Emerging Trends Influencing The Growth Of The Generative AI In Procurement Market: Integration of Generative AI Suite In Procurement Workflows

The Generative AI In Procurement Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

How Big Is the Generative AI In Procurement Market Size Expected to Be by 2034?
The market size for generative AI in procurement has witnessed a significant surge recently. It is set to expand from $0.16 billion in 2024 to $0.2 billion in 2025, achieving a compound annual growth rate (CAGR) of 29.3%. The past growth in this market is due to factors like better data accessibility, intricate supply chains, relationships with vendors, emphasis on strategic procurement, and the emergence of big data.

The market size of generative AI in procurement is predicted to experience substantial expansion in the upcoming years, with an expected value of $0.56 billion by 2029, showcasing a compound annual growth rate (CAGR) of 28.9%. The surge during the projected period can be ascribed to the escalated use of cloud computing, integration with IoT and big data, the proliferation of sector-specific solutions, focus on sustainability, and the advent of autonomous procurement techniques. The forecast period also predicts major trends such as predictive analytics driven by AI, autonomous procurement, optimization of dynamic pricing, conversational AI interfaces, and fusion of multi-modal data.

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What Are the Emerging Segments Within the Generative AI In Procurement Market?
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 Long-Term Drivers Are Shaping Generative AI In Procurement Market Trends?
The surge in demand for cloud services is anticipated to stimulate the generative artificial intelligence (AI) in the procurement market's growth. These services, which include storage, databases, and software, are provided over the internet by cloud computing providers, eliminating the need for on-site infrastructure. The escalation in demand for these services is attributed to the pursuit of agility, innovation, cost-effectiveness, and competitive advantage in a progressively digitized and interconnected globe. Generative AI's role in procurement is strengthened by the powerful computational abilities and scalability of cloud services, allowing businesses to leverage generative AI algorithms fully. At the same time, they benefit from the adaptable, readily available, and cost-efficient attributes of cloud computing infrastructure. For instance, Eurostat, the statistical office of the European Union based in Luxembourg, recorded an increase in the adoption rate of cloud services among medium-sized businesses to 59% in 2022, a rise from 53% in 2021. Therefore, the escalating demand for cloud services fuels the growth of generative AI in the procurement sector.

Who Are the Top Competitors in Key Generative AI In Procurement Market Segments?
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.

What Generative AI In Procurement Market Trends Are Gaining Traction Across Different Segments?
Leading corporations in the generative AI for procurement market are creating groundbreaking products like the Generative AI Suite to bolster the competitive edge of finance and procurement departments. This suite, aimed at procurement teams, encompasses an array of AI-equipped tools and solutions engineered to enhance and fine-tune different facets of the procurement process. For example, in October 2023, ZIP, an American company known for its innovative software solutions, introduced the generative AI suite to transform teams' workflows through advanced tools and capabilities. The suite incorporates features like predictive analytics, automated insights, supplier relationship management, and contract administration. This novel AI capacity incorporates directly into request intake, approval, and contract renewal workflows, eliminating countless hours employees might otherwise use for laborious vendor contract reviews and error-riddled data entry for procurement requests, orders, and invoices.

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Which Regions Are Becoming Hubs for Generative AI In Procurement Market Innovation?
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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Generative AI In Procurement Market?
2. What is the CAGR expected in the Generative AI In Procurement Market?
3. What Are the Key Innovations Transforming the Generative AI In Procurement Industry?
4. Which Region Is Leading the Generative AI In Procurement Market?

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