Cognitive Supply Chain Industry to Reach USD 24.98 Billion by 2030

(MENAFN- P&S Intelligence) According to P&S Intelligence, the cognitive supply chain industry was valued at USD 8,798.2 million in 2023 and is expected to grow to USD 24,982.7 million by 2030, with a projected CAGR of 16.2% over the forecast period.

Cognitive SCM solutions are powerful tools that help reduce losses, optimize distribution channels, and support sustainable practices increasingly adopted by the global business community. This shift allows businesses to achieve their sustainability goals while contributing to a more eco-friendly global supply chain.

The demand for green and efficient supply chain solutions has surged in response to increasing trade. Cognitive supply chain solutions facilitate closed-loop control and comprehensive supervision of complex global networks, streamlining decision-making processes in intricate supply chains. This technology promotes the better use of resources within waste cycles and encourages environmentally friendly practices guided by sustainability.

Supply chain operations are increasingly integrating AI and ML technologies to gain intelligent insights and automate processes. AI-driven demand forecasting, inventory optimization, and dynamic route planning are made possible by analyzing data patterns through predictive analytics.

Key Insights:

Large enterprises dominate the market due to their capacity to invest in advanced technologies like cognitive supply chain solutions.

These companies can implement complete cognitive systems with autonomous decision-making, real-time visibility, and predictive analytics.

Large organizations, often part of the global supply chain, use these technologies to simplify operations, improve decision-making, and reduce risks.

SMEs are expected to experience rapid growth by adopting more affordable and suitable cognitive supply chain solutions.

The machine learning segment is projected to grow at a 16.5% CAGR from 2024 to 2030, capturing the largest market share.

ML-driven solutions enhance data-driven decision-making, reduce costs, boost productivity, and optimize supply chain processes.

On-premises deployment held a significant market share, about 65%, in 2023, offering greater customization for specific business needs.

Integrating cognitive supply chain solutions is easier with on-premises deployment, especially when combined with older technologies.

North America leads the market, expected to contribute around 50% of global revenue by 2030, driven by a focus on efficiency, cost savings, and productivity improvements.

Cognitive supply chain technologies in North America help businesses detect patterns, forecast demand, and optimize logistics, reducing resource use and waste.

Emerging AI and big data are key enablers of cognitive supply chain solutions in the region.

Europe, particularly Germany, the UK, and France, is also rapidly adopting cognitive supply chain management solutions.

Collaboration between technology firms, academic institutions, and business leaders in Europe drives innovation and implementation.

MENAFN11092024005304011875ID1108660412