The on-going evolution of technologies like artificial intelligence (AI) and machine learning (ML) brings in disruption and innovation in the AI Logistics and Supply Chain Market.
Fremont, United States – January 7, 2020 /MarketersMedia/ —
AllTheResearch illustrates the competitive market for AI in logistics and supply chain Market that includes strategic players such as UPS, FedEx, CSX, McLane Company, DHL and others. The players are mainly focused on organic and inorganic strategies in order to strengthen their AI in logistics and supply chain Market position. For instance, in Feb 2019, FedEx announced its first move into autonomous delivery enabling retailers to make last-mile and same-day deliveries to the customers. This includes technologies such as machine learning, LiDAR, multiple cameras, and others in order to help SameDay Bot robotic vehicle to navigate uneven surfaces and avoid and detect obstacles. Additionally, UPS is also using an AI-powered GPS tool called ORION for making efficient routes for its fleet and for making changes in real-time to account for road conditions and other factors. By optimizing delivery efficiency, the company estimates that it will save $50 million a year. Moreover, companies like Waymo, Rolls-Royce are coming up with driverless vehicles such as trucks and underwater ships which will speed up the delivery process, optimize routes, reduce human errors and accidents, work 24/7, and more.
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The Global AI in Logistics and Supply Chain Ecosystem was valued at approximately USD 1.7 Billion in 2018. Increasing demand for AI-enabled logistics in retail is one of the major factors driving the growth of AI in logistics and supply chain Market. In retail clothing, brands such as Gap Inc. is using AI-assisted mechanical arms to help sort clothing orders. In North America and Europe, companies like Connecticut-based XPO Logistics Inc. has begun the roll-out of 5,000 intelligent robots throughout its logistics sites for bringing mobile storage racks full of products to workers who fill customer orders.
Based on the technology segment of AI in logistics and supply chain ecosystem Market, machine learning is expected to grow at the fastest pace with a CAGR of XX% during the forecast period. Machine learning is used in order to improve the demand forecasting by the companies. For instance, companies such as DHL announced an investment of $300 million to modernize 60 percent of its warehouses in North America with the help of Artificial technology. This will reduce workflow interruptions in DHL and make logistics smoother. More than 4 million commercial robots will be installed in over 50,000 warehouses by 2025.
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Based on the region, North America dominated the AI in logistics and supply chain Market in 2018 and is expected to show similar trends in coming years. One- third of US workers are expected to switch their occupation due to increased use of robotics by 2030, driving the demand for machine learning in the region. At the same time, increased efficiency offered by machine learning is driving its demand in Europe. According to AI in logistics and supply chain Market study, a 10% to 30% increase in efficiency in the EU logistics sector would translate into €100-300 billion in cost savings for the European industry. Further, the Asia Pacific region is expected to grow at the fastest pace during the forecast period. Increasing investments of companies in artificial intelligence in logistics and supply chain are driving the AI in logistics and supply chain Market growth in the region. For instance, Chinese company Alibaba invested $248 billion in transactions which is more than the investments made by eBay and Amazon in artificial intelligence and machine learning for supply chain and logistics.
Comprehensive research report with ToC on “AI in logistics and supply chain Market, Share and Trends Analysis Report by Components, by offering, by Application, by Technology, by Deployment and by End-user Forecasts, 2019 – 2025” at: https://www.alltheresearch.com/customization/314
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