Artificial Intelligence (AI) in Supply Chain Market is projected to reach $21.8 billion by 2027
Meticulous Research® — leading global market research company published a research report titled “Artificial Intelligence in Supply Chain Market by Component (Platforms, Solutions) Technology (Machine Learning, Computer Vision, Natural Language Processing), Application (Warehouse, Fleet, Inventory Management), & by End User — Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the global artificial intelligence in the supply chain market is expected to grow at a CAGR of 39.4% from 2019 to reach $21.8 billion by 2027. Substantial growth in the global artificial intelligence in supply chain market is mainly attributing to the rising awareness of advanced technologies such as artificial intelligence and big data & analytics; consistent technological advancements in supply chain industry; and implementation of computer vision technology in both autonomous & semi-autonomous applications.
Incessantly growing number of IoT devices, rapidly increasing usage of internet, growing adoption of cloud services and AI-based business automation solutions are contributing to the growth of the market. Furthermore, technological transformation of the supply chain industry to enhance business visibility, risk management, inventory & warehouse management, supply chain planning, and automated quality inspections are also accelerating the demand for artificial intelligence. However, high procurement and operating costs coupled with the lack of internet infrastructure in some developing and underdeveloped countries is expected to hinder the market growth to a certain extent.
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Computer vision technology is spearheading the growth of AI in the supply chain industry. Consistently increasing labor costs and steadily decreasing costs of robotics or automation are supporting the growth of the computer vision technologies market in the supply chain industry.
Based on end-user, consumer-packaged-goods (CPG) industry is expected to register the fastest growth throughout the forecast period. The growth of the CPG segment is attributed to the consistent proliferation of the e-commerce sector across emerging economies. The use of AI in supply chain can offer profitable drop-shipping features such as providing product tracking, inventory management, and warehouse management.
Based on geography, the global artificial intelligence in the supply chain market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America dominated the AI market for supply chain industry. This is majorly attributed to the higher awareness and adoption of AI technologies among different industries in the region and increasing dedication of business enterprises towards enhancing the applications & solutions in their existing supply chain systems. However, Asia-Pacific is slated to grow at highest CAGR during the forecasted period. The growth is majorly attributed to the growing demand for AI-based business solutions for automation across several operational areas including supply chain management. Furthermore, increasing adoption of modern technologies including machine learning and natural language processing, government initiatives towards adoption of advanced technologies, and rapid digitalization are also contributing to the fastest growth in the Asia Pacific region.
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The major players operating in global artificial intelligence in supply chain market are Intel Corporation (U.S.), Amazon.com, Inc. (U.S.), Google LLC (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), Samsung (South Korea), LLamasoft Inc. (U.S.), SAP (Germany), General Electric (U.S.), Deutsche Post AG DHL (Germany), Xilinx (U.S.), Micron Technology, Inc. (U.S.), FedEx (U.S.), and ClearMetal, Inc. (U.S.), among others.
Key questions answered in the report-
- Which are the high growth market segments in terms of technology, application, end-use industry?
- What was the historical market for artificial intelligence in supply chain across the globe?
- What are the market forecasts and estimates for the period 2019–2027?
- What are the major drivers, restraints, opportunities, and challenges in the global artificial intelligence in the supply chain market?
- Who are the major players in the global artificial intelligence in supply chain market?
- How is the competitive landscape in the global artificial intelligence in supply chain market?
- What are the different strategies adopted by the major players in the global artificial intelligence in supply chain market?
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