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Generative Artificial Intelligence (AI) in Logistics Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Generative artificial intelligence (AI) in logistics market size is expected to see growth in the next few years. It will grow to $1.86 billion in 2028 at a compound annual growth rate (CAGR) of 32.5%” - The Business Research Company
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The generative artificial intelligence AI in logistics market size has experienced significant growth recently. It is slated to balloon from $0.45 billion in 2023 to $0.60 billion in 2024 with a compound annual growth rate CAGR of 32.4%. This growth in the historic period can be attributed to factors such as increasing demand for real-time data analysis, expansion of the e-commerce sector, and the rise of automation in warehouse management.
What is the Projected Market Size for Generative Artificial Intelligence AI in Logistics?
The global market for generative AI in logistics is expected to grow exponentially over the next few years, reaching an astounding $1.86 billion by 2028, growing at a compound annual growth rate CAGR of 32.5%. This rapid growth can be attributed to factors like increasing demand for real-time data, the rising use of IoT devices, higher investments in AI technologies, growing need for supply chain visibility, and the need for an enhanced customer experience.
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What are the Key Market Drivers for Generative Artificial Intelligence in Logistics?
One of the significant growth drivers for the generative AI in logistics market is the proliferation of e-commerce. Due to its convenience, wider product selection, and the increasing use of digital technology, e-commerce popularity is growing. Generative AI in e-commerce logistics optimizes inventory management, enhances route planning, and predicts demand, thereby driving efficiency and cost savings. For instance, in May 2024, a report published by the U.S. Census Bureau of the Department of Commerce revealed that e-commerce sales reached approximately $1,118.7 billion in 2023.
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Which Companies are Driving the Growth of Generative AI in Logistics?
Key industry players making waves in the generative AI in logistics market include Microsoft Corporation, Amazon Web Services Inc., Intel Corporation, Accenture plc, International Business Machines Corporation, Oracle Corporation, Honeywell International Inc., SAP SE, NVIDIA Corporation, Cognizant Technology Solutions Corporation, and Epicor Software Corporation among others.
What are the Emerging Trends in Generative AI in Logistics?
The innovative application of technologies like natural language interfaces by major companies is helping to enhance operational efficiency and improve accuracy in supply chain management. For example, in September 2023, FourKites, Inc., a U.S.-based logistics technology company, launched FinAI, a generative AI tool that uses a natural language interface to analyze extensive data, automate tasks, and optimize operations.
How is the Generative AI market Segmented?
The generative AI in logistics market covers several segments including:
1 By Type: Variational Autoencoder VAE, Generative Adversarial Networks GANs, Recurrent Neural Networks RNNs, Long Short-Term Memory LSTM networks, Other Types
2 By Component: Software, Hardware, Solution
3 By Deployment Mode: On-Premises, Cloud-Based
4 By Application: Warehouse Management, Route Optimization, Inventory Management, Supply Chain Analytics, Last-Mile Delivery Optimization, Customer Service Operations, Other Applications
5 By End-User: Retail, Healthcare, Banking And Finance, Aerospace, Telecommunication, Technology, Other End-Users
How Does the Generative AI Market Fare Across Different Regions?
In 2023, North America was the largest region in the generative AI in logistics market. However, it is Asia-Pacific that is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.