Study: Global AI in supply chains will reach $6,548M by 2024
North America is expected to have the largest market share in the global AI in supply chain market.
The global artificial intelligence (AI) in supply chain market was valued at approximately $491 million in 2017, and is expected to reach approximately $6,548 million by 2024, at a CAGR of around 44.76% between 2018 and 2024, according to a report published by Zion Market Research, New York.
The report, “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,” reveals the increased popularity of AI can be attributed to the development of computing power and storage, advancements in the algorithm, the emergence of big data and Internet of Things (IoT) and increased use of smart robotics for autonomous vehicles.
Increasing use of computer vision to reduce the time spent on repetitive tasks in supply chains is driving the growth of global AI. Furthermore, growing popularity of warehouse execution systems (WES) software in warehouse management is expected to propel the demand of AI in supply chains for the coming years.
North America is expected to have the largest market share in the global AI in supply chain market. Increasing usage of machine learning platforms in supply chain management by U.S. manufacturers is driving the growth of this market. Furthermore, growing technological partnerships between supply chain management solution providers and AI vendors is expected to boost the adoption of AI in supply chain market in North America.
The European region is expected to show moderate growth for the global AI in supply chain market. The logistics sector is one of the prominent industries in Europe, which generated $1.04 trillion in revenue in 2017. Furthermore, the increasing development of intelligent warehouse management system (WMS) software by European technology providers has boosted the demand for AI in the supply chain systems.
With the largest number of patents related to AI, Asia Pacific is expected to grow at the highest CAGR in the forecast period, with South Korea leading the charge.
Meanwhile, Latin America is expected to witness a significant growth in the AI in supply chain market in the coming years, thanks to competitive agribusiness supply chains and the collaboration between organizations and government-owned enterprises.