Growing demand for faster and more accurate decision-making systems propels the artificial intelligence market growth

Artificial Intelligence Procurement Intelligence

Procurement of artificial intelligence has become vital to enhance operational efficiency, boost visibility and foster decision-making. The global market size stood at USD 196.6 billion in 2023; meanwhile, North America accounts for the largest 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.

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 the procurement landscape. 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.

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Artificial Intelligence Sourcing Intelligence Highlights

• The worldwide artificial intelligence market 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 components in artificial intelligence application are 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.

Artificial Intelligence Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

• Market Intelligence, along with emerging technology and the regulatory landscape

• Market estimates and forecasts from 2024 to 2030

• Growth opportunities, trends, and driver analysis

• Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments

• Porter’s 5 forces

• Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis

• Engagement and operating models, KPI, and SLA elements

• LCC/BCC analysis and negotiation strategies

• Peer benchmarking and product analysis

• Market report in PDF, Excel, PPT, and online dashboard versions

Cost Intelligence Highlights

As part of the artificial intelligence procurement intelligence report, Grand View Research has identified the following key cost components:

• Data Processing & Management

• Hardware

• Labor

• Software

• Maintenance

• Quality Assurance

• Type

  • Reactive Machine

  • Limited Memory

  • Theory of Mind

  • Self-aware

Data processing & management, hardware, labor, and software form the largest cost components of artificial intelligence.

Artificial Intelligence - 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

• H2O.ai

• HyperVerge, Inc

• Intel Corporation

• Iris.ai AS

• Lifegraph

• Microsoft

• NVIDIA Corporation

• Sensely, Inc

• Zebra Medical Vision, Inc