BANGALORE, India, July 15, 2024 /PRNewswire/ — Artificial intelligence (AI) in Supply Chain and Logistics Market is Segmented by Type (Artificial neural networks, Machine Learning), by Application (Inventory control and planning, Transportation network design, Purchasing and supply management, Demand planning and forecasting): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The Global Artificial intelligence (AI) in Supply Chain and Logistics Market was valued at USD 1713 Million in 2023 and is anticipated to reach USD 3377.2 Million by 2030, witnessing a CAGR of 10.1% during the forecast period 2024-2030.
Major Factors Driving the Growth of AI in Supply Chain and Logistics Market:
The market for supply chain and logistics artificial intelligence (AI) is expanding quickly due to the growing demand for operational efficiency and cost reduction. Artificial Intelligence (AI) technology, including robots, machine learning, and predictive analytics, are transforming supply chain operations through improved demand forecasting, inventory management, and decision-making skills. Businesses are using AI to lower operational risks, increase consumer happiness, and obtain real-time insights. Innovations in cloud computing, big data, and IoT are driving this market rise by facilitating real-time data exchange and seamless integration among supply chain networks. Because of this, the application of AI in supply chain and logistics has the potential to revolutionize current paradigms and greatly increase productivity and competitiveness.
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TRENDS INFLUENCING THE GROWTH OF THE AI IN SUPPLY CHAIN AND LOGISTICS MARKET:
Demand planning and forecasting are undergoing a revolution thanks to machine learning algorithms, which analyze enormous datasets to find trends and make very accurate predictions about future demand. Numerous elements are taken into account by these algorithms, including past sales data, market patterns, seasonal variations, and outside variables like economic indicators. Machine learning helps organizations optimize inventory levels, minimize stockouts and overstock situations, and improve production planning by offering accurate demand projections. This promotes the acceptance and expansion of AI in the supply chain and logistics industry by resulting in more effective supply chain operations, cost savings, and increased customer satisfaction.
Because artificial neural networks (ANNs) can interpret complicated and nonlinear relationships inside data, they are a key factor in the evolution of AI in supply chain and logistics. Because they can learn from past data and constantly improve their accuracy, artificial neural networks (ANNs) are excellent at jobs like demand forecasting, route optimization, and anomaly detection. Their capacity to manage substantial information and provide instantaneous insights enables organizations to promptly arrive at well-informed judgments. In the supply chain and logistics industry, the application of ANNs promotes the wider use of AI technologies by increasing operating efficiency, lowering costs, and improving service standards.
Advanced algorithms are used by AI-driven inventory control and planning systems to optimize stock levels and expedite inventory management procedures. To manage ideal inventory levels, these systems evaluate data from a variety of sources, such as lead times, supplier performance, and sales patterns. AI decreases excess inventory, lowers carrying costs, and avoids stockouts by ensuring that the appropriate quantity of stock is accessible at the correct time. The supply chain and logistics industry is seeing a surge in the usage of artificial intelligence (AI) due to the effective inventory management that lowers operating costs and improves supply chain responsiveness.
AI provides data-driven insights and predictive analytics to improve supply chain and logistics decision-making processes. Large-scale data is analyzed by machine learning algorithms in order to spot trends, predict demand, and improve inventory control. Businesses may use AI to make well-informed decisions that lower costs, increase productivity, and improve customer happiness. Predictive analytics minimizes stockouts, reduces surplus inventory, and helps predict swings in demand. This results in more effective supply chain operations, which in turn propels the market for AI-enabled logistics and supply chains to rise.
Automation powered by AI greatly increases productivity and efficiency in supply chain management. Autonomous cars and robotic process automation (RPA) eliminate human error, expedite operations, and simplify repetitive jobs. For example, AI-driven sorting systems and self-governing warehouses facilitate expedited and more precise order fulfillment. The performance of the supply chain as a whole is improved by the greater efficiency, which also results in cost savings and faster reaction times. The increasing use of AI technology in supply chain and logistics is fueling industry development as companies aim for increased efficiency.
Significant cost savings in supply chain and logistics operations are made possible by AI technology. Predictive analytics and automation maximize resource use, cut down on waste, and save operating costs. For instance, production plans may be more accurately aligned with real demand thanks to AI-driven demand forecasting, which also lowers the cost of retaining extra inventory. AI-enabled route optimization for transportation also reduces the amount of fuel used and the cost of transportation. The cost-saving potential of AI in supply chain and logistics becomes an attractive driver for adoption, driving market growth, as businesses want to enhance their bottom line.
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AI IN SUPPLY CHAIN AND LOGISTICS MARKET SHARE ANALYSIS:
Large expenditures in AI research and development, together with early adoption of cutting-edge technologies, are driving the AI supply chain and logistics market in North America. The fast integration of AI solutions in supply chain management is facilitated by the existence of both cutting-edge startups and large IT businesses. The adoption of AI is fueled by the region’s strong focus on increasing operational efficiency, cutting costs, and improving customer experience.
Furthermore, the deployment of AI-driven systems is facilitated by the reliable internet access and well-established infrastructure. The market for artificial intelligence in supply chain and logistics in North America is expected to develop significantly as companies strive to maintain their competitiveness and satisfy the increasing need for quicker and more dependable services.
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By Companies:
- IBM
- GOOGLE INC
- Microsoft Corporation
- Amazon Web Services Inc
- ORACLE CORPORATION
- SAP
- Alibaba
- Baidu
- Tencent
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