New York, NY, Oct. 31, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Artificial Intelligence (AI) In Supply Chain Market By Technology (Machine Learning, Computer Vision, Natural Language Processing, and Others), By Application (Supply Chain Planning, Warehouse Management, Virtual Assistant, Fleet Management, Risk Management, and Others), By Vertical (Automotive, Manufacturing, Healthcare, Retail, Food and Beverages, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global artificial intelligence (AI) in supply chain market was valued at approximately USD 491 million in 2017 and is expected to reach approximately USD 6,548 million by 2024, at a CAGR of around 44.76% between 2018 and 2024.
The increased popularity of Artificial intelligence (AI) across industries can be attributed to the development of computing power and storage, advancements in the algorithm, and the emergence of big data and IoT (Internet of Things). Increasing use of smart robotics for autonomous vehicles is benefiting the supply chain planning. AI improves the supply chain visibility and risk to trace and predict the possible supply chain interference based on correlations and inputs across multiple data sources, including social media news and weather forecasts.
Browse through 42 Tables & 36 Figures spread over 183 Pages and in-depth TOC on “Global Artificial Intelligence (AI) In Supply Chain Market: By Type, Size, Share, Technology, Applications, Analysis and Forecast, 2017 – 2024”.
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Increasing use of computer vision to reduce the time spent on repetitive tasks in supply chain is driving the growth of global AI in supply chain market. In the supply chain process, a lot of time is wasted on manual checking, especially when it comes to quality control. An automated machine called computer vision can detect good and bad part production, which helps in end-to-end automation. This technology helps to reduce operational costs and increases product accuracy. Rising adoption of automated guided vehicles (AGVs) in supply chain process is further anticipated to boost the AI in supply chain solutions globally. With the development of AI and navigation technologies, such as machine vision and simultaneous localization and mapping, AGVs can enable automated material handling across conventional manufacturing boundaries. However, data security and privacy of IoT devices might hinder the expansion of the global AI in supply chain market. Furthermore, growing popularity of warehouse execution systems (WES) software in warehouse management is expected to propel the demand of the AI in supply chain market across the globe in the coming years. WES makes use of artificial intelligence to make current logistical systems more efficient over time.
AI in supply chain market is segmented based on technology, application, vertical, and region. The technology segment includes machine learning, computer vision, natural language processing, and others. The application segment includes supply chain planning, warehouse management, virtual assistant, fleet management, risk management, and others. The vertical segment includes automotive, manufacturing, healthcare, retail, food and beverages, and others. Among these verticals, the retail segment exhibits a significant growth rate in the AI in supply chain market across the globe. This significant growth in retail analytics is fuelling the demand for AI in supply chain solutions.
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North America is expected to have the largest market share in the global AI in supply chain market. Increasing usage of machine learning platforms in supply chain management by the U.S. manufacturers is primarily driving the growth of this market in North America. The U.S. automobile manufacturers manufacture their various automobile parts in many countries that need to be sent to distribution centers and dealers. For instance, Aera Technology, a U.S.-based technological company, developed supply chain management platform that includes machine learning to find patterns in supply chain data. This platform enables the manufacturer to keep a track of the entire supply chain, with products ranging from small screws to huge engines, and get actionable insights to reduce costs and improve efficiency. Furthermore, growing technological partnerships between supply chain management solution providers and AI vendors is expected to boost the adoption of AI in supply chain market in North America. For instance, the U.S. based Network Company; Infinera Corporation has partnered with supply chain management system providers, such as Intrigo Systems and Splice Machine, to develop their first supply chain AI pilot project by the end of 2018.
The European region is expected to show moderate growth for the global AI in supply chain market. Booming logistics sector in Europe has driven the growth of AI in supply chain market in the region. Logistics sector is one of the prominent industries in Europe, which generated USD 1.04 Trillion in revenue in 2017. Furthermore, the increasing development of intelligent warehouse management system (WMS) software by European technology providers has boosted the demand for AI in the supply chain systems in Europe. For instance, a Switzerland-based automation solution provider, Swisslog, has developed the intelligent WMS software that can be used in intra-logistics systems to improve efficiency by optimizing the workflow using data, such as customer ordering behavior.
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With the largest number of patents related to artificial intelligence, Asia Pacific is expected to grow at the highest CAGR in the forecast period. South Korea is expected to drive the AI in supply chain market in this region. According to South Korea’s Institute for Information & Communications Technology Promotion, South Korea had the third most patents related to artificial intelligence after the U.S. and Japan from 2005 to 2017. Growing adoption of the Natural Language Processing (NLP) technology in retail supply chain further boosts the demand for AI in supply chain solutions in the Asia Pacific region. NLP analyzes customers’ behavior and improves their experience within stores.
Latin America is expected to witness a significant growth in the AI in supply chain market in the coming years. The region has competitive agribusiness supply chains, such as the Colombian rose, the Chilean and the Argentinean wine, and Brazilian meat and grain supply chains, which are strong players in the global markets. Hence, the need for AI in supply chain for agribusiness will surge the demand of this market in Latin America. Furthermore, the collaboration between organizations and government-owned enterprises in South Africa to optimize effective supply chain system is propelling the growth of AI in supply chain market in the Middle East and Africa.
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Major players operating in the AI in supply chain market are Nvidia, Xilinx, Inc., Samsung Electronics, Intel Corporation, IBM, Microsoft Corporation, Amazon, Oracle Corporation, Cisco Systems, Google Inc., SAP SE, and LLamasoft, Inc., among others.
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This report segments the global AI in supply chain market as follows:
Global AI in Supply Chain Market: Technology Segment Analysis
- Machine Learning
- Computer Vision
- Natural Language Processing
- Others
Global AI in Supply Chain Market: Application Segment Analysis
- Supply Chain Planning
- Warehouse Management
- Virtual Assistant
- Fleet Management
- Risk Management
- Others
Global AI in Supply Chain Market: Vertical Segment Analysis
- Automotive
- Manufacturing
- Healthcare
- Retail
- Food and Beverages
- Others
Global AI in Supply Chain Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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