Global Artificial Intelligence in Supply Chain Market
Artificial intelligence in supply chain is the integration of artificial intelligence technology in supply chain/logistics operations helping optimize the process and ensuring that the components designed for supply chain work in a smarter mode. Although, currently AI in supply chain has been accepted on a very low-scale but with increasing awareness regarding the significant benefits of this technology, the market will experience a number of revenue generating opportunities in the forecasted period.
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The main factors boosting the market are:
- Demand for greater visibility and transparency in supply chain data and processes: One of the most valuable benefits that AI brings with its adoption is higher transparency and visibility of operations during the entire logistics chain. This result in the end-user attaining higher visibility which can help attain greater satisfaction for the consumers. This transparency throughout the supply chain also helps in identifying the accurate amount of value-addition associated with each stage of supply chain helping reduce the overall costs of the product as there can be no chances of foul play
- Adoption of AI to improve consumer services and satisfaction: Another factor ensuring the market for artificial intelligence for supply chain will experience high growth is the focus of various manufacturers and industries to adopt a wide-range of advanced technologies which can help enhance greater quality of services subsequently ensuring that the customer is highly satisfied with the manufacturer and his product range. This helps the industry in the long-term to build goodwill and establish a healthy name in the market which can help them in their long-term sustainability
The market is segmented on the basis of offering as hardware, software, services; technology as machine learning, NLP, context-aware computing, computer vision; application as fleet management, supply chain planning, warehouse management, virtual assistant, risk management, freight brokerage, others; industry as automotive, aerospace, manufacturing, retail, healthcare, consumer-packaged goods, food & beverages, others.
Some of the recent market developments are as follows:
- In June 2019, FuturMaster announced the availability of a new forecasting solution based on artificial intelligence technology helping the users in better management of their product launches helping companies reach a greater volume of population for their products. The software learns consistently by basing its processes on machine learning algorithms analyzing the various trends prevalent in the market by calculating the consumer behavior and characteristics associated with the products. This software subsequently results in providing the predictive quantity of products over a certain period of time ensuring that the company can meet any vulnerabilities of the market
- In May 2019, LevaData announced the launch of “LevaData NPI”, an extension of the company’s LevaData Cognitive Sourcing Platform. LevaData NPI has been designed for various manufacturing organizations and utilizes AI to ensure that the procurement data is integrated alongside the purchase and sale activities of an enterprise. This solution offering provides greater understanding and knowledge regarding the product’s introduction in the market helping enterprises ensure better quality of launch for their products
“According to Data Bridge Market Research, global artificial intelligence in supply chain market is expected to reach USD 10,787.2 million by 2025, growing at a substantial CAGR during the forecast period of 2018 to 2025”
Some of the major players operating in the market are NVIDIA, IBM, Intel, Xilinx, Samsung Electronics, Micron Technology, Microsoft, Amazon, SAP, Oracle, Logility, LLamasoft, Inc., ClearMetal, Splice Machine, Cainiao Network (Alibaba), FedEx, Deutsche Post AG DHL Fraight AI, C.H.Robinson, E2open, Relex Solution, Teknowlogi, Presenso and many more.
Adoption of cloud-based computing from a number of industries has paved the way for emergence of artificial intelligence technology in these industry verticals. Cloud computing is being focused as the most widely-accepted mode of delivery for artificial intelligence technology as the combination of both these services results in consistent and efficient operations of various business models.