AI Sourcing Intelligence To Grow Substantially At A CAGR Of 38.1% Till 2030

Posted on By Editorial Team

Artificial Intelligence Procurement Intelligence

The artificial intelligence category is expected to grow at a CAGR of 38.1% from 2023 to 2030. North America accounts for the largest category share. The increasing demand for digital processes in businesses is boosting growth. Companies are focusing on adopting technology for better decision-making procedures and data transparency. For instance, in November 2022, Fractal introduced Asper.ai, an Al product for the industrial, consumer products, and retail industries. The system provides a complete Al product, integrating inventory optimization, demand planning, strategic pricing, and positioning.

Augmented analytics uses artificial intelligence (AI) and machine learning (ML) to improve human capacity to engage with data on a contextual level. It makes it easier for users to explore and analyze data by automating various aspects of data preparation, insight generation & interpretation.

Order your copy of the Artificial Intelligence category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Companies are continuously focusing on partnering or developing their own technology. For instance,

  • In June 2023, AMD debuted its AI Platform strategy with the launch of the AMD Instinct MI300 Series accelerator family, which featured the first glimpse of the AMD Instinct MI300X accelerator. The accelerator was designed for large language model training and inference for generative AI workloads
  • In April 2023, H20.ai established a strategic alliance with GeoTechnologies, a Japan-based producer of map data and position information solutions for automotive navigation systems. The business has used H20.ai’s H2O AI Cloud to create an AI-powered platform that assesses sidewalk safety using on-board camera data
  • In September 2022, AiCure debuted its clinical site services program partnering with sponsors and sites throughout the research process to provide data-driven, actionable insights to reduce study risks and enhance efficiency
  • In August 2022, Atomwise established an exclusive, strategic research cooperation with Sanofi for AI-powered drug development. As part of the agreement, Sanofi will use Atomwise’s AtomNet platform for computational discovery and research on up to five medical targets

The increased customizability of AI algorithms in many sectors is anticipated to drive category development. The use of artificial intelligence technologies in areas such as retail, healthcare, manufacturing, and transportation is a major contributor to this development. The increased demand for AI-powered solutions is linked to their positive qualities, which include easy transactions, inflation prevention, and enhanced security.

Artificial Intelligence Sourcing Intelligence Highlights

  • The worldwide artificial intelligence category is fragmented, with many small and major businesses operating in various areas. The rivalry among players is fierce as they attempt to expand their consumer base and improve their customer experiences
  • The number of providers of this technology, such as developers and programmers, has grown over time, lowering the supplier’s bargaining power
  • The major cost component in artificial intelligence application is hardware, software, data processing & management, and labor. The total cost is also affected by the type of technology used, such as reactive machines, limited memory, theory of mind, or self-aware
  • Most service providers provide comprehensive services such as application design, and technology development & maintenance

List of Key Suppliers

  • IBM Corporation
  • Advanced Micro Devices
  • AiCure
  • Arm Limited
  • Atomwise, Inc
  • Ayasdi AI LLC
  • Baidu, Inc
  • Clarifai, Inc
  • Cyrcadia Health
  • Enlitic, Inc
  • Google LLC
  • ai
  • HyperVerge, Inc
  • Intel Corporation
  • ai AS
  • Lifegraph
  • Microsoft
  • NVIDIA Corporation
  • Sensely, Inc
  • Zebra Medical Vision, Inc 

Browse through Grand View Research’s collection of procurement intelligence studies: 

Artificial Intelligence Procurement Intelligence Report Scope 

  • Artificial Intelligence Category Growth Rate : CAGR of 38.1% from 2023 to 2030 
  • Pricing Growth Outlook : 8% – 10% (Annually) 
  • Pricing Models : Fixed fee pricing, cost plus pricing 
  • Supplier Selection Scope : Cost and pricing, past engagements, productivity, geographical presence 
  • Supplier Selection Criteria : Type, technical expertise, security measures, cost and value, support and maintenance, regulatory compliance, and others 
  • Report Coverage : Revenue forecast, supplier ranking, supplier positioning matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model 

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions. 

Our services include (not limited to): 

  • Market Intelligence involving – market size and forecast, growth factors, and driving trends
  • Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
  • Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
  • Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
Business Tags: