Innovations and Growth Trends in AI for Inventory Management Market

The Business Research Company recently released a comprehensive report on the Global AI in Inventory Management Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The AI in inventory management market size has grown exponentially in recent years. It will grow from $5.70 billion in 2023 to $7.38 billion in 2024 at a compound annual growth rate (CAGR) of 29.5%. The growth in the historic period can be attributed to enhanced customer experience, data-driven decision making, increased adoption of digital solutions, increased productivity, dynamic reorder point adjustments.

The AI in inventory management market size is expected to see exponential growth in the next few years. It will grow to $20.98 billion in 2028 at a compound annual growth rate (CAGR) of 29.8%. The growth in the forecast period can be attributed to rising number of retail stores, growing importance and potential impact of AI, growing business needs, increasing complexity and volatility of supply chains, increasing availability of data. Major trends in the forecast period include technological advancements, blockchain integration, integration of augmented reality, demand for AI-driven robots in warehouses, AI-based inventory forecasting.

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Market Drivers and Trends:

The rising number of retail stores is expected to propel the growth of the AI in inventory management market going forward. Retail stores refer to establishments where goods are sold to consumers directly in relatively small quantities for their consumption or use. The rising number of retail stores is due to online and offline shopping, economic conditions, consumer preferences, and strategic business decisions. AI in inventory management can significantly improve operational efficiency, reduce costs, and enhance the overall customer shopping experience with retail stores. For instance, in January 2024, according to the National Association of Convenience Stores, a US-based trade association, the number of convenience stores operating in the United States until 2024 had risen to 152,396, reflecting a 1.5% growth compared to the previous year's count. Therefore, the rising number of retail stores is driving the growth of the AI in inventory management market.

Major companies operating in the AI inventory management market are developing advanced systems, such as cloud-native AI-powered inventory management systems, to gain a competitive edge in the market. Cloud-native artificial intelligence-powered inventory management solutions are software solutions designed to operate in a cloud environment, leveraging cloud serverless computing technology to provide real-time access to inventory information. For instance, in January 2024, Predian, a US-based provider of AI-powered inventory management solutions, launched a cloud-native artificial intelligence-powered inventory management solution. This solution is designed to streamline stock control and optimize operational efficiency, making it a significant development in the field of AI-powered inventory management. These solutions can process vast amounts of data quickly, accurately, and without fatigue, making them invaluable tools for businesses looking to improve their inventory management processes.

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Major Key Players of the Market:

Walmart Inc., Amazon.com Inc., Microsoft Corporation, United Parcel Service Inc., FedEx Corporation, A.P. Moller-Maersk Group, Siemens AG, Hitachi Ltd., Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Deloitte Touche Tohmatsu Limited, Oracle Corporation, PricewaterhouseCoopers International Limited, Schneider Electric SE, Honeywell International Inc., KPMG International Cooperative, SAP SE, Tata Consultancy Services Limited, NVIDIA Corporation, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, Wipro Limited

AI in Inventory Management Market 2024 Key Insights:

• The AI in inventory management market size is expected to see exponential growth in the next few years. It will grow to $20.98 billion in 2028 at a compound annual growth rate (CAGR) of 29.8%.
• Rising Number Of Retail Stores Drives Growth In The AI Inventory Management Market
• Cloud-Native AI-Powered Inventory Management Platforms Revolutionize Inventory Management
• North America was the largest region in the AI in inventory management market in 2023

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