According to a recent market research report titled "AI in Supply Chain Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, RPA, Others), Deployment Mode, Application (Demand Forecasting, Warehouse Management, Others), End-use Industry (Manufacturing, Retail, F&B, Others) & Geography—Forecasts to 2031," the global AI in supply chain market is set to achieve a significant milestone, projected to reach $58.55 billion by 2031, growing at an impressive CAGR of 40.4% during the forecast period from 2024 to 2031.

The integration of artificial intelligence in supply chains is ushering in a new era of industrial transformation. AI empowers businesses to automate various tasks, predict demand, optimize logistics, manage inventory, and monitor supply chain security and compliance. It also plays a crucial role in reducing waste and conserving resources by ensuring timely availability of the right products at the right locations.

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Market Growth Drivers and Challenges

The market's growth is driven by the increasing incorporation of AI in supply chain operations and the rising demand for enhanced visibility and transparency within supply chains. However, the market's expansion is tempered by the high costs associated with procuring and operating AI-based supply chain solutions and the lack of necessary supporting infrastructure.

Key Market Segments

  • By Offering: The market is segmented into hardware, software, and services. In 2024, the hardware segment is anticipated to hold the largest share, driven by advancements in data center capabilities and the increasing demand for storage hardware for AI applications. For instance, Intel Corporation recently launched its 4th Gen Intel Xeon Scalable processors, offering significant improvements in data center performance, efficiency, security, and AI capabilities.
  • By Technology: The machine learning segment is expected to dominate the market in 2024, accounting for 63.0% of the market share. This is due to the growing deployment of machine learning solutions, which allow tasks to be performed without human intervention, and the rapid adoption of cloud-based technologies across various industries.
  • By Deployment Mode: Cloud-based deployments are forecasted to capture the larger share of the market by 2024, driven by the increasing flexibility and affordability of cloud-based solutions, particularly among small and medium-sized enterprises.
  • By Application: Demand forecasting is projected to lead the market in 2024, holding a 25.2% share. This is attributed to the growing integration of AI in supply chain solutions, changing customer behaviors, and the need for accuracy and resilience in supply chains.
  • By End-use Industry: The manufacturing sector is expected to hold the largest market share in 2024, due to the growing number of manufacturing companies, initiatives to integrate AI in supply chains, and the focus on achieving supply chain accuracy and resilience.

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Regional Insights

The Asia-Pacific region is expected to dominate the AI in supply chain market in 2024, accounting for a 36.9% share. This growth is fueled by rapid digitalization, the rise of Industry 4.0, and the increasing adoption of advanced technologies across industries.

Key Players

Prominent companies operating in the AI in supply chain market include IBM Corporation (U.S.), SAP SE (Germany), Microsoft Corporation (U.S.), Google LLC (U.S.), Amazon Web Services, Inc. (U.S.), Intel Corporation (U.S.), NVIDIA Corporation (U.S.), Oracle Corporation (U.S.), and others.

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