Dublin, Aug. 20, 2024 (GLOBE NEWSWIRE) -- The "Global AI in Supply Chain Market Size, Share, Forecast, & Trends Analysis by Offering, Technology, Deployment Mode, Application, End-use Industry, and Geography - Forecasts to 2031" report has been added to ResearchAndMarkets.com's offering.
The AI in supply chain market is projected to reach $58.55 billion by 2031, at a CAGR of 40.4% from 2024 to 2031
This research report provides in-depth analysis of AI in supply chain market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031. The growth of this market is driven by the increasing incorporation of artificial intelligence in supply chain operations and the rising need for greater visibility & transparency in supply chain processes. However, the high procurement and operating costs of AI-based supply chain solutions and the lack of supporting infrastructure restrain the growth of this market.
In 2024, Asia-Pacific is expected to account for the largest share of the global AI in supply chain market. The large market share of this region is attributed to the rapid pace of digitalization and modernization across industries, the advent of Industry 4.0, and the growing adoption of advanced technologies across various businesses.
Moreover, the Asia-Pacific region is projected to record the highest CAGR during the forecast period. The growth of this market is driven by the proliferation of advanced supply chain solutions, the rising deployment of AI tools across the region, and efforts by major market players to implement AI technology across various sectors.
Furthermore, the growing demand for AI-based business automation solutions is expected to generate growth opportunities for the players operating in this market. However, performance issues in integrating data from multiple sources and data security & privacy concerns are major challenges impacting market growth. Additionally, the rising demand for cloud-based supply chain solutions is a prominent trend in the AI in supply chain market.
Based on offering, the global AI in supply chain market is segmented into hardware, software, and services. In 2024, the hardware segment is expected to account for the largest share of the global AI in supply chain market. The large market share of this segment is attributed to advancements in data center capabilities, the growing need for storage hardware due to increasing storage requirements for AI applications, the crucial need for constant connectivity in the supply chain operations, and the emphasis on product development and enhancement by manufacturers.
However, the software segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by the rising focus on product development and the enhancement of supply chain software, and the benefits offered by supply chain software in facilitating supply chain visibility and centralized 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 2024, the machine learning segment is expected to account for the largest share of the global AI in supply chain market. The large market share of this segment is attributed to the advancements in data center capabilities, increasing deployment of machine learning solutions and its ability to perform tasks without relying on human input, and the rapid adoption of cloud-based technology across several industries.
However, the robotic process automation segment is expected to record the highest CAGR during the forecast period. This segment's growth is driven by the increased adoption of RPA across various industries and the rising demand for automating business processes to meet heightened customer expectations.
Based on deployment mode, the global AI in supply chain market is segmented into cloud-based deployments and on-premise deployments. In 2024, the cloud-based deployments segment is expected to account for the larger share of the global AI in supply chain market. The large market share of this segment is attributed to the increasing avenues for cloud-based deployments, the superior flexibility and affordability offered by cloud-based deployments, and the increasing adoption of cloud-based solutions by small & medium-sized enterprises.
Moreover, the cloud-based deployments segment is expected to record the highest CAGR during the forecast period. The rapid development of new security measures for cloud-based deployments is expected to drive this segment's growth 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 2024, the demand forecasting segment is expected to account for the largest share of the global AI in supply chain market. The large market share of this segment is attributed to the rising initiatives to integrate AI capabilities in supply chain solutions, dynamic changes in customer behaviors and expectations, and the rising need to achieve accuracy and resilience in the supply chain.
However, the real-time supply chain visibility segment is expected to record the highest CAGR during the forecast period. This segment's growth is driven by the rising integration of AI capabilities into supply chains to obtain real-time data on them.
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 2024, the manufacturing segment is expected to account for the largest share of the global AI in supply chain market. The large market share of this segment is attributed to the increasing number of manufacturing companies, favorable initiatives to integrate artificial capabilities in the supply chain, and the increasing focus on achieving accuracy and resilience in the supply chain among manufacturers.
However, the retail segment is expected to record the highest CAGR during the forecast period. This segment's growth is driven by the rising integration of AI capabilities in the retail supply chain to forecast inventory and demand and retailers' growing focus on meeting consumer expectations.
Market Insights
Factors Affecting Market Growth
- Increasing Incorporation of AI in Supply Chain Operations Driving Market Growth
- Rising Need for Greater Visibility & Transparency in Supply Chain Processes Driving the Demand for AI-based Solutions
- High Procurement & Operating Costs Limiting the Adoption of AI-based Supply Chain Solutions
- Lack of Supporting Infrastructure Restricting the Implementation of AI-based Supply Chain Solutions
- Growing Demand for AI-Based Business Automation Solutions Generating Growth Opportunities for Market Players
- Data Security & Privacy Concerns Impacting the Acceptance of AI-based Supply Chain Solutions
- Performance Issues in Integrating Data From Multiple Sources Leading To Inaccurate Business Insights
Trends
- Rising Demand for Cloud-Based Supply Chain Solutions
Companies Featured
- IBM Corporation (U.S.)
- SAP SE (Germany)
- Microsoft Corporation (U.S.)
- Google LLC (U.S.)
- Amazon Web Services Inc. (U.S.)
- Intel Corporation (U.S.)
- NVIDIA Corporation (U.S.)
- Oracle Corporation (U.S.)
- C3.ai Inc. (U.S.)
- Samsung SDS CO. Ltd. (South Korea)
- Coupa Software Inc. (U.S.)
- Micron Technology Inc. (U.S.)
- Advanced Micro Devices Inc. (U.S.)
- FedEx Corporation (U.S.)
- Deutsche Post DHL Group (Germany)
Scope of the report:
AI in Supply Chain Market Assessment, by Offering
- Hardware
- Processors
- Networking
- Storage
- Software
- Services
- Deployment & Integration Services
- Support & Maintenance Services
- Consulting Services
- Connectivity Services
AI in Supply Chain Market Assessment, by Technology
- Machine Learning
- Computer Vision
- Natural Language Processing
- Context-aware Computing
- Robotic Process Automation
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
- Supply Chain Planning
- Warehouse Management
- Fleet Management
- Inventory Management
- Real-time Supply Chain Visibility
- Other Applications
AI in Supply Chain Market Assessment, by End-Use Industry
- Manufacturing
- Food and Beverage
- Healthcare & Pharmaceuticals
- Automotive
- Retail
- Building & Construction
- Medical Devices & Consumables
- Aerospace & Defense
- 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 the Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/nbs74c
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
