Key Factor Supporting Global Generative AI In Procurement Market Development in 2025: Cloud Services Fueling Generative AI Adoption In Procurement

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What Is the Expected CAGR for the Generative AI In Procurement Market Through 2025?
The market size for generative AI in procurement has witnessed an unprecedented growth in the last few years. The market is projected to expand from $0.16 billion in 2024 to $0.2 billion in 2025, registering a compound annual growth rate (CAGR) of 28.4%. Factors such as enhanced data accessibility, intricate supply chains, vendor relationships, a pronounced emphasis on strategic procurement and the emergence of big data, largely contribute to the historical growth.

What's the Projected Size of the Global Generative AI In Procurement Market by 2029?
The market size of generative AI in procurement is predicted to experience a significant surge in the upcoming years. An estimate suggests that it will increase to $0.51 billion by 2029, with a compound annual growth rate (CAGR) of 26.4%. This escalation during the forecast period can be linked to factors such as the growing incorporation of cloud computing, integration with IoT and big data, advancements in industry-specific solutions, focus on sustainability, as well as the emergence of autonomous procurement. The major trends to anticipate in the forecast period entail AI-powered predictive analytics, autonomous procurement, dynamic pricing optimization, conversational AI interfaces, and multi-modal data fusion.

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Top Growth Drivers in the Generative AI In Procurement Industry: What's Accelerating the Market?
Advancements in cloud services are anticipated to catalyze the expansion of generative artificial intelligence (AI) within the procurement industry. Cloud services, yielding computer-based facilities such as storage, databases, and software over the internet, are provided by vendors specializing in cloud computing. These services allow users to eliminate the requirement of on-site infrastructure. The escalating demand for cloud services stems from the aspiration for increased flexibility, creativity, reduced costs, and gaining a competitive edge within a progressively digital and linked world. Cloud services greatly enhance the application of generative AI technology in procurement due to their high computational power and scalability. Companies can reap the full benefits of generative AI algorithms and simultaneously take advantage of the adaptable, easily reachable, and cost-effective aspects of cloud computing framework. As an example, Eurostat, the statistical bureau of the European Union situated in Luxembourg, disclosed that the take-up rate for cloud computing services had leaped to 59% in medium-sized businesses in 2022, an increase from 53% in 2021. Consequently, the multiplying necessity for cloud services bolsters the advancement of generative AI in the procurement sector.

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What Trends Will Shape the Generative AI In Procurement Market Through 2029 and Beyond?
Leading businesses in the generative AI in procurement sector are crafting novel products such as the generative AI Suite to bolster the competitive edge of finance and procurement groups. This generative AI suite for procurement teams includes a variety of AI-driven tools and services designed to enhance and optimize different elements of the procurement process. For example, ZIP, an American firm specializing in innovative software solutions, introduced the generative AI suite in October 2023 to transform team workflows by providing advanced tools and features. The Generative AI Suite offers predictive analytics, automated insights, vendor relationship management, and contract handling. This pioneering AI feature integrates AI seamlessly into the process of request intake, approvals, and contract renewals, eradicating thousands of man-hours previously spent on laborious vendor contract assessments and the error-prone process of data entry for purchase requests, purchase orders, and invoices.

What Are the Main Segments in the Generative AI In Procurement Market?
The generative ai in procurementmarket 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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Which Top Companies are Driving Growth 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 Regions Will Dominate the Generative AI In Procurement Market Through 2029?
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.

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