The Global Artificial Intelligence in the Supply Chain market is projected to grow at a CAGR of around 37.89% during the forecast period, i.e., 2022-27, says MarkNtel Advisors in their recent research report. Some crucial factors for the market growth are the rising investments by the global AI-based services providers, as well as increased incorporation of AI-based services for warehouse automation to enhance the accuracy & security, which has fuelled the demand for AI in the supply chain in the historical years. Furthermore, handling large amounts of data in warehouses is difficult, thus AI-driven systems have proven to be a useful tool for inventory management & productivity improvement.
In addition, one of the most important aspects of supply chain management is demand volatility. Therefore, forecasting demand can assist businesses in producing items in a timely & precise manner. This was crucial, especially during the times of global supply chain disruption due to COVID-19. Hence, the use of artificial intelligence to forecast the demand using a time-series process led to increasing demand for AI in the supply chain.
Moreover, the growing technological advancements in AI-related software development by the leading companies, are expected to escalate the demand for AI in the supply chain in the forthcoming years, and would considerably grow the market during the forecast period, further states the research report “Global Artificial Intelligence in Supply Chain Market Analysis, 2022-2027F”.
Rising Adoption of Cloud Service by SMEs to Aid the Growth of Artificial Intelligence in Supply Chain Market
By deployment type, the market is segmented into On-premise & Cloud. Among them, the Cloud Deployment Type captured an outstanding share in the Global Artificial Intelligence in the Supply Chain market during the historical period. The growing use of cloud services by Small & Medium Enterprises has been a significant driver of market expansion (SMEs). Additionally, the market is developing due to enterprises' increased preference for cloud-based services & the provision of digital transformation services to attain scalability & cost-effectiveness.
Furthermore, cloud-based services offer quick & real-time access to data that helps in enhancing customer satisfaction & can be accessed from anywhere, enabling the users to view all the details. Therefore, the cloud decreases the IT expenditure by eliminating the costs associated with purchasing, managing, and maintaining on-premises hardware & application infrastructure. Consequently, the demand for cloud security for the public cloud has been observed to increase rapidly in the coming years.
Integration of AI, IoT, and Cloud Computing in Supply Chain Management to Positively Contribute to the Market Growth
Geographically, North America held a considerable growth in the Global Artificial Intelligence in Supply Chain Market during the historical period, owing to the presence of developed economies focusing on improving existing supply chain solutions & the presence of major IT players in the region. In addition, the regional countries such as the US & Canada have a high willingness to adopt advanced technologies such as AI, IoT, and cloud computing in supply chain management, stimulating the demand for AI-based services for various warehouse operations. Moreover, the massive data collected by the operational tasks in the warehouses have increased the use of AI-driven tools, which would help the owners improve the effectiveness in inventory management, subsequently enhancing productivity & scalability. Hence, the rising technological advancement in warehouse operations is expected to propel the AI-based services in the Supply Chain market in the coming years, reveals MarkNtel Advisors in their research report, "Global Artificial Intelligence in Supply Chain Market Analysis, 2027."
Key Competitors in the Market
According to MarkNtel Advisors, the leading players in the Global Artificial Intelligence in Supply Chain Market are Nvidia Corporation, Google LLC, Intel Corporation, Advanced Micro Devices (AMD), Micron Technology Inc., Cerebras Systems Inc., SAP SE, SAS, Amazon Web Services (AWS), IBM, Microsoft Azure, Oracle, Verizon Communications Inc., AT&T Inc., BT Group, The Nippon Telegraph & Telephone Corporation (NTT), Vodafone Group Plc, Deutsche Telekom AG, Reliance Industries Limited, Cisco Systems, Dell, VMware, Inc., Schneider Electric SE, Qlik, Alteryx, Salesforce, Others.
Key Questions Answered in the Study