Overview and Scope
Artificial intelligence in logistics refers to the utilization of machine learning (ML) and algorithms to automate and optimize various aspects of the logistics industry. It is used to automate routine tasks, improve efficiency, reduce costs, and make intelligent decisions.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the AI in logistics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ai in logistics 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 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.
Key Industry Players
Major companies operating in the ai in logistics market report are Amazon.com Inc, Alphabet Inc., Microsoft Corporation, DHL International GmbH, United Parcel Service, Inc., FedEx Corporation, CEVA Logistics AG, Intel Corporation, IBM Corporation, Oracle Corporation, Kuehne + Nagel International AG, NVIDIA Corporation, XPO Logistics, Inc., Zebra Technologies, HAVI , Infor, Echo Global Logistics, Symbotic , C3 AI, Turvo Inc., project44 Inc., Wise Systems, Inc., Covariant , Cognitivescale Inc., Slync.io Inc., Transportation Applied Intelligence LLC
The ai in logistics market report table of contents includes:
1. Executive Summary
2. AI In Logistics Market Characteristics
3. AI In Logistics Market Trends And Strategies
4. AI In Logistics Market – Macro Economic Scenario
5. Global AI In Logistics Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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