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Sheet Metal Market Forecast To Register CAGR Of Over 7.00% From 2024 To 2030

Sheet Metal Industry Overview

The global sheet metal market size was valued at USD 188.31 billion in 2023 and is projected to grow at a CAGR of 7.0% from 2024 to 2030. Sheet metal is one of the common building materials used across the construction sector for various applications. Continuous expansion of the building and construction sector is one of the key drivers for market growth.

Gather more insights about the market drivers, restrains and growth of the <a href="https://www.grandviewresearch.com/industry-analysis/sheet-metal-market">Sheet Metal Market</a>

Sheet metal products have high strength and are deployed in sturdy structures. Moreover, these products are thin and lightweight, which makes them easy to transport. They are ideal for use in various weather conditions and provide moisture and corrosion resistance. Other advantages of using sheet metal include durability, recyclability, and widespread availability, thus making it a suitable choice for use in construction applications.

The increasing number of single-family construction projects in the U.S. contributes to economic growth and job creation in the construction industry and also caters to the evolving housing needs of individuals and families across the country. This has resulted in a growing population that prefers renting over homeownership, thereby increasing the demand for well-maintained single-family rental properties. This overall trend is expected to positively impact the market in the U.S.

The use of lightweight materials and alloys with titanium and aluminum is likely to contribute to the growth of the sector. Titanium is a stronger and lighter metal than steel. It is alloyed with iron, aluminum, manganese, and other metals to improve physical and chemical properties. Demand for titanium metal is anticipated to grow on account of its extensive use in the aerospace industry for applications, including aircraft skin, structural parts, engine components, hydraulic systems, missiles, and rockets.

Browse through Grand View Research's <a href="https://www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials">Advanced Interior Materials Industry</a> Research Reports.

<ul>

<li>The global <a href="https://www.grandviewresearch.com/industry-analysis/steel-market">steel market</a> size was estimated at USD 1,469.04 billion in 2023 and is projected to grow at a CAGR of 5.3% from 2024 to 2030.</li>

<li>The global <a href="https://www.grandviewresearch.com/industry-analysis/washing-machine-market">washing machine market</a> size was estimated at USD 57.01 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 10.2% from 2023 to 2030.</li>

</ul>

Sheet Metal Market Segmentation

Grand View Research has segmented the global sheet metal market based on product, end use, and region:

Sheet Metal Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

<ul>

<li>Steel</li>

<li>Aluminum</li>

</ul>

Sheet Metal End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

<ul>

<li>Building & Construction</li>

<li>Automotive & Transportation</li>

<li>Machinery & Equipment</li>

<li>Others</li>

</ul>

Sheet Metal Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

North America

<ul>

<li>Canada</li>

<li>Mexico</li>

</ul>

Europe

<ul>

<li>Germany</li>

<li>France</li>

<li>Italy</li>

</ul>

Asia Pacific

<ul>

<li>China</li>

<li>Japan</li>

<li>India</li>

</ul>

Central & South America

<ul>

<li>Brazil</li>

<li>Middle East & Africa</li>

</ul>

Key Companies profiled:

<ul>

<li>JSW Steel Ltd</li>

<li>Tata BlueScope Steel Private Limited</li>

<li>Nippon Steel Corporation</li>

<li>POSCO</li>

<li>United States Steel Corporation</li>

<li>JFE Steel</li>

<li>Baosteel Group</li>

<li>Howmet Aerospace, Inc.</li>

<li>Hindalco Industries Limited</li>

<li>Kaiser Aluminum Corporation</li>

<li>Constellium SE</li>

<li>Aleris Corporation</li>

<li>Hulamin Limited</li>

<li>Norsk Hydro ASA (Speira)</li>

</ul>

Key Sheet Metal Company Insights

Some of the key players operating in the market include Nippon Steel Corporation, Baosteel Group, and United States Steel Corporation.

<ul>

<li>Nippon Steel Corporation is Japan’s largest steelmaker. It operates through business segments, namely Steelmaking & Steel Fabrication, Engineering, Chemicals, New Materials, and System Solutions. Its core segment is Steelmaking and Steel Fabrication, which includes Engineering & Construction, Chemicals & Materials, and System Solutions. It delivers diverse products and caters to all key end-user industries of steel.</li>

<li>Baosteel Group, an integrated steel producer founded by the Shanghai Baosteel Group Corporation, produces various steel products such as HR steel, CR sheets, heavy plates, pipes and tubes, bars and wire rods, and rail and section steel. It has a total manufacturing capacity of 50.95 Mtpa across four plants in China.</li>

<li>United States Steel Corporation is an integrated steel producer operating in the U.S. and Central Europe. It produces various types of steel products that cater to diverse industries such as automotive, building & construction, consumer durables, electrical appliances, industrial equipment, and energy.</li>

</ul>

Recent Developments

<ul>

<li>In June 2024, Malaysia-based BWYS Group Bhd announced that it would build a new sheet metal plant to expand its sheet metal business. The transaction value is undisclosed. The new plant is currently under construction adjoining the existing facility in Sungai Bakap.</li>

<li>In May 2024, India-based Jindal Stainless announced major expansion and acquisition plans of nearly INR 5,400 crores (~USD 64.7 million) to boost its melting and downstream capacities. This investment is in line with its strategic expansion plans to become the largest stainless steel manufacturer in the world. Its product portfolio includes stainless steel slabs, hot rolled coils, plates and sheets, cold rolled coils and sheets, and ferroalloys.</li>

<li>In January 2024, UK-based Lantek, a sheet metal machinery manufacturer, partnered with TECHNOLOGY Italiana, a punching machinery manufacturer, to synergize and collaborate to provide new technology to market.</li>

</ul>

<a href="https://www.grandviewresearch.com/industry-analysis/sheet-metal-market/request/rs15">Order a free sample PDF</a> of the Sheet Metal Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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Cosmetics Market Is Extrapolated To Reach A Value Of USD 445.98 Billion By 2030

Cosmetics Industry Overview

The global cosmetics market size was estimated at USD 295.95 billion in 2023 and is expected to grow at a CAGR of 6.1% from 2024 to 2030.

One of the primary factors driving market expansion is the increasing awareness among consumers to enhance their personal appearance. Among millennials, products related to skincare, color cosmetics, and hair care have gained popularity as essential components of their daily grooming routines. Additionally, the introduction of cosmetics featuring natural, non-toxic, and organic ingredients has further contributed to the market's expansion.

Gather more insights about the market drivers, restrains and growth of the Cosmetics Market

Personal care products (PCPs) are commonly utilized for purposes of personal hygiene, grooming, cleaning, and enhancing one's appearance. This category encompasses a wide range of items, including hair & skincare products, UV protection creams, facial cleansers, insect repellents, fragrances, perfumes, soaps, detergents, shampoos, conditioners, and toothpaste.

As per a 2021 article from the National Center for Biotechnology Information, PCPs belong to the class of self-care items primarily employed for personal hygiene, cleanliness, and grooming. Globally, approximately 30-40% of dermatological prescriptions include a PCP and an average person utilizes at least two PCPs within a span of 24 hours.

Soap plays a vital role in skin care, serving as an essential tool to maintain cleanliness and overall health. According to Consumer Reports, an organization involved in product and service testing, when considering bath products, consumers often have distinct preferences. Consumer trends and preferences regarding skincare and haircare products are strongly influenced by environmental awareness and sustainability concerns.

According to the environmental awareness website TheRoundup.org, in 2023, 78% of consumers prioritize sustainability, with nearly 55% of consumers showing a willingness to pay more for eco-friendly brands. Shoppers seek accredited brands that adhere to environmental and ethical standards, emphasizing the use of sustainable and body-friendly materials. Brands that incorporate organic, natural ingredients and promote their wellness benefits are more likely to gain traction among eco-conscious consumers.

Browse through Grand View Research's Homecare & Decor Industry Research Reports.

The global makeup tools market size was estimated at USD 3.38 billion in 2023 and is expected to grow at a CAGR of 8.3% from 2024 to 2030.

The global skin care products market size was estimated at USD 135.83 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 4.7% from 2023 to 2030.

Cosmetics Market Segmentation

Grand View Research has segmented the global cosmetics market on the basis of product, end-user, distribution channel, and region:

Cosmetics Product Outlook (Revenue, USD Million, 2018 - 2030)

Skin Care

Hair Care

Makeup

Fragrance

Others

Cosmetics End-user Channel Outlook (Revenue, USD Million, 2018 - 2030)

Men

Women

Cosmetics Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

Offline

Online

Cosmetics Regional Outlook (Revenue, USD Million; 2018 - 2030)

North AmericaU.S.

Canada

Mexico

EuropeU.K.

Germany

France

Spain

Italy

Asia PacificChina

India

Japan

Australia & New Zealand

South Korea

Central & South America (CSA)Brazil

Middle East & Africa (MEA)South Africa

Key Companies profiled:

Coty Inc.

L’Oréal Group

Estee Lauder Companies, Inc.

Revlon Consumer Products LLC

Avon Products, Inc.

Unilever

Company 7

Godrej Group

Procter & Gamble

Beiersdorf AG

Henkel AG & Co KGaA

Kao Corporation

Hoyu Co., Ltd.

Recent Developments

In January 2024, L'Oreal Group’s venture capital arm, BOLD (Business Opportunities for L'Oreal Development), disclosed an investment in Timeline, a consumer health company. Specializing in aging and longevity, Timeline incorporates Mitopure, its proprietary technology, into a range of topical skincare products and supplements. The recent funding was done with the intent to support the company's expansion efforts in the beauty, food, and health sectors.

In December 2023, Estée Lauder entered into a collaboration with the Stanford Center and made an initial commitment of three years to support the center's newly established Program on Aesthetics & Culture. This commitment aimed to finance various research endeavors, including 'New Map of Life' post-doctoral fellowships and other initiatives aimed at understanding perceptions on longevity and vitality.

Order a free sample PDF of the Cosmetics Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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Flooring Market Is Extrapolated To Reach A Value Of USD 398.27 Billion By 2030

Flooring Industry Overview

The global flooring market size was valued at USD 277.67 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2030.

Increasing demand for aesthetic, superior, and durable floor covering solutions and changing consumer trends in floor design are aiding the growth of the flooring industry over the past few years. The expansion of offices & workspaces, improving consumer lifestyle, and rapid urbanization are factors that have also contributed to the market growth. The fast-paced infrastructural development owing to the rising population in developing countries further contributes to the growth of the flooring industry.

Gather more insights about the market drivers, restrains and growth of the Flooring Market

The growing disposable income has resulted in increased investments for comfort in residential buildings. Additionally, the continuous growth of high-end residential housing structures and the subsequent and growing preference for single-family housing structures are driving the demand for the market.

Domestic and foreign manufacturers are heavily investing in the U.S. regional market to meet the rising demand from various application industries. Several construction projects are underway in the U.S. For instance, in 2020, Amazon started the construction of its HQ2 building, which is estimated to be worth USD 2.5 billion. The mega project continues to make head turns in the construction industry as Amazon plans completion by 2023. The increasing large investments in such projects is expected to boost the demand for flooring, thereby increasing U.S. flooring market size.

The advancements in easy-to-install techniques, the availability of innovative construction solutions, and the rising demand for environmentally sustainable products are expected to drive the industry’s growth. The stringent regulatory framework during the production, usage, implementation, and recycling stages is also expected to boost market growth.

Furthermore, consumer preferences for aesthetically improved designs, textures, and colors, as well as low-maintenance and easy-to-install floorings, are expected to drive market growth. The growing desire for comfort and privacy as a result of noisier surroundings has increased the demand for insulation in the market, as well-insulated floors create a better acoustic environment. As a result, demand for floor insulation has increased, supporting market growth.

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

The global vinyl flooring market size was estimated at USD 23.16 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 5.2% during the forecast period.

The global ceramic tiles market size was estimated at USD 186.70 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2030.

Flooring Market Segmentation

Grand View Research has segmented the global flooring market report based on product, application, and region:

Flooring Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2018 - 2030)

Ceramic Tiles

Vitrified (Porcelain) Tiles

Carpet

Vinyl

Luxury Vinyl Tiles (LVT)

Linoleum/Rubber

Wood & Laminate

Natural Stone

Other Flooring Materials

Flooring Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2018 - 2030)

Residential

Commercial

Industrial

Flooring Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2018 - 2030)

North AmericaU.S.

Canada

Mexico

EuropeGermany

U.K.

France

Italy

Spain

Russia

Romania

Czech Republic

Portugal

Ukraine

Slovakia

Hungary

Asia PacificChina

India

Japan

South Korea

Australia

Indonesia

Philippines

Vietnam

Middle East & AfricaSaudi Arabia

UAE

Israel

Egypt

Qatar

South Africa

Morocco

Central & South AmericaBrazil

Argentina

Peru

Colombia

Chile

Key Companies profiled:

Mohawk Industries, Inc.

Tarkett, S.A.

AFI Licensing

Burke Flooring Products, Inc.

Firbo Flooring

Shaw Industries, Inc.

Interface, Inc

Gerflor

Mannington Mills, Inc.

Polyflor

RAK Ceramics

Crossville Inc.

Atlas Concorde S.P.A.

Porcelanosa Group

Kajaria Ceramics Limited

Key Flooring Company Insights

Recent Developments

Additionally, manufacturers are also establishing a strong online presence for the sake of gaining a competitive edge. The development of innovative products and proper display & distribution systems, which includes online catalogs and virtual assistants, help the consumers choose the ideal product for the intended application. Thereby, the customers intend to visit online websites before visiting stores for collecting information regarding the products and the company. This has given an edge to manufacturers with a strong foothold in the virtual world.

In March 2023, Shaw Industries Group, Inc. announced its partnership with Encina for recycling waste generated from carpet manufacturing. Shaw Industries will provide more than USD 2.5 million of waste every year to Encina. The partnership will help the former decrease its greenhouse gas emissions as well as carbon footprint, which in turn will help the company achieve its sustainability target.

In January 2023, Interface, Inc. launched a new winter collection of carpet tiles under the brand FLOR. The collection consists of new colorway and styles, which adds comfort and warmth to a space. Furthermore, the collection is replaceable, easy to clean, and durable.

Order a free sample PDF of the Flooring Market Intelligence Study, published by Grand View Research.

About Grand View Research

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

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U.S. Dietary Supplements Market Is Extrapolated To Reach A Value Of USD 78.94 Billion By 2030

U.S. Dietary Supplements Industry Overview

The U.S. dietary supplement market size was estimated at USD 53.58 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2030.

The primary factors driving the market growth are the growing population of senior citizens, rising awareness and focus on preventive healthcare, and rising demand for sports nutrition supplements. Additionally, consumers are moving towards self-directed care, which is also expected to drive demand for dietary supplements in the U.S.

Gather more insights about the market drivers, restrains and growth of the U.S. Dietary Supplements Market

Consumers in the U.S. are shifting towards self-directed care, which has helped in shaping the growth of the dietary supplements industry in the country. Consumers are opting for nutraceuticals rather than prescription pharmaceuticals owing to the growing focus on preventive healthcare. The high cost of prescription pharmaceuticals and the reluctance of insurance companies to cover the cost of drugs have further helped the dietary supplements industry solidify its presence in the U.S. market. Increasing hospitalization costs are driving consumers toward nutraceutical and health supplements, further aiding the market growth.

Factors fueling interest in dietary supplements in the U.S. include growing healthcare costs, changes in food laws affecting label and product claims, rapid advances in science and technology, rising geriatric population, and growing interest in attaining wellness through diet.

Browse through Grand View Research's Nutraceuticals & Functional Foods Industry Research Reports.

The global dietary supplements market size was valued at USD 177.50 billion in 2023 and is projected to grow at a CAGR of 9.1% from 2024 to 2030.

The global prebiotics market size was valued at USD 6.05 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 14.9% from 2022 to 2030.

U.S. Dietary Supplements Market Segmentation

U.S. Dietary Supplements Application-End User Outlook (Revenue, USD Million, 2018 - 2030)

Energy & Weight Management

AdultsMale

Female

Geriatric

Pregnant Women

Children

Infants

General Health

AdultsMale

Female

Geriatric

Pregnant Women

Children

Infants

Bone & Joint Health

AdultsMale

Female

Geriatric

Pregnant Women

Children

Infants

Gastrointestinal Health

Immunity

Cardiac Health

Anti-cancer

Diabetes

Lungs Detox/Cleanse

Skin/Hair/Nails

Sexual Health

Brain/Mental Health

Insomnia

Menopause

Anti-aging

Prenatal Health

Others

U.S. Dietary Supplements Application-Ingredient Outlook (Revenue, USD Million, 2018 - 2030)

Energy & Weight ManagementVitamins

Botanicals

Minerals

Proteins & Amino acidsCollagen

Others

Fibers & Specialty Carbohydrates

Omega Fatty Acids

Probiotics

Others

General HealthVitamins

Botanicals

Minerals

Proteins & Amino acidsCollagen

Others

Fibers & Specialty Carbohydrates

Omega Fatty Acids

Probiotics

Others

Bone & Joint HealthVitamins

Botanicals

Minerals

Proteins & Amino acidsCollagen

Others

Fibers & Specialty Carbohydrates

Omega Fatty Acids

Probiotics

Others

Gastrointestinal HealthVitamins

Botanicals

Minerals

Proteins & Amino acidsCollagen

Others

Fibers & Specialty Carbohydrates

Omega Fatty Acids

Probiotics

Others

Immunity

Cardiac Health

Anti-cancer

Diabetes

Lungs Detox/Cleanse

Skin/Hair/Nails

Sexual Health

Brain/Mental Health

Insomnia

Menopause

Anti-aging

Prenatal Health

Others

U.S. Dietary Supplements Form Outlook (Revenue, USD Million, 2018 - 2030)

Tablets

Capsules

Soft Gels

Powders

Gummies

Liquids

Others

U.S. Dietary Supplements Type Outlook (Revenue, USD Million, 2018 - 2030)

OTC

Prescribed

U.S. Dietary Supplements Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

Offline

Online

Key Companies profiled:

Amway

Abbott

Bayer AG

Glanbia plc.

Pfizer Inc.

Archer Daniels Midland

GlaxoSmithKline plc.

NU SKIN

Herbalife Nutrition

Nature's Sunshine Products Inc.

DuPont de Nemours Inc.

NOW Foods

Key U.S. Dietary Supplements Company Insights

The market includes both international and domestic participants. Brand market share analysis indicates that key market players are focusing on strategies such as new product launches, partnerships, mergers & acquisitions, global expansion, and others. Some of the largest dietary supplement companies including Amway, Bayer AG, GlaxoSmithKline plc have entered into the market.

Recent Developments

In May 2024, Bayer launched a One A Day social media campaign featuring former NFL star Julian Edelman to combat wellness misinformation. The campaign started running across major social platforms, including Instagram, Facebook, and TikTok. Its primary objective was to inspire individuals to share honest accounts of their wellness experiences, countering the often unrealistic or pseudoscientific claims in online wellness spaces.

In May 2024, NOW Foods reaffirmed its commitment to independent retailers by launching 20 product sizes exclusively available for sale in brick-and-mortar stores. These specially tailored products, which include popular items like 5HTP, CoQ10, probiotics, and vitamin D, fill a niche between the typical small and large bottle quantities offered by NOW. Each product prominently features an "In store only" logo on its label.

Order a free sample PDF of the U.S. Dietary Supplements Market Intelligence Study, published by Grand View Research.

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Generative AI Market Is Extrapolated To Reach A Value Of USD 109.37 Billion By 2030

Generative AI Industry Overview

The global generative AI market size was estimated at USD 13.0 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 36.5% from 2024 to 2030.

Factors such as the rising application scope of technologies including super-resolution, text-to-image conversion, & text-to-video conversion, and modernization of workflow across industries are driving the demand for generative AI applications among industries, such as media & entertainment, retail, manufacturing, IT, and telecom. For instance, in March 2023, Microsoft Corporation launched a model, Visual ChatGPT, which comprises multiple visual foundation models and enables users to interact with ChatGPT through graphical user interfaces. With this model, ChatGPT can handle user requests for image generation and editing.

Gather more insights about the market drivers, restrains and growth of the Generative AI Market

Furthermore, growing need for building virtual worlds in the metaverse, deployment of large language models (LLM), and conversational GenAI ability are further fueling the market demand. Generative AI in the gaming market is used for transforming the gaming industry in various ways, enhancing game development, player experiences, and content creation. The COVID-19 pandemic had a positive impact on the market as businesses shifted to the online work model, speeding up digitalization across industries. As per IBM’s Global AI Adoption Index 2022 report, over 53% of IT professionals commented that they have accelerated the roll-out of AI in the last 24 months as a part of their response to the pandemic. Moreover, during the pandemic, advanced diagnosing tools were developed using AIto analyze clinical, epidemiological, genomic data related to COVID-19, and various other imaging systems.

Generative AI makes use of unsupervised learning algorithms for spam detection, image compression, and preprocessing data stages, such as removing noise from visual data, to improve picture quality. Moreover, supervised learning algorithms are used for medical imaging and image classification. Furthermore, it has applications in various industries, such as BFSI, healthcare, automotive & transportation, IT & telecommunications, media & entertainment, and others. Generative AI is a powerful tool that can be used to create new ideas, solve problems, and create new products. Moreover, it can help organizations save money and time, increase efficiency, and enhance the quality of content generated.

Popular generative AI tools include ChatGPT, GPT-3.5, DALL-E, MidJourney, and Stable Diffusion. Generative AI is at a developing stage, which will require a skilled workforce and high investment in implementation for development. According to IBM’s global AI adoption index 2022 report, 34% of respondents believed that a lack of AI skills, expertise, or knowledge was restricting its adoption for industries. Hence, the unavailability of a skilled workforce and the high implementation costs are expected to slow down the pace of market development.

The revolution in cloud storage solutions has boosted the market expansion by offering a strong ground for technology development and deployment. Cloud storage provides scalable computing power, enabling access to resource-intensive generative AI model training for businesses without heavy capital spending. Furthermore, it guarantees high efficiency in data accessibility and collaboration, enabling the storage and sharing of various datasets across global teams. The cost-effective pay-as-you-go model of cloud storage reduces economic restraints and accelerates secure management of sensitive Generative AI projects. Offerings of pre-trained models and APIs by cloud providers simplify development procedures, whilst cloud-based infrastructure augments resource optimization and business agility. Subsequently, cloud storage solutions foster generative AI innovation, enabling companies to explore creative avenues and fuel market growth.

Generative AI is poised to create a new wave of software revenue. The technology is being used to create specialized assistants, new infrastructure products, and copilots that accelerate coding. According to a recent survey, the increasing demand for generative AI products is expected to create an upsurge of around USD 300 billion in new software revenue. The biggest beneficiaries of this trend are likely to be cloud computing companies. As enterprises shift more workloads to the public cloud, they will be looking for generative AI solutions to help them automate tasks and improve efficiency. Cloud computing companies like Amazon Web Services, Microsoft, Google, and Nvidia are already well-positioned to capitalize on this demand.

Generative AI allows models to become multimodal, which means they can process multiple modalities simultaneously, such as images and text, broadening their application areas and increasing their versatility. Generative AI enhances the connection to the world where humans communicate with computers using natural language rather than programming languages. Generative AI has the potential to transform businesses by opening new opportunities for automation, innovation, and personalization, all while lowering costs and improving customer experience. For instance, in March 2023, Grammarly, Inc., a U.S.-based AI-based writing assistant, announced the launch of GrammarlyGo, a feature of generative AI enabling users to compose writing, edit, and personalize text.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

The global machine learning market size was valued at USD 36.73 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 34.8% from 2023 to 2030.

The global cloud computing market size was estimated at USD 602.31 billion in 2023 and is expected to grow at a CAGR of 21.2% from 2024 to 2030.

Generative AI Market Segmentation

Grand View Research has segmented the global generative AI market based on component, technology, end-use, application, model, and region:

Generative AI Component Outlook (Revenue, USD Billion, 2017 - 2030)

Software

Service

Generative AI Technology Outlook (Revenue, USD Billion, 2017 - 2030)

Generative Adversarial Networks (GANs)

Transformers

Variational Auto-encoders

Diffusion Networks

Generative AI End-use Outlook (Revenue, USD Billion, 2017 - 2030)

Media & Entertainment

BFSI

IT & Telecommunication

Healthcare

Automotive & Transportation

Gaming

Others

Generative AI Application Outlook (Revenue, USD Billion, 2017 - 2030)

Computer Vision

NLP

Robotics And Automation

Content Generation

Chatbots & Intelligent Virtual Assistants

Predictive Analytics

Others

Generative AI Model Outlook (Revenue, USD Billion, 2017 - 2030)

Large Language Models

Image & Video Generative Models

Multi-modal Generative Models

Others

Generative AI Regional Outlook (Revenue, USD Billion, 2017 - 2030)

North AmericaU.S.

Canada

EuropeU.K.

Germany

France

Italy

Asia PacificChina

India

Japan

Australia

Latin AmericaBrazil

Mexico

Chile

Argentina

Middle East and AfricaUAE

Saudi Arabia

South Africa

Key Companies profiled:

Adobe Inc.

Amazon Web Services, Inc.

D-ID

Genie AI Ltd.

Google LLC

International Business Machines Corporation

Microsoft Corporation

MOSTLY AI Inc.

Rephrase.ai

Synthesia

Key Generative AI Company Insights

Some of the key players operating in the market include Amazon Web Services, Inc.; Google LLC (Alphabet Inc.), IBM; and Microsoft.

Amazon Web Services (AWS) offers a variety of solutions and services for generative AI. These offerings are tailored to assist organizations in innovating and scaling generative AI applications with enterprise-grade security, privacy, and access to industry-leading foundation models. AWS provides tools, such as Amazon Bedrock, Amazon SageMaker, NVIDIA GPU-powered Amazon EC2 instances, AWS Trainium, and AWS Inferentia, to facilitate the development and scaling of generative AI applications

Google LLC, a subsidiary of Alphabet, is a multinational technology company focusing on search engines, online advertising, computer software, cloud computing, and AI. Google LLC offers generative AI solutions and services through its Google Cloud platform. The platform provides tools such as Gemini, Google DeepMind’s multimodal model from Google DeepMind, which can understand various inputs, combine different types of information, and generate a wide range of outputs. In addition, Google Cloud's Generative AI Studio enables developers to interact with, tune, and deploy large AI models, thus accelerating generative AI to production

MOSTLY AI Inc. and Synthesia are some of the other market participants in the artificial intelligence market.

MOSTLY AI Inc. is a technology company providing AI-based software, IT, and IT consulting services. The company’s Synthetic Data Platform leverages deep neural networks to simulate representative and realistic data at scale and retains valuable information from it while making it impossible to re-identify any individual, due to the built-in privacy mechanism

Synthesia is a technology company that uses AI algorithms to create videos, translate them into different languages, change existing footage, and generate video content based on input, such as images and text, empowering content creators to scale their video creation with localized and personalized videos

Recent Developments

In April 2023, Microsoft Corp. collaborated with Epic Systems, an American healthcare software company, to incorporate large language model tools and AI into Epic’s electronic health record software. This partnership aims to use generative AI to help healthcare providers increase productivity while reducing administrative burden

In March 2021, MOSTLY AI Inc. announced its partnership with Erste Group, an Australian bank to provide its AI-based synthetic data solution. Using synthetic data, Erste Group aims to boost its digital banking innovation and enable data-based development

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Translation Services Procurement Intelligence 2030 : Translation Services Category To Is Expected To Expand At A CAGR Of 4%

Translation Services Procurement Intelligence

The translation services category is expected to grow at a CAGR of 4% from 2023 to 2030. The two main sub-divisions include human-assisted translations and machine translations. Neural machine technology (NMT), which is still in the developing phase, is one of the major technologies in machine translation. The advent of neural machine translations has allowed companies to see the potential value this technology can offer-such as a better understanding of the nuances of languages, idiomatic expressions, and cultural references. NMT-based translation can reduce enterprise translation costs by more than 75%. Technology giants such as Google, Microsoft, Amazon, and Salesforce have started the implementation of NMT in their platforms.

Multimodal and augmented reality translation is another upcoming technology trend. An example of how augmented reality (AR) technology can be used while traveling is to view translated information about landmarks and menus, and even have real-time conversations with locals through AR glasses or smartphone applications. AR translation is anticipated to revolutionize how consumers explore foreign places and interact with foreign cultures.

The supplier landscape can be divided into local, regional, and global. Regional translation markets mostly operate out of translation agencies. Typical clients of these services include medium-sized organizations that seek to enhance their governance power and require a more robust and streamlined process that provides them with greater control over their operations.Asian, African, and Latin American economies are developing at a rapid pace, which has increased demand for languages like Mandarin, Hindi, Arabic, and Portuguese. Localization, medical and law translation (specialized), transcreation, and remote interpreting are a few examples of emerging areas in translation. For instance, English is one of the top 10 languages considered for website localization followed by Chinese, Spanish, and Arabic. This, in turn, reflects a move toward international digital communication.

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Translation Services Sourcing Intelligence Highlights

The translation services category is highly fragmented. A mix of website, interpretation, machine, and/or audio/video translation service providers make consolidation a challenge in this industry. As a result, the bargaining power of suppliers is reduced.

Some of the highest-paying translation languages in 2022 were German, French, Arabic, Dutch, and Chinese.

The largest cost components are the salaries of different translators or interpreters in combination with the technology and software required.

Under translation services sourcing, Singapore, Netherlands, Denmark, Sweden, the U.S., the UK, China, and India are the most preferred countrie

List of Key Suppliers

TransPerfect Global, Inc.

Lionbridge Technologies, Inc.

LanguageLine Solutions (Teleperformance SE)

Semantix

Welocalize, Inc.

Lingotek, Inc.

Yamagata Corporation

RWS Group

Argos Translations Sp. z o.o.

Keywords Studios Plc

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

Disposable Medical Gloves Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Loyalty Programs Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Helium Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Translation Services Procurement Intelligence Report Scope

Translation Services Category Growth Rate : CAGR of 4% from 2023 to 2030

Pricing Growth Outlook : 10% - 15% (Annually)

Pricing Models : Volume (words)-based, hourly rate, cost plus, and competitive pricing model

Supplier Selection Scope : Cost and pricing, past engagements, productivity, geographical presence

Supplier Selection Criteria : Localization and types of translation services, AI or proprietary platforms, marketing or legal translation, e-learning translation, software localization services, DTP and other services, operational capabilities, quality measures, certifications, data privacy regulations, 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

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Media Buying and Planning Sourcing Intelligence To Grow Substantially At A CAGR Of 5.2% Till 2030

Media Buying and Planning Procurement Intelligence

The media buying and planning category is projected to witness growth at a CAGR of 5.2% from 2023 to 2030. In 2022, North America dominated the global category and held a share of 38% of the global market. Growth in this region is attributed to a high concentration of network agencies, centralized contracts, extensive geographical presence, and high technological adoption. In addition, the increasing use of social media, online platforms, and streaming services is leading to a surge in demand for the category in this region.

In 2022, Europe accounted for the second-largest share of the global market. Key factors driving the European market include a surge in e-commerce channels, deployment of cloud-based & SaaS solutions in media planning software, and presence of key service providers. Asia Pacific is anticipated to witness the fastest growth rate during the forecasted period. Key drivers supporting the growth of this region include rising technological penetration, increasing competition in the market, surge in demand for programmatic media buying, rising consumption of digital content, and extensive usage of mobile devices.

Media buying and planning services are deployed as a part of paid marketing efforts to categorize and acquire ad spaces on channels. The ads must be relevant to the target audience at the optimal time and must lead to cost savings for buyers. In terms of end-use, media buying and planning services are utilized by various industries, such as BFSI, FMCG, Healthcare, IT & Telecom, and Automotive. For instance, the healthcare sector is required to promote its offerings via health awareness campaigns. Similarly, IT and telecom companies are required to effectively advertise their offerings to reach the target audience.

Key technologies that are driving the growth of this category include geotargeting, programmatic media buying, retargeting, native advertising, and Artificial Intelligence (AI) & Machine Learning (ML). Geotargeting ensures customized ads or content is catered to users according to their geographic location. By leveraging physical data of users acquired via GPS or IP addresses, relevant and localized campaigns can be created, which resonate with users in specific locations or regions. This allows media planning agencies to improve their messaging based on cultural or regional preferences.

Key players that provide media buying and planning services compete based on service innovation, pricing strategies, technology integration, multi-channel expertise, targeting & personalization, customization, flexibility, and efficiency. Customers have diverse options to service scope, price range, end-use, enhanced access to media campaigns, and increased access to measurement and analytics tools. Regulatory laws in several regions require agencies to comply with rigorous standards for the safety and privacy of consumers’ personal data.

https://www.grandviewresearch.com/pipeline/media-buying-planning-procurement-intelligence-report

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Media Buying and Planning Sourcing Intelligence Highlights

The media buying and planning category consists of a fragmented landscape, with intense competition among the service providers

Buyers in the category possess high bargaining power due to the intense competition among agencies based on the service scope and pricing, enabling buyers with the flexibility to switch to a better alternative

Countries, such as India and the Philippines, are the preferred low-cost/best-cost countries for media buying and planning owing to low costs of labor & technology, competitive pricing, and high return on investment

Staff, cost of acquiring media spaces, hardware, software, research & data, and other costs are the key cost components of this category. Other costs include general & administrative, sales & marketing, rent & utilities, travel, compliance, and taxes

List of Key Suppliers

Dentsu International

Ideon Media

Kubient, Inc.

McKinney Ventures, LLC

Mindshare Media Ltd.

MiQ Digital Limited

Omnicom Group Inc

Publicis Groupe

Starcom Worldwide, Inc.

The Interpublic Group of Companies, Inc.

Vivendi SE

WPP plc

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

Media Buying and Planning Procurement Intelligence Report Scope

Media Buying and Planning Category Growth Rate : CAGR of 5.2% from 2023 to 2030

Pricing Growth Outlook : 5% - 10% increase (Annually)

Pricing Models : Project-based pricing, Commission-based pricing, Hourly rate pricing, Performance-based pricing, Retainer pricing, Value-based pricing

Supplier Selection Scope : Cost and pricing, Past engagements, Productivity, Geographical presence

Supplier Selection Criteria : Geographical service provision, industries served, years in service, employee strength, revenue generated, key clientele, certifications, service portfolio, media channel coverage, key technologies used, and others

Brief about Pipeline by Grand View Research:

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

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Mobility - Voice and Data Sourcing Intelligence To Grow Substantially At A CAGR Of 6.5% Till 2030

Mobility - Voice and Data Procurement Intelligence

The mobility - voice and data category is projected to witness growth at a CAGR of 6.5% from 2024 to 2030. In 2023, Asia Pacific accounted for the largest share (32%) of the global category. Key drivers of this region include a consistent increase in the business/enterprise subscriber base for voice and data, deployment of VoNR (5G) network by key players, and a shift towards virtualization and software-defined networking (SDN). Asia Pacific is also anticipated to witness the fastest growth rate during the forecast period, due to the increasing need for business agility, focus on cost efficiency by businesses, and adoption of digital technologies such as Internet of Things (IoT), cloud computing, and Artificial Intelligence (AI).

In 2023, North America held the second-largest share of the global market. The key growth drivers include large coverage of 5G networks by key service providers, increasing adoption of edge computing infrastructure, and focus on sustainability initiatives. Key driving factors for Europe include extensive voice and data coverage in remote areas owing to government initiatives, increasing deployment of high-speed fiber optic networks, and focus on cyber security.

Key technologies driving the growth of this category include AI and Machine Learning (ML), quantum computing, edge computing, cloud computing and virtualization, and IoT integration. Edge computing is used to enhance the processing and storage of data, reduce latency, improve bandwidth, and enhance customer experience. By using a distributed network architecture, this technology processes real-time data at quicker speeds. Similarly, the use of virtualization enhances network infrastructure utilization, reduces hardware costs, and improves agility, by using virtual machines in place of hardware resources.

Key service providers of mobility - voice and data services compete based on various factors such as subscription rates, innovations in technologies and services, user experience, scalability of services, and data privacy and security. Clients (specifically business customers) consider factors such as service type (4G/5G), service deployment (cloud/on-premise), service transmission (wireline/wireless), service reliability (uptime/downtime), service speeds (download speeds typically range from 100 Mbps to 1 Gbps), and extent of network coverage (based on area covered). Specifically, business customers may also look for add-on features such as call routing, data integration linking, caller identification, and call monitoring.

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Order your copy of the Mobility - Voice and Data 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

Mobility - Voice and Data Sourcing Intelligence Highlights

The mobility - voice and data category comprises a moderately consolidated landscape, with a few top competitors accounting for a significant portion of the market share.

Countries such as Israel and Italy are the countries that offer mobility - voice and data services at low cost owing to cheap labor costs, low technology costs, high smartphone adoption, intense market competition, deployment of penetration pricing, and robust government initiatives.

Buyers in the category possess medium-to-low negotiating capability due to the moderately consolidated market landscape. Moreover, buyers have specific limitations when switching to an alternative service provider.

Network infrastructure, labor, hardware and software, spectrum acquisition, licensing and compliance, and other costs are the key cost components of this category. Other costs include sales and marketing, general and administrative, rent and utilities, insurance, logistics, and taxes.

List of Key Suppliers

AT&T Inc.

Broadcom Inc.

Charter Communications, Inc.

Cisco Systems, Inc.

Comcast Corporation

Deutsche Telekom AG

Huawei Technologies Co., Ltd.

Lumen Technologies, Inc.

Orange S.A.

Telefónica S.A.

Verizon Communications Inc.

Vodafone Group Plc.

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

Mobility - Voice and Data Procurement Intelligence Report Scope

Mobility - Voice and Data Category Growth Rate : CAGR of 6.5% from 2024 to 2030

Pricing Growth Outlook : 5% - 10% increase (Annually)

Pricing Models : Penetration pricing, subscription-based pricing, usage-based pricing, tiered pricing, cost-plus pricing, and competition-based pricing

Supplier Selection Scope : Cost and pricing, past engagements, productivity, geographical presence

Supplier Selection Criteria : Geographical service provision, industries served, years in service, employee strength, revenue generated, key clientele, regulatory certifications, voice services, data services, cloud and hosting services, managed network services, unified communication services, and others

Brief about Pipeline by Grand View Research:

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

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Nitrogen Category Is Expected to Grow at CAGR of 9.9% From 2024 to 2030

Nitrogen Procurement Intelligence

In this Nitrogen procurement intelligence report, we have estimated the key cost components which include raw material / feedstock, labor, machinery & equipment, energy, storage & transportation, and others. Other costs can be further bifurcated into administrative fee, rent, maintenance & repair, depreciation, interest on loan, and tax.

Key factors that influence the prices of the products offered in the category include energy prices, transportation expenses, purity, technology utilized, and location. The prominent pricing model followed in the industry is cost-plus pricing wherein in which the cost to create a product, expressed as its unit cost, is increased by a certain percentage.

Depending on whether it is made on-site or purchased from a source (supplied in bulk), the price of liquid nitrogen in the US varies significantly. Liquid nitrogen may be produced on-site for as little as USD 0.12 per litre, making it a very cost-effective process. Depending on the location, LN2 prices range between USD 0.49 per litre to USD 1.77 per litre when bought in bulk from a source.

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Operational Capabilities - Nitrogen

Geographical Service Provision - 30%

Industries Served - 25%

Years in Service - 20%

Employee Strength - 15%

Revenue Generated - 5%

Certifications - 5%

Functional Capabilities - Nitrogen

Form of Delivery (Compressed Gas / Liquid) - 35%

Product Concentration & Purity - 20%

Technology Deployed for Production - 15%

On-Site Generation - 10%

Regulatory Compliance in Storage & Transportation - 10%

Lead Time - 5%

Others - 5%

Rate Benchmarking

The following are the prices of Nitrogen gas in the U.S.:

a) 0.1%-49% Nitrogen-UHP / Hydrogen core gas: Over USD 176.09 for size 200 cylinder

b) 0.1%-49% Nitrogen-UHP / Oxygen core gas: Over USD 186.89 for size 200 cylinder

c) Nitrogen <2 ppm moisture: USD 24.09 to USD 29.59 for size 255 cylinder and size 304.

d) Nitrogen (PP): Over USD 52.79 for size 257 cylinder

e) Nitrogen (UHP): Over USD 95.19 for size 257 cylinder

The following are the prices of Nitrogen gas in the U.K.:

a) Nitrogen technical grade: Over£ 63.95 for 10 litre cylinder

b) Nitrogen BIP: Over £ 133.39 for 47 litre cylinder

c) Nitrogen : Over £ 103.89 for 47 litre cylinder

Supplier Newsletter

In June 2023, AirFusion Ltd. introduced ‘NitroJet’, a novel transportable nitrogen supply unit intended for distant and transient industrial applications. ‘NitroJet’ prevents requirement for permanent nitrogen infrastructure, making it an adaptable and affordable option for off-grid operations and construction sites.

In January 2023, Linde plc announced buying stake in nexAir, LLC. The acquisition has broadened Linde's presence in a key and rapidly expanding region of the Southeast United States while enhancing its current packaged gas business. In addition, the acquisition supported company’s approach of growing network density and reinvesting in prospects that satisfy the investment criteria.

In April 2022, Air Products and Chemicals, Inc. announced the acquisition of the industrial gas business unit of L’Air Liquide S.A., based out of Bahrain and U.A.E. The acquisition improved the sourcing and dependability of company’s products and added skilled and committed individuals who are enthusiastic about supporting regional clients. In addition, the company got supported in expanding its industrial gas business in Middle East, backing its growth plan for the region.

List of Key Suppliers

ADNOC Gas

Air Products and Chemicals, Inc.

BOC Limited

Gulf Cryo

L’Air Liquide S.A.

Linde plc

Messer SE & Co. KGaA

nexAir, LLC

Praxair, Inc.

Southern Industrial Gas Sdn Bhd

Taiyo Nippon Sanso Corporation

Universal Industrial Gases, Inc.

Yingde Gases Group Company Limited

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

Nitrogen Procurement Intelligence Report Scope

Nitrogen Category Growth Rate : CAGR of 9.9% from 2024 to 2030

Pricing Growth Outlook : 5% - 10% increase (Annually)

Pricing Models : Cost-plus pricing, fixed pricing

Supplier Selection Scope : Cost and pricing, past engagements, productivity, geographical presence

Supplier Selection Criteria : Geographical service provision, industries served, years in service, employee strength, revenue generated, certifications, form of delivery (compressed gas / liquid), product concentration & purity, technology deployed for production, on-site generation, regulatory compliance in storage & transportation, lead time, and others

Brief about Pipeline by Grand View Research:

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

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Digital Procurement Systems Supplier Intelligence by key partivipants - SAP SE, Proactis Holdings PLC, Coupa Software Inc.

Digital Procurement Systems Procurement Intelligence

In this digital procurement systems procurement intelligence report, we have estimated the pricing of the key cost components. License, support, implementation, and maintenance form the largest cost component of digital procurement systems businesses. Together, they account for about 75% of the total cost. The cost also depends on the type of software being deployed, the number of users accessing the software, the mode of deployment whether it is on-site or on the cloud, and the type of pricing.

For example, cloud-based software costs start at 15.9% of on-premise software. Costs for an e-procurement software varies from as little as USD 300 per month all the up to more than USD 50,000 for a one-time license. Firms can add user licenses to on-demand software as they need them and remove them when they don't, ensuring that firms only pay for what they really use. This is essential in light of the fact that most businesses software programs have licenses for 20% to 50% more users than are ever actually logged in to the system.

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Order your copy of the Digital Procurement Systems 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

Operational Capabilities - Digital Procurement Systems

Years in Service - 25%

Industries Served - 20%

Geographic Service Presence - 15%

Revenue Generated - 15%

Employee Strength - 15%

Key Clients - 10%

Functional Capabilities - Digital Procurement Systems

Procure-to-Pay - 19%

Sourcing - 19%

Contract Management - 19%

Risk Management - 19%

Analytics - 19%

Others - 5%

Rate Benchmarking

The cost of developing digital procurement systems is significantly lower in India than in other developed countries like the US, due to the country's large and skilled workforce and low cost of living.The average salary for a software engineer in India is about USD 20,000 per year, while the average salary for a software engineer in the United States is about USD 100,000 per year which is five times higher. It has been discovered that implementing an offshore strategy can assist a corporation in reducing employment costs by more than 50 - 60%. Further, the rate at which these systems are provided to firms also depend on the mode of deployment of the softwares and the pricing models implemented. For example, no matter the length of the term, SaaS providers typically provide yearly contracts with the same monthly rate. Additionally, for a set incremental charge, they let consumers start with a small number of seats and add more later. On the other hand, hosted ASP model providers of perpetual licenses demand contracts with a minimum duration of three years and may grant discounts for longer terms. Additionally, they strive to offer consumers more seats than they will use over the course of the contract, not simply the ones they require right then.

Supplier Newsletter

In October 2022, Airtel integrated Oracle's SCM cloud and Fusion ERP solutions to address issues including existing integration, automation, and agility for the 5G era. Airtel benefitted from Oracle's cloud fusion solution by streamlining its financial data, supply chain management, and manual tasks.

In October 2022, to enable their customers to pay for their software expenditures, Tropic, a SaaS procurement software platform firm, teamed up with Tranch, a B2B Buy Now Pay Later (BNPL) supplier. Customers of Tropic could send in their bills through Tranch and repay them back via adjustable EMIs for a maximum of one year as a result of this collaboration. Customers of Tropic had to immediately connect their bank accounts through Plaid in order to start and be approved.

In September 2022, with the opening of a new office in Abu Dhabi, GEP, a provider of procurement and supply chain services, increased its market reach. The company since then worked with several middle eastern clients to provide procurement software services in the fields of aviation, packaged goods for consumers, energy, banking and finance, and petroleum.

In December 2021, as part of its plan to grow its business, Zycus has built a branch in Japan. The rising demand for the growth of Software as a Service (SaaS) in the nation were the main factors driving the company's expansion.

In September 2021, McCarthy Holdings, a construction corporation based in the United States, collaborated with GEP to deploy its smart procurement software. The company intends to use GEP procurement systems to transform their source-to-pay process.

List of Key Suppliers

SAP SE

Proactis Holdings PLC

Coupa Software Inc.

Microsoft Corporation

Oracle Corporation

Epicor Software Corporation

Ginesys

Zycus, Inc.

Ivalua Inc.

Infor Inc.

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

Digital Procurement Systems Procurement Intelligence Report Scope

Digital Procurement Systems Category Growth Rate : CAGR of 10% from 2023 to 2030

Pricing Growth Outlook : 10% - 12% (annual)

Pricing Models : Subscription-based pricing model, cost-plus pricing model

Supplier Selection Scope : Cost and pricing, past engagements, productivity, geographical presence

Supplier Selection Criteria : Procure-to-pay, sourcing, contract management, risk management, analytics, experience, solution type, scalability, support, technical expertise, security measures, cost and value, support and maintenance, regulatory compliance, and others

Brief about Pipeline by Grand View Research:

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