Generative AI In Procurement Market Expected to Achieve 28.9% CAGR by 2029: Growth Forecast Insights

Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.

How Large Will the Generative AI In Procurement Market Size By 2025?
Recent years have witnessed exponential growth in the generative AI in procurement market size. From a size of $0.16 billion in 2024, it is projected to increase to $0.2 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 29.3%. The surge witnessed during the historic period is due to factors such as greater data accessibility, intricacies in supply chains, supplier relationship complexities, an emphasis on strategic procurement, and the emergence of big data.

How Big Is the Generative AI In Procurement Market Size Expected to Grow by 2029?
Expectations are high for surging advancements in the generative AI in procurement market in the coming years. By 2029, it is projected to inflate to a significant $0.56 billion, demonstrating a compound annual growth rate (CAGR) of 28.9%. This promising forecast can be credited to several factors such as the widespread use of cloud computing, integration with IoT and big data, development of industry-centric solutions, focus on sustainability, and the emergence of autonomous procurement. The upcoming trends to watch out for during this period encompass AI-directed predictive analytics, autonomous procurement, dynamic pricing optimization strategies, conversational AI interfaces, and multi-modal data fusion.

View the full report here:
https://www.thebusinessresearchcompany.com/report/generative-ai-in-procurement-global-market-report

Which Key Market Drivers Powering Generative AI In Procurement Market Expansion and Growth?
The increasing demand for cloud services is predicted to drive the expansion of generative artificial intelligence (AI) within the procurement sector. Cloud services, encompassing storage, databases, and software, are distributed via the internet by cloud computing suppliers. This empowers users to utilize these services without the need for on-site infrastructure. The escalating want for cloud services stems from the aim for agility, innovation, cost-effectiveness, and a competitive edge in an intensifying digital and interconnected environment. Generative AI in procurement benefits greatly from the strong computational strength and scalability that cloud services provide. This allows firms to maximize the potential of generative AI algorithms and take advantage of the adaptable, easy-to-access, and affordable characteristics of cloud computing infrastructure. For instance, Eurostat, the statistical office of the European Union based in Luxembourg, showed that the cloud computing services uptake rate amongst medium-sized enterprises escalated to 59% in 2022, rising from 53% in 2021. Consequently, the burgeoning need for cloud services is fuelling the expansion of generative artificial intelligence (AI) in the procurement sector.

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=15190&type=smp

Which Fast-Growing Trends Are Poised to Disrupt the Generative AI In Procurement Market?
Major players in the generative AI in procurement marketplace are advancing their portfolio by creating groundbreaking products such as generative AI Suite. This suite aims to empower the financial and procurement divisions with a competitive edge. The generative AI suite aimed at procurement groups consists of a host of tools and solutions, all driven by AI, that focuses on making the procurement procedure more effective and efficient. As an illustration, ZIP, a company based in the US providing revolutionary software solutions, in October 2023, rolled out the generative AI suite, which seeks to transform the teams' workflows by delivering advanced tools and competencies. The Generative AI Suite includes features like predictive analytics, automatic insights, contract management as well as supplier relationship management. This novel AI feature is seamlessly incorporated into request intake, contract renewal, and approval workflows, essentially saving countless hours that staff would otherwise invest in laborious vendor contract assessments and prone-to-error data entry for purchase orders, requests, and invoices.

What Are the Emerging Segments in 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

Tailor your insights and customize the full report here:
https://www.thebusinessresearchcompany.com/customise?id=15190&type=smp

Who Are the Global Leaders 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.

Which are the Top Profitable Regional Markets for the Generative AI In Procurement Industry?
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.

Purchase the full report today:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=15190

"This Report Supports:
1.Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions.
2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning.
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks.
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work."

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 7882 955267,
Asia: +91 88972 63534,
Americas: +1 310-496-7795 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.