A recent report published by Infinium
Global Research on AI in logistics market provides in-depth analysis of
segments and sub-segments in the global as well as regional AI in logistics
market. The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional AI in logistics market over the short
term as well as long term. The report is a comprehensive presentation of
trends, forecast and dollar values of global AI in logistics market. According
to the report, the global AI in logistics market is projected to grow at a CAGR
of 24% over the forecast period of 2021-2027.
With the development in
technologies, the logistic industry has gone through several transformations
over the past few years. The advancements in the technologies such as
automation, robotics, and connected devices have changed the way the logistics
sector operates. AI is one of the prominent technologies which is being
deployed across machinery and management systems. By using AI in the industry,
logistics activities become more efficient and streamlined. Logistics providers
use AI to automate their business functions and offer a better experience to
their clients. Moreover, features offered by AI such as speech recognition,
machine learning, planning, and problem-solving capabilities help logistic
companies to reduce errors, and improve operational efficiencies. The market
players in the AI in the logistics market are offering innovative solutions to
the customers, enabling logistics companies to make accurate predictions and
improve their performance.
The outbreak of the Covid-19
pandemic had a serious impact on the logistics industry across the world.
Several industries were compelled to reduce or stop their production activities
during the pandemic owing to the government restrictions, and concerns over
contracting the infection. The lower production and high losses incurred by the
end-users resulted in dropped demand for AI in logistics. Moreover, the market
was affected by the travel bans, ban on freight movement, closure of boundaries
during the pandemic. However, the eCommerce industry registered higher growth
during this crisis, driving the demand for logistics. The logistics companies
adopted different modern technologies such as AI, and IoT to cope up with the
demand from the eCommerce industry. This, in turn, propelled the growth of AI
in logistics during the pandemic. Furthermore, as the pandemic crisis came
under control, the logistics industry was restored to its pre-pandemic
condition. Several logistics companies started to invest in modern technologies
such as AI to prepare for any future crisis, and improve their productivity and
sales. This is expected to boost the market growth over the forecast period.
The growing digitalization in the
logistics industry is driving the growth of AI in logistics. The digitalization
of logistics leads to the generation of a large amount of digital data. With
the help of AI, logistics providers can use the data to improve their
operations. Moreover, AI in logistics allows predictive analysis, error
reduction, scalability, and speed. These advantages of AI in logistics are
further augmenting the market growth. Furthermore, growth in the global
manufacturing industry is driving the demand for AI in logistics. The adoption
of AI in logistics results in the improvement in the overall productivity in
the manufacturing sector. However, the high cost of installment and maintenance
limits the adoption of AI in logistics restraining the growth of the market.
Developments in advanced technologies such as 5G and IoT are expected to offer
growth opportunities to the players in the connected logistics market.
North America accounted for the
largest share in the AI in the logistics market, in terms of region. The
dominance of the US in the field of AI is majorly attributed to the growth of
AI in the logistics market in North America. High investment in AI by the
government and private firms is supporting the market growth in North America.
Moreover, Asia-Pacific is expected to grow at the fastest rate in the global AI
in the logistics market. Asia-Pacific region is the largest manufacturer of
consumer products in the world. Countries such as Thailand, South Korea,
Taiwan, China, and others have a large number of manufacturing facilities.
Thus, the demand for logistics is high in this region, as the manufacturing
sector is a major end-user of logistics. The logistics suppliers use AI to
match the growing demand from the manufacturing sector, in turn, augmenting the
growth of AI in logistics in the Asia Pacific.
The report on global AI in
logistics market covers segments such as offering, technology, application, and
end user. On the basis of offering, the sub-markets include software and
services. On the basis of technology, the sub-markets include machine learning,
natural language processing (NLP), computer vision, and others. On the basis of
application, the sub-markets include asset tracking and management, logistics
and supply chain management, fleet management, warehouse management, and
others. On the basis of end user, the sub-markets include automotive, retail,
healthcare, manufacturing, chemical, and others.
The report provides profiles of
the companies in the market such as IBM Corporation, intel Corporation,
Amazon.com, inc., Alphabet inc., Microsoft Corporation, Oracle Corporation,
NVIDIA Corporation, Transportation Applied intelligence, LLC, Yojee Pte Ltd.,
Pluto7, and Other Companies.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. in
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of AI in logistics market. Moreover, the study highlights current
market trends and provides forecast from 2021-2027. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.