The AI In Logistics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s AI In Logistics Global Market Report 2024, The ai in logistics market size has grown exponentially in recent years. It will grow from $12.21 billion in 2023 to $18.01 billion in 2024 at a compound annual growth rate (CAGR) of 47.5%. The growth in the historic period can be attributed to increasing complexity in supply chain networks, rising demand for real-time logistics solutions, advancements in ai and machine learning technologies, growing e-commerce sector, need for efficiency and cost optimization in logistics operations.
The ai in logistics market size is expected to see exponential growth in the next few years. It will grow to $83.26 billion in 2028 at a compound annual growth rate (CAGR) of 46.6%. The growth in the forecast period can be attributed to expansion of autonomous vehicles and drones in logistics, rising demand for predictive analytics in supply chain management, growth of smart warehouses and fulfillment centers, integration of blockchain technology for transparent and secure transactions, increasing focus on sustainability and green logistics. Major trends in the forecast period include adoption of ai-powered route optimization for delivery fleets, development of ai chatbots for customer service and support, emergence of predictive maintenance solutions for logistics assets, utilization of ai for demand forecasting and inventory management, implementation of ai-enabled risk management systems for supply chain resilience.
The rising growth of the e-commerce sector is expected to propel the growth of the AI in logistics market going forward. E-commerce refers to the buying and selling of goods or services over the internet and the transfer of data and funds to complete the transactions. The adoption of AI in logistics helps e-commerce businesses streamline their operations and improve efficiency, leading to benefits such as route optimization, supply chain optimization, and personalized shopping recommendations. For instance, in September 2022, according to the International Trade Administration, a US-based department of commerce, consumer e-commerce now made up 30% of the UK’s overall retail sector (up from 20% in 2020), with an annual e-commerce revenue of more than $120 billion. Further, in 2021, 82% of people in the UK will have made at least one online purchase. Therefore, the rising growth of the e-commerce sector is driving the growth of the AI in logistics market.
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The ai in logistics market covered in this report is segmented –
1) By Offering: Software, Services
2) By Technology: Machine Learning, Natural Language Processing, Context Awareness Computing, Computer Vision
3) By Application: Self-driving Vehicles And Forklifts, Planning And Forecasting, Machine And Human Collaboration, Automation Of Ordering And Processing
4) By Industry Vertical: Automotive, Food And Beverages, Manufacturing , Healthcare, Retail
Major companies operating in the AI in logistics market are focusing on introducing technologically advanced solutions, such as AI-powered supply chain management and orchestration solutions, to increase their profitability in the market. AI-powered supply chain management and orchestration solutions leverage artificial intelligence to streamline and optimize various aspects of the supply chain. For instance, in December 2023, Blue Yonder, an India-based digital supply chain management solutions company, launched Blue Yonder Orchestrator, a new generative AI tool that simplifies supply chain management and orchestration. This new feature combines large language models (LLMs), cloud data, and prompt engineering to recommend supply chain decisions. This AI-powered solution gives business users instant access to advice, forecasts, and intelligent decisions, so they can make the best choices possible and have a positive impact on their supply chain. With so many professionals finding it difficult to retain institutional knowledge in today’s supply chain environment, Blue Yonder Orchestrator can be a useful supply chain assistant that helps businesses enhance intuition by leveraging the value of data to make decisions more quickly and effectively.
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