Artificial Intelligence in Logistics Market revenue to reach $6.5 billion by 2023
The growing demand for on-time delivery and customization is leading logistics companies to invest in Artificial Intelligence.
Infoholic Research LLP, a global market research, and consulting organization, has published a study titled “Artificial Intelligence in Logistics: Drivers, Restraints, Opportunities, Trends, and Forecasts, 2017–2023” (October 2017).
According to Infoholic Research, the logistics industry is undergoing transformation and the usage of Artificial Intelligence is expected to change the paradigm of the industry. Artificial Intelligence is expected to automate the supply chain including logistics and help in making supply chain decisions in real time. It will analyze the massive amount of data generated through the supply chain and provide improved services to customers. Also, it will help the companies improve on the last mile delivery experience. Artificial Intelligence in Logistics is expected to grow at a CAGR of 42.9% during the forecast period 2017–2023.
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The verticals wherein the application of AI is supposed to be highest is food and pharma, wherein the demand for on the go delivery is more owing to the perishable nature of the goods. In terms of application, self-driven vehicles are gaining the maximum traction and several logistics companies are investing in it to reduce cost and gain competitiveness. Once implemented these technologies will change the paradigm of logistics entirely.
Roadways is the most prominent mode of transport to witness the deployment of Artificial Intelligence but other modes such as seaways and airways are also gaining traction. Airports and shipping companies are utilizing Artificial Intelligence to solve on the complex challenges related to the logistics.
North America at present has the highest share of the AI in logistics market with US having the dominant share. However, China is investing massively in the AI technologies and also has the relevant infrastructure, data, and talent and might pose as a tough competitor to the US in the next decade.
Several vendors such as Watson Supply Chain, ToolsGroup, and TransVoyant are offering logistics and supply chain software with AI baked in. Also, start-ups have started offering the technology as per the specific requirement of the logistics industry.
“Artificial Intelligence will change the spectrum of the data driven industries such as logistics. The autonomous vehicles and robots once operational will automate the supply chains and make the real time decision making possible.” Sonam, Team Lead at Infoholic Research.
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The report covers the present scenario and the growth prospects of Artficial Intelligence in Logistics market during the forecast period 2017–2023. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report is analyzed based on – Application, Region, Verticals, and Mode of Transport
- The report covers the evolution of Artificial Intelligence, features, advantages, and its importance
- The report covers drivers, restraints, and opportunities (DRO) affecting the market growth over the forecasting years (2017–2023)
- The report contains analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views; and competitive landscape, which includes vendor assessment
- The application types analyzed in the report are Automation of Orders, Forecasting & Planning, Machine & Human Collaboration, Self-Driven Vehicles, and Forklifts, etc.
- The report covers the several verticals, namely: Food, Pharma, Retail, Automotive, Manufacturing, etc.
- The report covers analysis of countries such as US, Canada, UK, Germany, France, Nordics, Benelux, India, China, etc.
- It also analyses the growth by mode of transport including railways, roadways, seaways, and waterways