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.
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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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The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these regions, North America is expected to have the largest share in the global AI in supply chain market. Increasing use of machine learning platform in supply chain management by the U.S. manufacturers is driving this market’s growth. The U.S. automobile manufacturers manufacture their automobile parts in many countries that need to be sent to distribution centers and dealers. Aera Technology, a U.S.-based technological company, developed supply chain management platform that includes machine learning to find patterns in the 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 the overall efficiency.
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.
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
Global AI in Supply Chain Market: Application Segment Analysis
- Supply Chain Planning
- Warehouse Management
- Virtual Assistant
- Fleet Management
- Risk Management
Global AI in Supply Chain Market: Vertical Segment Analysis
- Food and Beverages
Global AI in Supply Chain Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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