The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company’s Generative AI In Procurement Global Market Report 2024 offers crucial insights into the generative AI in procurement market help businesses analyse and build stronger strategies.

The generative artificial intelligence (AI) in procurement market size has seen significant growth recently, increasing from $0.12 billion in 2023 to $0.16 billion in 2024, with a compound annual growth rate (CAGR) of 28.7%. This growth is driven by various factors.

• Data Availability and Complexity: Increased availability of data and complexity in supply chains.
• Vendor Relationships: Enhanced focus on strategic procurement.
• Big Data: The rise of big data analytics.

Future Market Projections

Looking ahead, the market is poised for continued exponential growth, expected to reach $0.43 billion by 2028, with a CAGR of 29.0%. This growth is fueled by several key drivers.

• Cloud Computing: Increased adoption of cloud services.
• Integration with IoT and Big Data: Enhanced integration with IoT and big data technologies.
• Industry-Specific Solutions: Expansion of tailored solutions for various industries.
• Sustainability: Growing emphasis on sustainable procurement practices.
• Autonomous Procurement: Rise of autonomous procurement systems.

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Major Trends Shaping the Future

Several major trends are set to define the market landscape during the forecast period.

• Predictive Analytics: AI-driven predictive analytics for better decision-making.
• Autonomous Procurement: Automation of procurement processes.
• Dynamic Pricing Optimization: Optimizing prices dynamically using AI.
• Conversational AI Interfaces: Use of conversational AI for enhanced user interaction.
• Multi-Modal Data Fusion: Integration of various data sources for comprehensive insights.

Cloud Services Fueling Generative AI Adoption

The rising need for cloud services is a significant factor driving the growth of generative AI in procurement.

• Cloud Services Overview: Includes storage, databases, and software delivered over the internet.
• Benefits: Agility, innovation, cost savings, and competitive advantage.
• Impact on AI: Enables robust computational capabilities and scalability for generative AI algorithms.

For instance, Eurostat reported that the adoption rate of cloud computing services among medium-sized enterprises increased from 53% in 2021 to 59% in 2022. This trend underscores the critical role of cloud services in facilitating the growth of generative AI in procurement.

Leading Companies in the Market

Several major companies are at the forefront of the generative AI in procurement market.

• Tech Giants: Google LLC, Microsoft Corporation, Dell Technologies Inc., Amazon Web Services Inc., IBM, Oracle Corporation.
• Specialized Firms: Jabil Optics Germany GmbH, SAP SE, Genpact Limited, GEP Worldwide.
• Innovative Startups: Zoho Corporation Pvt. Ltd., Coupa Software Inc., Basware Corporation, Zycus Inc., Jaggaer Holdings Inc., Tradeshift Holdings Inc.

Integration of Generative AI Suite in Procurement Workflows

Major companies are developing innovative products like the generative AI Suite to enhance procurement efficiency.

• ZIP’s Generative AI Suite: Launched in October 2023, this suite includes predictive analytics, automated insights, supplier relationship management, and contract management.
• Benefits: Streamlines workflows, reduces labor-intensive tasks, and minimizes error-prone data entry.

Simfoni Expands Procurement Capabilities with Xeeva Acquisition

In November 2022, Simfoni Limited acquired Xeeva, Inc., expanding its capabilities in procurement and spend management solutions.

• Acquisition Details: This acquisition allows Simfoni to provide more comprehensive solutions to its clients.
• Xeeva’s Specialization: AI and intelligent cloud-based procurement and spend management technologies.

Market Segmentation

The generative AI in procurement market is segmented into various types and applications.

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

Regional Insights

• Largest Region in 2023: North America
• Fastest-Growing Region: Asia-Pacific is expected to be the fastest-growing region during the forecast period.

The generative AI in procurement market is set for a transformative period, driven by technological advancements and strategic investments from leading companies.

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The Generative AI In Procurement Global Market Report 2024  provides a comprehensive outlook of the generative AI in procurement market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The generative AI in procurement market forecast offers a thorough analysis on generative AI in procurement market size, generative AI in procurement market share, prominent players and their strategies.

The Table Of Content For The Generative AI In Procurement Market Include:
1. Generative AI In Procurement Market Executive Summary
2. Generative AI In Procurement Market Segments
3. Generative AI In Procurement Market Size And Generative AI In Procurement Market Growth Rate
4. Key Generative AI In Procurement Market Trends
5. Major Generative AI In Procurement Market Drivers
……
25. Key Mergers And Acquisitions In The Generative AI In Procurement Market
26. Top Generative AI In Procurement Companies
27. Generative AI In Procurement Market Opportunities And Strategies
28. Generative AI In Procurement Market, Conclusions And Recommendations
29. Appendix

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