AI supply chain market to hit more than $10bn by 2025
The artificial intelligence in supply chain market is likely to grow at a CAGR of 45.55% between 2018 and 2025, to a value pf more than $10bn, according to a new report.
Research conducted by ReportLinker found that the artificial intelligence in supply chain market is expected to reach $10.1bn by 2025 from $730.6mn in 2018, at a CAGR of 45.55%.
Growth in this market can largely be attributed to factors such as growing big data, demand for greater visibility and transparency into supply chain data and processes, and adoption of AI for improving consumer services and their satisfaction.
On the other hand, the limited number of artificial intelligence technology experts is expected to restrict adoption, which in turn may limit market growth to a certain extent.
The market for software offerings is expected to hold a largest share during the forecast period.
The artificial intelligence in supply chain market for software offerings is expected to hold a larger share. The continuous developments have been witnessed in AI software and related software development kits.
Also, AI software is capable of behaving intelligently. Creating intelligent software involves simulating a number of capabilities, which include reasoning, learning, problem-solving, perception, and knowledge representation.
The market for computer vision technology is expected to register the highest growth during the forecast period.
The market for computer vision technology is expected to grow at the highest CAGR during the forecast period. The growing adoption of computer vision for autonomous or semiautonomous applications in various industries, such as manufacturing and automotive, is propelling the growth of this technology in the AI market.
North America is expected to dominate the artificial intelligence in supply chain market during the forecast period. North America is notable for its high adoption of artificial intelligence. The increasing demand for intelligent virtual assistants acts as a driving force for the growth of the artificial intelligence in supply chain market in the region.
The market in North America is also characterised by high infrastructure costs and strict policies and regulatory frameworks.
Companies such as IBM (US), Google (US), Microsoft (US), NVIDIA (US), Intel (US), and Amazon (US) are complementing the growth of the market in this region.