AI in Supply Chain Market to Extend to USD 20 Billion by 2028
Published | 07 March 2022
The growth of global AI in the supply chain market is aided by the rising attention of artificial intelligence, large statistics & analytics, and the widening implementation of computer vision in each autonomous & semi-autonomous program…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global AI in the supply chain market was worth USD 5,610.8 million in 2021 and is projected to reach USD 20,196.6 million by the year 2028, growing at a CAGR of 20.5% over the analysis period of 2022-2028. The growth is attributed to the wide array of benefits experienced as a result of the adoption of AI and IoT. AI is a discreet technology partner that performs its tasks without being asked. In reality, many businesses may utilize AI to estimate product demand, manage transportation, and handle customer relations without realizing it. It's due to, over the last few years, technology vendors have been slowly incorporating more AI into their systems.
Growing Digitization in Emerging Economies Driving Market Growth
Rising digitization of the economies, particularly the emerging ones, is an important market boom riding element. The machines, robots, IoT devices, and programs used within the worldwide supply chain create a deluge of structured and unstructured statistics, this has led to the emergence of advanced artificial intelligence- (AI) and gadget studying-based totally answers, designed to make the experience of all this information and transform it into actionable insights for the industry. AI-powered supply chain technology carries order to the chaos of all this information. AI also empowers businesses to make intelligent predictions, thus playing a significant part in propelling market growth.
Multiple Perks Offered by Artificial Intelligence
The agency’s offering AI-powered smart warehouse products provides a complete, actual-time view of warehouse operations at some point in the entire process. The advantage of making use of AI to complex operational statistics are clear: more advantageous visibility into the supply chain, faster selection-making, decreased cycle instances, predictive evaluation of massive data, improved first-rate, productivity and throughput, greater deliver chain resilience, and the capacity to constantly tweak and improve working tactics primarily based on actual-time insights into system performance. The aforementioned factors play an important part in propelling the growth of global AI in the supply chain market.
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Machine Learning Technology Industry Segment Accounted for Largest Market Share in Global AI in Supply Chain Market
Based on technology, the AI in the supply chain market is broadly segmented into computer vision, natural language processing, machine learning, and context-aware computing. In 2021, the machine learning segment catered the largest share of the overall AI in the supply chain market. With the help of machine learning, AI can perform various difficult tasks as machine learning allows various techniques to mimic the human tasks and install them to AI components. Flexible Vision, for example, has created an AI and machine learning-powered hardware and software platform to aid in the completion of challenging inspection tasks such as correctly recognizing things to be picked by a robot or detecting product defects. Any technician can manage Flexible Vision, regardless of their skill level, demonstrating that installing AI-powered solutions doesn't always require sophisticated technological know-how.
Impact of COVID-19 on The Global AI in supply chain Market
The COVID-19 pandemic has caused the market to drop the most due to the global lockdown, which has resulted in a shortage of raw materials and working professionals. Lockdowns have pushed the world's businesses into chaos. Several of the market's core industries are experiencing a scarcity of investment capital. As a result, there is a decrease in investment in the development of AI solutions. Furthermore, a lack of skilled workers in the workforce has been a major factor in the decline of Artificial Intelligence (AI) in supply chain market sales over time. However, social distancing tactics are projected to expand the chances for AI devices to be used more than ever in the future.
The North America Region Catered the Largest Market Share In The Global AI In Supply Chain Market.
Amidst the global, regional level, North America dominates the AI in the supply chain market and will continue to flourish its trend of dominance during the forecast period owing to the major presence of key players in the region. As developed economies are focusing on improving existing supply chain solutions, Asia-Pacific is expected to grow at a higher rate during the projection period. Due to the presence of a young and tech-savvy population in this region and the growing proliferation of the internet of things (IoT).
The global AI in supply chain market is a fragmented market with numerous players in the market. The key players operating in the Global AI in supply chain market are FedEx, McLane Company, DHL, Amazon, CSX, XPO Logistics, C.H. Robinson, HUB Group, Burrus Logistics, Echo Global Logistics, Universal Logistics Holdings, Havi, Symbiotic, C3, TTEC, Uptake, Coyote Logistics, Zebra Technologies, Epicor Software, and Other prominent players. The key marketing strategies adopted by the players are extensive investments in research and development, new and advanced product launches, collaborations, partnerships, and acquisitions to expand their customer reach.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global AI in supply chain market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global AI in the supply chain market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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