LONDON, Nov. 23, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Artificial Intelligence In Supply Chain Global Market Report 2023, the market is poised for exceptional growth, with projections indicating an increase from $2.29 billion in 2022 to $3.39 billion in 2023 at a remarkable Compound Annual Growth Rate (CAGR) of 47.9%. Anticipated to reach $15.07 billion by 2027, the artificial intelligence in supply chain market is set to maintain an impressive CAGR of 45.2%.
Driving Forces: Internet Penetration Fueling Artificial Intelligence In Supply Chain Market Growth
A significant catalyst behind the burgeoning artificial intelligence in supply chain market is the surge in the rate of internet user penetration. The widespread access to the internet has transformed information accessibility within the supply chain, enabling businesses to enhance inventory management, monitor warehouse activity, and predict consumer demand patterns using artificial intelligence. For instance, in Canada, internet usage among individuals aged 15 and older increased from 92% in 2020 to 95% in 2022, as reported by Statistics Canada. This surge in internet usage is driving the adoption of AI in supply chain operations.
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Leading Players and Technological Advancements
Major players in the artificial intelligence in supply chain market include Amazon.com Inc., Google LLC, Samsung Electronics Co Ltd., Microsoft Corporation, and others. A notable trend gaining traction is technological advancements, with companies like project44 launching Movement GPT, the first-ever AI supply chain assistant. Movement GPT utilizes generative AI to revolutionize the supply chain, offering a natural language interface for enhanced data accessibility and shipment control. Acquisitions, such as Panasonic Corporation acquiring Blue Yonder for $8.5 billion, underscore the industry's commitment to advancing AI and machine learning capabilities in supply chain solutions.
Regional Dynamics and Segmentation
North America emerged as the largest region in the artificial intelligence in supply chain market in 2022, while Asia-Pacific is expected to witness the fastest growth in the forecast period.
The artificial intelligence in supply chain market is segmented by offering (Hardware, Software, Services), technology (Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision), application (Fleet Management, Supply Chain Planning, Warehouse Management, and others), and end-user (Automotive, Aerospace, Manufacturing, Retail, Healthcare, and more).
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For businesses seeking to capitalize on the burgeoning artificial intelligence in the supply chain market, this comprehensive report serves as a strategic guide. With insights into market trends, competitive dynamics, and technological advancements, players can make informed decisions to optimize their operations and foster innovation. By leveraging the artificial intelligence in supply chain market report's findings, businesses can position themselves strategically to ride the wave of growth in this transformative sector.
Artificial Intelligence In Supply Chain Global Market Report 2023 by The Business Research Company provides insights on the artificial intelligence in supply chain market size, artificial intelligence in supply chain market segments, artificial intelligence in supply chain market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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