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Artificial Intelligence Procurement Market to Surpass $63.4 Billion by 2023, Reflecting Paradigm Shift in Business Operations

Elint Market Research

ELINT Market Research’s latest report forecasts significant growth in the global artificial intelligence procurement market, highlighting its vast potential and solid growth trajectory. Projections indicate a valuation surpassing 63.4 billion USD for the AI software market, driven by widespread adoption across industries, reshaping business operations and strategic perspectives.

Albuquerque, April 02, 2024 (GLOBE NEWSWIRE) — As per ELINT Market Research’s latest Artificial Intelligence procurement market research report, the future of the Global Artificial Intelligence Market is set for enormous growth. The procurement market analysis projects that the worldwide industry has vast potential and is expected to continue building a solid growth rate over the next several years. Specifically, the global valuation of the AI software market will grow to more than 63.4 billion USD. The dominance of the AI market results from the growing adoption and integration of AI technologies across industries and market sectors worldwide, influencing business operations and overall strategic outlook.

The increasing prominence of AI-driven solutions underscores a core strategic change in how businesses approach procurement and technology integration. As companies seek solutions to improve their efficiency, reduce the cost associated with various processes, and gain that competitive advantage, the importance of AI software has become apparent. Indeed, the growth projected in the artificial intelligence procurement market reflects the growing need for innovative solutions to tackle complex problems and take advantage of new opportunities. More than anything else, the estimates detailed in ELINT’s artificial intelligence procurement market research report show the transformative impact the artificial intelligence market is expected to have in the years to come on the global economy and society in general.

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Artificial Intelligence Procurement Market: Algorithm Advances and Data Deluge Propel Growth Amid Ethical and Regulatory Challenges

Numerous dynamic factors are dictating the direction of the artificial intelligence procurement market, leading to exponential growth in the field. Several important factors are propelling its growth. The artificial intelligence market is expanding due to AI’s growing use in several sectors, including banking, healthcare, retail, and automobiles. Companies utilize AI-powered solutions to boost efficiency, expedite processes, and gain a competitive edge. It is in addition to the rapid advances in machine and deep learning methods developed towards a point where AI systems would now make it possible to execute the complex tasks they are trained to do with unprecedented accuracy and efficiency. Other AI technology drivers include big data and the growth in the Internet of Things, which produces data in masses, feeding the models built by AI.

The artificial intelligence procurement market faces several challenges heading towards a promising future. Some major challenges in the field of application are related to legal concerns, especially about privacy, bias, and accountability. Developing a well-formed firm with ethical guidelines and standards could be done the best if the legislators, business representatives, and ethicists drew it into one shared platform. These barriers at bay: the artificial intelligence market is ample with opportunities, which arise in growth and innovation. The demand for artificial intelligence solutions is proposed to surge across several industries, considering its innovative applications devised on the highly-regarded newfangled technologies, including edge computing, blockchain technologies, and augmented reality. Moreover, players in the industry have ample opportunity to increase their share of international business, riding on the demand for AI-based solutions from developing countries.

Key Highlights for the Artificial Intelligence Procurement Market

  • From 2022 to 2023, machine learning has emerged as the significant revenue-driving segment in the artificial intelligence procurement market. Its expansion has been facilitated by several industries’ quick adoption of machine learning methods and algorithms. The category will grow after 2023 due to natural language processing, reinforcement learning, and profound learning developments.

  • Cloud-based AI solutions will dominate the artificial intelligence procurement market from 2022 to 2023. More companies, regardless of size, favor this cloud-based artificial intelligence solution because it provides easy, simple access coupled with increasing scope and flexibility. After 2023, this sector will record more market share because new businesses will likely select cloud-based solutions.

  • Improvements in AI make the entrance to improving customer experience journey through AI-related chatbots and virtual assistance. Adopting artificial intelligence (AI) through customer service solutions is on its way up as businesses start to put a premium on their customers’ experience.

Browse the summary of the report and complete Table of Contents (TOC) here:

Artificial Intelligence Procurement Market Regional Scope

North America has vitally important infrastructure, notably the U.S., which can help it use artificial intelligence (AI) and the best global technology with substantial financial success. Because of its dynamic environment that encourages technological advancement, the US is at the forefront of AI research and applications. It reflects the region’s remarkable size and steady growth rate. However, Europe is also making significant progress in artificial intelligence on the other side of the Atlantic. Although Europe’s economy is currently worth $161.08 billion, it proliferates compared to North America. The European nation’s government and companies at the forefront are investing heavily in deploying AI research and technological development, which is set to $14.06 billion this year. This growth is first and foremost by government programs that support technological literacy and encourage innovation in every working industry.

The Asia-Pacific (APAC) region is now starting to represent a significant player in the global AI landscape as governments and enterprises alike appreciate the transformational potential of artificial intelligence (AI). The artificial intelligence procurement market will continue to grow as long as Asia and Pacific governments focus on continuing these programs that fuel creativity and digital literacy. The combined efforts of these industries and many more show that the global perception is growing with the realization that artificial intelligence can revolutionize most industries, not limited to finance and health but also in many other sectors. This confluence of activity reflects what the participants recognize as the international recognition of it and collaborative efforts across the continent to foster innovation and progress in artificial intelligence actively.

Major Developments in the Artificial Intelligence Procurement Market

  • AI2 Incubator has successfully obtained a significant $200 million investment in AI computing resources as part of a strategic drive to enhance the capabilities of its portfolio enterprises. This significant investment of resources represents a turning point in the advancement and innovation of artificial intelligence (AI).

  • Leading global provider of outsourcing, consulting, and technology services, Accenture, has invested $1 billion in artificial intelligence (AI) technologies to start a revolutionary journey. Accenture provides extensive training programs, workshops, and certifications to equip its employees with the skillset necessary to succeed in an AI-driven workplace.

Key Players in the Artificial Intelligence Procurement Market

The most prominent companies in the artificial intelligence procurement market that drive high traction include IBM, Google, Microsoft, Wipro, and Infosys. These significant companies serve as centrists in the approach to promote improvement and relevance of AI technology across the globe and, at the same time, enable creative work by acting as drivers supporting the broad AI implementations across various industry verticals. These and other organizations continue to shape the artificial intelligence (AI) procurement landscape by driving progress and integration across myriad aspects of modern life through innovative inquiry, productive partnerships, and continued commitment to remain at the helm of technology.

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Pivotal Aspects Addressed in the Artificial Intelligence Procurement Market Research Report

What is included in ELINT’s artificial intelligence procurement market research report?

The global artificial intelligence procurement market is thoroughly covered in ELINT’s artificial intelligence procurement market research report analysis. It includes information on the market’s size, growth prospects, leading drivers, challenges, geographic reach, notable advancements, and competitive landscape.

What is the anticipated size of the artificial intelligence procurement market globally?

By 2023, the global industry is anticipated to have grown to over $63.4 billion, indicating tremendous growth potential and a paradigm shift in how businesses operate internationally.

Which significant factors are propelling the artificial intelligence market’s expansion?

Innovations in machine learning algorithms, the growth of big data and the Internet of Things, the need for fresh approaches to old problems, and the market’s increasing use across numerous industries are driving its direction.

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About Us:

ELINT Market Research is the Procurement Market Intelligence and advisory unit of BE Compliant LLC. Providing accurate and easy-to-consume procurement market intelligence. Accurate category insights and data can be hard to find however with ELINT, pricing data, supplier intelligence and contract strategies are available at a click.


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