the Luxembourg-based statistical office of the European Union, noted in December 2023 that the adoption rate of cloud computing services among medium-sized businesses had risen to 59% in 2022, increasing from 53% in 2021. Hence, the escalating demand for cloud services is a significant catalyst for the growth of generative artificial intelligence (AI) in the procurement market.

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What growth opportunities are expected to drive the generative ai in procurement market's CAGR through 2034?
Recent years have seen an impressive increase in the generative AI in procurement market size, escalating from $0.16 billion in 2024 to $0.2 billion in 2025. This surge, representing a compound annual growth rate (CAGR) of 29.3%, can be traced back to several factors including rising data accessibility, intricate supply networks, vendor partnerships, alignment towards strategic procurement, and the emergence of big data.

The market size for generative AI in procurement is forecasted to experience substantial growth in the coming years, potentially reaching $0.56 billion by 2029, with a CAGR of 28.9%. This predicted growth for the forecast period is a result of factors such as the rising adoption of cloud computing, the integration of IoT and big data, the development of industry-tailored solutions, a focus on ecological sustainability, and the emergence of autonomous procurement. The forecast period is also expected to feature trends like AI-powered predictive analytics, autonomous procurement, dynamic pricing enhancement, AI-enabled conversational interfaces, and the fusion of multi-modal data.

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What are the most significant trends transforming the generative ai in procurement market today?
Leading organizations in the generative artificial intelligence (AI) in procurement sector are innovating with products such as the generative AI Suite, offering a competitive edge to finance and procurement units. The suite includes a diverse set of AI-driven tools and solutions aimed at refining and enhancing various facets of the procurement process. For instance, ZIP, a US-based firm specializing in state-of-the-art software solutions, introduced the generative AI suite in October 2023, transforming team workflows with advanced tools and performance. Features like predictive analytics, supplier relationship management, automated insights and contract management are offered by the Generative AI Suite. This advanced AI function seamlessly merges AI into processes like request intake, approval, and contract renewal workflows, saving countless work hours spent on meticulous vendor contract evaluations and error-prone data entering related to purchase requisitions, orders, and invoices.

Which growth-oriented segments of the generative ai in procurement market are leading the industry's development?
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

Subsegments:
1) By Direct Procurement: Raw Material Sourcing, Supplier Relationship Management, Production And Manufacturing Materials Procurement
2) By Indirect Procurement: Office Supplies And Equipment Procurement, marketing And IT Services Procurement, Facility And Logistics Procurement
3) By Goods Procurement: Physical Product Sourcing, Inventory Management And Restocking, Supplier Selection For Goods
4) By Services Procurement: Consulting And Professional Services, Outsourced Services And Contracts, Software And IT Services Procurement

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What regions are leading the charge in the generative ai in procurement market?
North America was the largest region in the generative AI in procurement market in 2024. 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.

What companies are at the forefront of innovation in the generative ai in procurement market?
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.

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What Is Covered In The Generative AI In Procurement Global Market Report?

• Market Size Forecast: Examine the generative ai in procurement market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the generative ai in procurement market for a structured understanding.
• Key Players Overview: Analyze major players in the generative ai in procurement market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the generative ai in procurement market.
• Segment Contributions: Evaluate how different segments drive overall growth in the generative ai in procurement market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the generative ai in procurement market.
• Industry Challenges: Identify potential risks and obstacles affecting the generative ai in procurement market.
• Competitive Landscape: Review strategic developments in the generative ai in procurement market, including expansions, agreements, and new product launches.

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