Overview and Scope
Artificial intelligence (AI) in inventory management refers to using AI methods and tools to streamline supply chain processes related to inventory handling, tracking, and organization. It is used in various ways to optimize inventory management, including demand forecasting, real-time monitoring, smart replenishment, and inventory optimization.
Sizing and Forecast
The AI in inventory management market size has grown exponentially in recent years. It will grow from $5.70 billion in 2023 to $7.38 billion in 2024 at a compound annual growth rate (CAGR) of 29.5%. The growth in the historic period can be attributed to enhanced customer experience, data-driven decision making, increased adoption of digital solutions, increased productivity, dynamic reorder point adjustments.
The AI in inventory management market size is expected to see exponential growth in the next few years. It will grow to $20.98 billion in 2028 at a compound annual growth rate (CAGR) of 29.8%. The growth in the forecast period can be attributed to rising number of retail stores, growing importance and potential impact of AI, growing business needs, increasing complexity and volatility of supply chains, increasing availability of data. Major trends in the forecast period include technological advancements, blockchain integration, integration of augmented reality, demand for AI-driven robots in warehouses, AI-based inventory forecasting.
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Segmentation & Regional Insights
The ai in inventory management market covered in this report is segmented –
1) By Offering: Solutions, Services
2) By Deployment: Cloud, On-premise
3) By Technology: Machine Learning, Natural Language Processing, Context Awareness, Computer Vision, Other Technologies
4) By Application: Intelligent Robotic Sorting Or Visual Inspection, Warehouse Management, Supply Chain Planning, Risk Management Or Network Management, Freight Brokerage, Fleet Management, Intelligent Route Optimization, Predictive Demand And Capacity Planning, Other Applications
5) By End-User Industries: Retail, Healthcare, Automotive, Oil And Gas, Aerospace And Defense, Other End-Use Industries
North America was the largest region in the AI in inventory management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in inventory management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising number of retail stores is expected to propel the growth of the AI in inventory management market going forward. Retail stores refer to establishments where goods are sold to consumers directly in relatively small quantities for their consumption or use. The rising number of retail stores is due to online and offline shopping, economic conditions, consumer preferences, and strategic business decisions. AI in inventory management can significantly improve operational efficiency, reduce costs, and enhance the overall customer shopping experience with retail stores. For instance, in January 2024, according to the National Association of Convenience Stores, a US-based trade association, the number of convenience stores operating in the United States until 2024 had risen to 152,396, reflecting a 1.5% growth compared to the previous year’s count. Therefore, the rising number of retail stores is driving the growth of the AI in inventory management market.
Key Industry Players
Major companies operating in the AI in inventory management market report are Walmart Inc.; Amazon.com Inc.; Microsoft Corporation; United Parcel Service Inc.; FedEx Corporation; A.P. Moller-Maersk Group; Siemens AG; Hitachi Ltd.; Intel Corporation; Accenture Plc; International Business Machines Corporation; Cisco Systems Inc.; Deloitte Touche Tohmatsu Limited; Oracle Corporation; PricewaterhouseCoopers International Limited; Schneider Electric SE; Honeywell International Inc.; KPMG International Cooperative; SAP SE ; Tata Consultancy Services Limited; NVIDIA Corporation; Capgemini SE; Cognizant Technology Solutions Corporation; Infosys Limited; Wipro Limited
The ai in inventory management market report table of contents includes:
- Executive Summary
- AI in Inventory Management Market Characteristics
- AI in Inventory Management Market Trends And Strategies
- AI in Inventory Management Market – Macro Economic Scenario
- Global AI in Inventory Management Market Size and Growth
- AI in Inventory Management Market Segmentation
- AI in Inventory Management Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The AI in Inventory Management Market
- AI in Inventory Management Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global AI in Inventory Management Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global AI in Inventory Management Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global AI in Inventory Management Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 76: Walmart Inc. Financial Performance
Table 77: Amazon.com Inc. Financial Performance
Table 78: Microsoft Corporation Financial Performance
Table 79: United Parcel Service Inc. Financial Performance
Table 80: FedEx Corporation Financial Performance
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