What is Generative AI?

Generative AI is a type of artificial intelligence that creates content, such as text, images, and data, based on the input it receives. It uses advanced algorithms and machine learning models to generate new content and insights from existing data.

How big Generative AI in Procurement Market?

The Global Generative AI in Procurement Market size is expected to be worth around USD 2,260 Million By 2033, from USD 174 Million in 2023, growing at a CAGR of 33% during the forecast period from 2024 to 2033.

What challenges are associated with implementing Generative AI in procurement?

Key challenges include data quality and availability, integration with existing systems, skill gaps, ethical and legal considerations, change management, costs, maintenance, and security risks.

What are the key factors driving the growth of the Generative AI in Procurement Market?

The key factors driving the growth of the Generative AI in procurement market include the increasing adoption of AI-driven technologies to enhance procurement efficiency, cost savings, and supplier relationship management, along with the growing need for data-driven decision-making and advanced analytics to optimize procurement processes.

What are the current trends and advancements in Generative AI in Procurement Market?

Current trends and advancements in the Generative AI in procurement market include the integration of AI with Internet of Things (IoT) for real-time data collection, the use of machine learning algorithms for predictive analytics, and the development of AI-powered platforms for automating routine procurement tasks and improving supplier selection processes.

Who are the leading players in the Generative AI in Procurement Market?

Leading players in the Generative AI in procurement market include IBM Corporation, SAP SE, Oracle Corporation, GEP Worldwide, Coupa Software Inc., Microsoft Corporation, Other Key Players

What is the future outlook for Generative AI in procurement?

The future of Generative AI in procurement involves advanced data analytics, automation, personalization, and ethical sourcing practices. It is expected to further enhance efficiency and innovation in procurement processes.