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Artificial Intelligence (AI) in Supply Chain Market (37 % CAGR) 2018-2023|overview and scope, Industry Outlook

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Nov 13, 2019 (AmericaNewsHour) -- Artificial Intelligence in Supply Chain Market, By Component (Software, Network, Hardware, FPGA, GPU, ASIC), by End-Users (Automotive, Retail, Manufacturing), by Technology (Machine Learning, Natural Language Processing) - Global Forecast till 2023

Market Synopsis

According to MRFR analysis, global AI in supply chain market was valued at USD 545 million in 2017 and is estimated to reach market value of USD 3-4 billion by 2023 growing with 37 % CAGR during forecast period 2018-2023. Increasing trend of online purchase, increasing market growth of E-commerce, increasing growth in big data technology, and high demand for advanced solutions for transparency in supply chain process by key giants such as Amazon, eBay, IBM corporation and others are the prime driving factors for the market. However, lack of technical expertise is expected to restraint the market growth of AI in supply chain in the coming years.

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Increasing adoption of cloud-based software modules by supply chain industry, rising trend of deploying automation solutions by industries into their operations, and growth in industry 4.0 are some of the trends which are creating high potential opportunities for the market in coming years. Whereas, data privacy and lack of connected systems in sectors such as retail and logistics are some of the key challenges faced by the market.

Increasing adoption of connected devices due to advent of IoT has resulted into generation of vast amount of data on the network. According to the statistics published by World Economic forum, 2.5 quintillion bytes of data is being generated every day and around 1 trillion sensors are going to be connected to network by 2022. Development in computing capabilities, and rapidly developing artificial intelligence technologies are taking industrial and commercial market to a new era of technology. Organizations are adopting smart technologies to automate their processes in order to handle such vast amount of generated data. This is also supporting them in making critical business decisions easily, improving their business process by reducing cost, and gaining deeper insights of their distribution and supply channels across the globe.

Segmentation

The global AI in Supply Chain Market is segmented into component, technology, deployment, application, end-users and region.By component, the market is segmented into hardware, and software. Hardware segment is further classified into processors, memory, and network. Processors segment is further sub-segmented into CPU, GPU, FPGA, and ASIC.

By technology, the market is segmented into machine learning, natural language processing, context-aware computing, and computer vision.By deployment, the market is sub-categorized into on-premise, on-cloud, and hybrid.By application, the market is classified into fleet management, warehouse management, supply chain planning, logistics & shipping, supplier relationship management, risk management among others.

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By end-users, the market is sub-divided into aerospace, automotive, retail, manufacturing, food & beverage, consumer electronics, and others.By region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world.

Regional analysis

Market Research Future (MRFR) has covered following countries in regional analysis - U.S, Canada and Mexico AI in Supply Chain Market in North America. Germany, U.K, France, Spain, and Italy AI in Supply Chain Market in Europe. China, Japan, India, and Singapore, in Asia-Pacific. The Middle East & Africa and South America AI in Supply Chain Market in the Rest of the world.

North America is leading the AI in Supply Chain Market in 2017, followed by Asia-Pacific and Europe, respectively. Technological advancement, highly developed infrastructure, and growing technical expertise in artificial intelligence technology are some key factors fueling the integration of AI based solutions in supply chain of the industries in the region.  US is the leading market among Canada and Mexico. Developing market of e-commerce and increasing market growth of retail industry is developing a demand for advanced solutions for logistics and warehouse management. Further, presence of key players such as Amazon, IBM Corporation, and Microsoft corporation among others are increasing the market potential of AI based supply chain in North America.

Asia-Pacific AI in supply chain market is projected to grow with fastest growing CAGR during forecast period. Increasing market penetration of E-commerce supported by increasing trend of online purchase and developing network infrastructure & digital technology are some key factors driving the market growth of AI in supply chain in the region. Also, increasing adoption of machine learning and natural language processing technology by technology developers to serve rising & custom requirements of manufacturing, retail and automotive industry applications is further fueling the market potential of AI in supply chain in the Asia-Pacific region.

Key players

Market Research Future has identified following key players in AI in supply chain market- Nvidia Corporation, IBM corporation, Intel Corporation, Xilinx, Inc., Samsung Electronics, Microsoft Corporation, Micron Technology, SAP SE, Oracle Corporation, Logility, Inc., Amazon, and LLamasoft, Inc. among others.

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