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.
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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
- Facebook
- Alibaba
- Baidu
- Tencent
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