Artificial Intelligence (AI) in Supply Chain Market to Grow at a CAGR of 45.3% to Reach $21.8 billion by 2027, Largely Driven by the Consistent Technological Advancements in the Supply Chain Industry – Meticulous Research®

London, March 11, 2020 (GLOBE NEWSWIRE) — The Artificial Intelligence (AI) in supply chain market is expected to grow at a CAGR of 45.3% from 2019 to 2027 to reach $21.8 billion by 2027.Artificial intelligence has emerged as the most potent technologies over the past few years, that is transitioning the landscape of almost all industry verticals. Although enterprise applications based on AI and Machine Learning (ML) are still in the nascent stages of development, they are gradually beginning to drive innovation strategies of the business.Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5064In the supply chain and logistics industry, artificial intelligence is gaining rapid traction among industry stakeholders. Players operating in the supply chain and logistics industry are increasingly realizing the potential of AI to solve the complexities of running a global logistics network. Adoption of artificial intelligence in the supply chain is routing a new era or industrial transformation, allowing the companies to track their operations, enhance supply chain management productivity, augment business strategies, and engage with customers in digital world.The growth in the AI in supply chain market is mainly driven by rising awareness of artificial intelligence and big data & analytics and widening implementation of computer vision in both autonomous & semiautonomous applications. In addition, consistent technological advancements in the supply chain industry, rising demand for AI-based business automation solutions, and evolving supply chain complementing growing industrial automation are further offering opportunities for vendors providing AI solutions in the supply chain industry. However, high deployment and operating costs and lack of infrastructure hinder the growth of the artificial intelligence in supply chain market.In this study, the global artificial intelligence(AI) in supply chain market is segmented on the basis of component, application, technology, end user, and geography.Based on component, AI in supply chain market is broadly segmented into hardware, software, and services. The software segment commanded the largest share of the overall AI in supply chain market in 2019. This can be attributed to the increasing demand for AI-based platforms and solutions, as they offer supply chain visibility through software, which include inventory control, warehouse management, order procurement, and reverse logistics & tracking.Based on technology, AI in supply chain market is broadly segmented into machine learning, computer vision, natural language processing, and context-aware computing. In 2019, the machine learning segment commanded the largest share of the overall AI in supply chain market. The growth in this market can be attributed to the growing demand for AI based intelligent solutions; increasing government initiatives; and the ability of AI solutions to efficiently handle and analyze big data and quickly scan, parse, and react to anomalies.Based on application, AI in supply chain market is broadly segmented into supply chain planning, warehouse management, fleet management, virtual assistant, risk management, inventory management, and planning & logistics. In 2019, the supply chain planning segment commanded the largest share of the overall AI in supply chain market. The growth of this segment can be attributed to the increasing demand for enhancing factory scheduling & production planning and the evolving agility and optimization of supply chain decision-making. In addition, digitizing existing processes and workflows to reinvent the supply chain planning model is also contributing to the growth of this segment.To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/artificial-intelligence-ai-in-supply-chain-market-5064/