London, June 03, 2020 (GLOBE NEWSWIRE) -- Artificial intelligence has emerged as the most potent technologies over the past few years, that is transitioning the landscape of almost all industry verticals. Although enterprise applications based on AI and machine learning (ML) are still in the nascent stages of development, they are gradually beginning to drive innovation strategies of the business.
In the supply chain and logistics industry, artificial intelligence is gaining rapid traction among industry stakeholders. Players operating in the supply chain and logistics industry are increasingly realizing the potential of AI to solve the complexities of running a global logistics network. Adoption of artificial intelligence in the supply chain is routing a new era or industrial transformation, allowing the companies to track their operations, enhance supply chain management productivity, augment business strategies, and engage with customers in digital world.
The artificial intelligence in supply chain market is expected to grow at a CAGR of 45.3% from 2019 to 2027 to reach $21.8 billion by 2027. The growth in this market is mainly driven by rising awareness of artificial intelligence and big data & analytics and widening implementation of computer vision in both autonomous & semi-autonomous applications. In addition, consistent technological advancements in the supply chain industry, rising demand for AI-based business automation solutions, and evolving supply chain complementing growing industrial automation are further offering opportunities for vendors providing AI solutions in the supply chain industry. However, high deployment and operating costs and lack of infrastructure hinder the growth of the artificial intelligence in supply chain market.
In this study, the global AI in supply chain market is segmented on the basis of component, application, technology, end user, and geography.
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Based on component, AI in supply chain market is broadly segmented into hardware, software, and services. The software segment commanded the largest share of the overall AI in supply chain market in 2019. This can be attributed to the increasing demand for AI-based platforms and solutions, as they offer supply chain visibility through software, which include inventory control, warehouse management, order procurement, and reverse logistics & tracking.
Based on technology, AI in supply chain market is broadly segmented into machine learning, computer vision, natural language processing, and context-aware computing. In 2019, the machine learning segment commanded the largest share of the overall AI in supply chain market. This growth can be attributed to the growing demand for AI-based intelligent solutions; increasing government initiatives; and the ability of AI solutions to efficiently handle and analyze big data and quickly scan, parse, and react to anomalies
Based on application, AI in supply chain market is broadly segmented into supply chain planning, warehouse management, fleet management, virtual assistant, risk management, inventory management, and planning & logistics. In 2019, the supply chain planning segment commanded the largest share of the overall AI in supply chain market. The growth of this segment can be attributed to the increasing demand for enhancing factory scheduling & production planning and the evolving agility and optimization of supply chain decision-making. In addition, digitizing existing processes and workflows to reinvent the supply chain planning model is also contributing to the growth of this segment.
Based on end user, artificial intelligence in supply chain market is broadly segmented into manufacturing, food & beverage, healthcare, automotive, aerospace, retail, and consumer packaged goods sectors. The retail sector commanded the largest share of the overall AI in supply chain market in 2019. This can be attributed to the increase in demand for consumer retail products.
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Based on geography, the global artificial intelligence in supply chain market is categorized into five major geographies, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2019, North America commanded for the largest share of the global artificial intelligence in supply chain market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The large share of the North American region is attributed to the presence of developed economies focusing on enhancing the existing solutions in the supply chain space, and the existence of major players in this market along with a high willingness to adopt advanced technologies.
On the other hand, the Asia-Pacific region is projected to grow at the fastest CAGR during the forecast period. The high growth rate is attributed to rapidly developing economies in the region; presence of young and tech-savvy population in this region; and growing proliferation of internet of things (IoT); rising disposable income; increasing acceptance of modern technologies across several industries including automotive, manufacturing, and retail; and broadening implementation of computer vision technology in numerous applications. Furthermore, the growing adoption of AI-based solutions and services among supply chain operations, increasing digitalization in the region, and improving connectivity infrastructure are also playing a significant role in the growth of this market in the region.
The global AI in supply chain market is fragmented in nature and is characterized by the presence of several companies competing for the market share. Some of the leading companies in the artificial intelligence in supply chain market are from the core technology background. These include IBM Corporation (U.S.), Microsoft Corporation (U.S.), Google LLC (U.S.), and Amazon.com, Inc. (U.S.). These companies are leading the market owing to their strong brand recognition, diverse product portfolio, strong distribution & sales network, and strong organic & inorganic growth strategies. The other key players in the global artificial intelligence in supply chain market are Intel Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), Samsung (South Korea), LLamasoft, Inc. (U.S.), SAP SE (Germany), General Electric (U.S.), Deutsche Post DHL Group (Germany), Xilinx, Inc. (U.S.), Micron Technology, Inc. (U.S.), FedEx Corporation (U.S.), ClearMetal, Inc. (U.S.), Dassault Systèmes (France), and JDA Software Group, Inc. (U.S.), among others.
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