Generative AI in Modern Procurement Market Trends
IBM Corp., Sap and Kaps Petroleum Services LLC, Oracle Corp., GEP Worldwide, Coupa Software, Microsoft Corp., Basware, Jaggaer, Globality, and Zycus, among others, are some of the key market players operating in the global generative AI in modern procurement market.
Brooklyn, New York, March 11, 2024 (GLOBE NEWSWIRE) -- According to a new market research report published by Global Market Estimates, the global generative AI in modern procurement market is expected to grow at a CAGR of 36.4% from 2024 to 2029.
Businesses are increasingly turning to generative AI solutions to identify cost-saving opportunities, streamline supply chains, and optimize procurement strategies. This strategic approach contributes to enhanced efficiency and overall cost reduction while fueling market growth.
Key Market Trends
Efficiency Enhancement: Generative AI significantly boosts efficiency in modern procurement processes by automating tasks. This increases production efficiency and reduces reliance on manual labor, leading to streamlined operations
Cost Reduction: Generative AI plays a pivotal role in lowering operational costs for businesses involved in modern procurement. Automating tasks and processes minimizes the need for extensive manual labor, contributing to overall cost reduction
Accurate Demand Predictions: Generative AI aids in creating precise prediction models for demand analysis, attracting firms seeking data-driven insights. The ability to forecast demand accurately becomes a crucial asset for organizations engaged in modern procurement
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Key Market Insights
As per the type outlook, the direct procurement segment is expected to be the largest segment during the forecast period
As per the application type outlook, the predictive modeling segment is analyzed to be the largest segment during the forecast period
Asia Pacific region is estimated to be the fastest-growing region in the global market
North America region is analyzed to account for largest share of the global market during the forecast period from 2024 to 2029
The key players operating in the global generative AI in modern procurement market include IBM Corp., Sap and Kaps Petroleum Services LLC, Oracle Corp., GEP Worldwide, Coupa Software, Microsoft Corp., Basware, Jaggaer, Globality, and Zycus, among others
Browse 147 Market Data Tables and 115 Figures spread through 163 Pages and in-depth TOC on “Global Generative AI in Modern Procurement Market - Forecast to 2029’’
By Type (Revenue, USD Billion, 2024-2029)
Direct Procurement
Indirect Procurement
Goods Procurement
Services Procurement
By Application Type (Revenue, USD Billion, 2024-2029)
Predictive Modeling
Risk Assessment
Supplier Identification
Product/Service Recommendation
Negotiation Support
Contract Analysis
Fraud Detection
Others
By Regional Outlook (Revenue, USD Billion, 2024-2029)
North America
The U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Spain
Italy
Netherlands
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Thailand
Indonesia
Malaysia
Singapore
Vietnam
Rest of APAC
Central and South America
Brazil
Argentina
Chile
Rest of CSA
Middle East and Africa
Saudi Arabia
UAE
Israel
South Africa
Rest of MEA
Contact: Yash Jain
Director - Global Accounts & Strategic Advisory
Email address: yash.jain@globalmarketestimates.com
Phone Number: +1 6026667238 / +91 9769352498
LinkedIn: https://www.linkedin.com/in/yash-jain-global-market-estimates/
Website: www.globalmarketestimates.com
Attachment
CONTACT: Contact: Yash Jain Director - Global Accounts & Strategic Advisory Email address: yash.jain@globalmarketestimates.com Phone Number: +1 6026667238 / +91 9769352498 LinkedIn: https://www.linkedin.com/in/yash-jain-global-market-estimates/ Website: www.globalmarketestimates.com
