Redding, California, Aug. 22, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘AI in Supply Chain Market by Offering (Hardware, Software, Services), Technology (ML, NLP, Others), Application (Demand Forecasting, Others) Deployment Mode, End-use Industry (Manufacturing, F&B, Retail, Others) & Geography - Forecast to 2030,’ the AI in supply chain market is projected to reach $41.23 billion by 2030, at a CAGR of 38.8% from 2023 to 2030.
The adoption of artificial intelligence in the supply chain is routing a new era of industrial transformation, allowing companies to automate tasks, forecast demand, optimize routes, manage inventory, and even monitor security, compliance, and other supply chain tasks. In addition, AI is used to optimize inventory management, reduce waste, and conserve resources by ensuring that the right products are in the right place at the right time. AI technologies that help optimize supply chains include machine learning, computer vision, natural language processing, context-aware computing, and robotic process automation.
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Some of the factors driving the growth of this market are the increasing incorporation of artificial intelligence in supply chain operations and the rising need for greater visibility and transparency in supply chain processes. However, high procurement and operating costs and the lack of infrastructure restrain the growth of this market.
The global AI in supply chain market is segmented by offering (hardware (processors, storage, and networking), software, and services (deployment & integration services, connectivity services, support & maintenance services, and consulting services)), technology (machine learning, natural language processing, computer vision, robotic process automation, and context-aware computing), deployment mode (on-premise deployments and cloud-based deployments), application (demand forecasting, real-time supply chain visibility, supply chain planning, inventory management, fleet management, warehouse management, and other applications), end-use industry (manufacturing, food and beverage, healthcare & pharmaceuticals, automotive, retail, building & construction, medical devices & consumables, aerospace & defense, and other end-use industries). The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on offering, the global AI in supply chain market is segmented into hardware, software, and services. In 2023, the hardware is expected to account for the largest share of the global AI in supply chain market. However, the software segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by a strong focus on product developments and enhancement of supply chain software, the benefits of supply chain software to help in supply chain visibility, and the ability of supply chain software to centralize operations.
Based on technology, the global AI in supply chain market is segmented into machine learning, computer vision, natural language processing, context-aware computing, and robotic process automation. In 2023, the machine learning segment is expected to account for the largest share of the global AI in supply chain market. However, the robotic process automation segment is expected to record the highest CAGR during the forecast period.
Several players focus on product enhancement to automate repetitive business processes. For instance, in October 2021, Berkshire Grey Inc. (U.S.), the leader in AI-enabled robotic solutions that automate supply chain processes, partnered with Atos (France) to accelerate the automation of supply chain operations. This development aimed to bring Intelligent Enterprise Robotic solutions to retail, transportation, and logistics (RTL) customers, enabling them to overcome strained supply chains. The growth of this segment is driven by higher adoption of RPA across various industries, increasing demand for automation of business processes, and higher customer expectations.
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Based on deployment mode, the global AI in supply chain market is segmented into cloud-based deployments and on-premise deployments. In 2023, the cloud-based deployments segment is expected to account for the larger share of the global AI in supply chain market. Moreover, the cloud-based deployments segment is expected to record the highest CAGR during the forecast period. The rapid evolution of new security avenues for cloud-based deployments is expected to drive the growth of the cloud-based deployments segment in the coming years.
Based on application, the global AI in supply chain market is segmented into demand forecasting, supply chain planning, warehouse management, fleet management, risk management, inventory management, predictive maintenance, real-time supply chain visibility, and other applications. In 2023, the demand forecasting segment is expected to account for the largest share of the global AI in supply chain market.
However, the real-time supply chain visibility segment is expected to record the highest CAGR during the forecast period. Many businesses are integrating AI capabilities to get a real-time picture of supply chains. For instance, in May 2023, Osa Commerce (U.S.), an innovative supply chain technology provider for brands and retailers, partnered with Windward Ltd (Israel), a leading Maritime AI company. The collaboration will allow Osa Commerce to integrate Windward's real-time maritime insights and analytics into its e-commerce solutions, adding to its supply chain visibility and efficiency ecosystem. The growth of this segment is driven by the rising integration of AI capabilities in supply chains to get a real-time picture of supply chains.
Based on end-use industry, the global AI in supply chain market is segmented into manufacturing, food and beverage, healthcare & pharmaceuticals, automotive, retail, building & construction, medical devices & consumables, aerospace & defense, and other end-use industries. In 2023, the manufacturing segment is expected to account for the largest share of the global AI in supply chain market.
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However, the retail segment is expected to record the highest CAGR during the forecast period. Artificial intelligence makes a huge difference in retail supply chain optimization, as there’s a greater need for fast delivery to shops and consumers and an increasing focus on tight inventory control. Artificial intelligence provides various benefits to retailers, such as forecasting and modeling trends using predictive and prescriptive analytics and improving the speed, accuracy, and quality of supplier deliveries. The growth of the retail segment is driven by the rising integration of AI capabilities in the retail supply chain for forecast inventory and demand and the growing focus of retailers to meet consumer expectations.
Based on geography, the AI in supply chain market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global AI in supply chain market. In Asia-Pacific, the level of awareness has increased as governments have come to understand the potential for the advancement of AI in the economy.
Growing advancements in supply chain solutions are leading various businesses to deploy supply chain solutions to adopt advanced decision-making capabilities. For instance, in March 2023, Sabre GLBL Inc. (U.S.), a leading software and technology provider, announced the successful implementation of its Revenue Optimizer and Dynamic Availability solutions at Virgin Australia Airlines Pty Ltd (Australia). Rising supply chain solutions, countries increasing focus on artificial intelligence deployment, and increased collaborative efforts are the key growth drivers for the regional market.
Key Players:
Some of the key players operating in the AI in supply chain market are Intel Corporation (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Google LLC (U.S.), NVIDIA Corporation (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), C3.ai, Inc. (U.S.), SAP SE (Germany), Samsung SDS CO., Ltd. (South Korea), Coupa Software Inc. (U.S.), Micron Technology, Inc. (U.S.), Advanced Micro Devices, Inc. (U.S.), General Electric Company (U.S.), FedEx Corporation (U.S.), and Deutsche Post DHL Group (Germany).
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Scope of the Report:
AI in Supply Chain Market Assessment—by Offering
- Hardware
- Processors
- Storage
- Networking
- Software
- Services
- Deployment & Integration Services
- Connectivity Services
- Support & Maintenance Services
- Consulting Services
AI in Supply Chain Market Assessment—by Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Robotic Process Automation
- Context-aware Computing
AI in Supply Chain Market Assessment—by Deployment Mode
- Cloud-based Deployments
- On-premise Deployments
AI in Supply Chain Market Assessment—by Application
- Demand Forecasting
- Real-time Supply Chain Visibility
- Supply Chain Planning
- Inventory Management
- Fleet Management
- Warehouse Management
- Other Applications
AI in Supply Chain Market Assessment—by End-use Industry
- Manufacturing
- Retail
- Food and Beverage
- Automotive
- Healthcare & Pharmaceuticals
- Medical Devices & Consumables
- Aerospace & Defense
- Building & Construction
- Other End-use Industries
AI in Supply Chain Market Assessment—by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa
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