Press release
Top Factor Driving Generative AI In Procurement Market Growth in 2025: Cloud Services Fueling Generative AI Adoption In Procurement
Generative AI In Procurement Market Size
The generative AI in procurement market will grow from $0.16 billion in 2024 to $0.2 billion in 2025, reflecting a CAGR of 29.3%. This growth is driven by the increased availability of data, complexity in supply chains, vendor relationships, strategic procurement, and big data.
The generative AI in procurement market is anticipated to experience exponential growth, reaching $0.56 billion by 2029, with a compound annual growth rate (CAGR) of 28.9%. This expansion will be fueled by increased adoption of cloud computing, integration with IoT and big data, development of industry-specific solutions, emphasis on sustainability, and the rise of autonomous procurement. Key trends include AI-driven predictive analytics, autonomous procurement systems, dynamic pricing optimization, conversational AI interfaces, and multimodal data fusion.
What Are the Primary Growth Drivers for the Generative AI In Procurement Market?
The demand for cloud services is expected to boost the growth of generative AI in procurement. Cloud computing enables companies to leverage AI's full potential while providing scalable, cost-effective solutions. For instance, the adoption of cloud services among medium-sized enterprises increased by 6% in 2022, showing a growing trend.
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Who Are the Dominant Companies Influencing Generative AI In Procurement Market Trends?
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.
How Is the Generative AI In Procurement Market Evolving?
In the generative AI procurement market, companies are creating solutions like the generative AI Suite to optimize procurement processes. For instance, in October 2023, ZIP, a US-based software company, launched its Generative AI Suite to automate tasks such as contract management, predictive analytics, and supplier relationship management, streamlining workflows and reducing time spent on manual processes like contract reviews and data entry.
What Are the Different Segmentations 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
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Which Region Is at the Forefront of 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 Is Covered In The Generative AI In Procurement Global Market Report?
- Market Size Analysis: Analyze the Generative AI In Procurement Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Generative AI In Procurement Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Generative AI In Procurement Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Generative AI In Procurement Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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