Nov 14, 2019 (AB Digital via COMTEX) -- Market Scope
The global artificial intelligence (AI) in supply chain market was worth USD 545 million in 2017 and can reach a valuation of USD 3-4 billion by 2023, suggests Market Research Future (MRFR). The market also seems to have the potential to record a growth rate of 37% during the forecast period (2018-2023).
Top Drivers and Primary Challenges
Over the years, the demand for artificial intelligence has risen phenomenally given the host of advantages it offers to the users. Increasing use of big data, elevated demand for greater transparency as well as visibility into supply chain data and processes, and rising need to improve consumer services are some prominent factors benefiting the AI in supply chain market.
The market growth is also the result of increasing applicability of AI in several industries and growing industrialization across the globe. With the high use of technologies like machine learning (ML), context-aware computing and computer vision as well as natural language processing (NLP), the demand for AI in supply chain has gotten a major boost and has led to market growth.
High adoption of computer vision in semiautonomous or autonomous applications across various industries like manufacturing and automotive are expected to drive market growth. Rising popularity of warehouse execution systems (WES) software for warehouse management can also induce market growth.
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The global AI in supply chain market has been analyzed, considering the segments like component, technology, deployment, application, and end-users.
Component-based segments in the market are hardware and software. Hardware segment includes memory, network, and processors. Processors segment consists of GPU, CPU, ASIC, and FPGA.
Technology-wise, the segments are natural language processing, machine learning, computer vision, and context-aware computing.
Given the deployment segment, the market has been split into on-premise, on-cloud, and hybrid.
The applications covered in the report are warehouse management, fleet management, logistics & shipping, supply chain planning, risk management, supplier relationship management, among others.
The market, with respect to end-users, comprises automotive, aerospace, manufacturing, retail, consumer electronics, food & beverage, and others.
LLamasoft, Inc., Intel Corporation, Xilinx, Inc., Samsung Electronics, Microsoft Corporation, Micron Technology, Nvidia Corporation, Amazon, Oracle Corporation, IBM Corporation, SAP SE, Logility Inc., are some of the leading companies shaping the worldwide artificial intelligence (AI) in supply chain market.
The Artificial Intelligence (AI) in Supply Chain Market has been thoroughly analyzed, with respect to regions of North America (the U.S, Canada, and Mexico), Asia Pacific (India, Japan, China, Singapore among others), Europe (Germany, U.K, France, Spain, Italy, among others), and the Rest of the World (RoW), which includes South America, Africa, and the Middle East).
North America has the highest chance of acquiring the top spot in the worldwide AI in supply chain market in the following years. It is a highly developed region, in terms of established infrastructure and is an early adopter of the latest technologies. The United States (US) is the top market for AI in supply chain in the region, on account of the rising adoption rate of AI-backed solutions in the supply chain industry as well as retailers for warehouse management.
The APAC market for AI in supply chain comes second to North America and is also projected to achieve the fastest growth rate in the years to come. Rising trend of online shopping with booming e-commerce industry benefits the regional market. E-commerce companies like Flipkart and Amazon have gained immense momentum in recent years, which has led to market growth. The regional market is also growing in response to the on-going advancement in digital and networking with strong backing from government. China is the most lucrative market in the region, while India is estimated to note significant growth in the ensuing years.
Europe is a strong contender in the global AI in supply chain market, owing to the growing use of AI-enabled software as well as cognitive computing algorithms & techniques by automotive and manufacturing industries. Also, surging trend of online purchases in France, Spain, and Germany can drive the market growth during the conjectured timeframe.
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