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Artificial Intelligence-Enabled Last Mile Delivery Market 2024 - Consumption Analysis, Business Overview And Upcoming Trends 2033
Artificial Intelligence-Enabled Last Mile Delivery Market
According to The Business Research Company's, The artificial intelligence-enabled last mile delivery market size has grown rapidly in recent years. It will grow from $1.17 billion in 2023 to $1.35 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to increasing e-commerce demand, growing urbanization, rising customer expectations, growing advancements in ai technologies, increasing data analytics capabilities.
The artificial intelligence-enabled last mile delivery market size is expected to see rapid growth in the next few years. It will grow to $2.43 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to increased integration of robotics, rapid growth of e-commerce, expansion of IoT networks, growing competitive pressure, rising regulatory changes. Major trends in the forecast period include electric vehicles, adoption of AI, sustainable delivery, quick commerce, adoption of contactless delivery.
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Market Drivers and Trends:
The increasing E-commerce activities are expected to propel the growth of the artificial intelligence-enabled last-mile delivery market going forward. E-commerce activities are online transactions such as buying, selling, and exchanging products and services via the Internet. The growth of e-commerce retail is attributed to several factors, such as advancements in internet infrastructure, accessibility offered by online shopping, changing consumer preferences, and increasing adoption of digital platforms. AI-enabled last-mile delivery increases the efficiency, dependability, and cost-effectiveness of e-commerce activities, resulting in higher consumer happiness and growth. For instance, in November 2023, according to the International Trade Administration, a US-based government agency, e-commerce sales in the UK will experience an annual growth rate of 12.6% by 2025. Moreover, as of January 2021, consumer e-commerce accounted for 36.3% of the UK's retail sector and is projected to reach $285.60 billion by 2025. Therefore, increasing E-commerce activities are driving the growth of the artificial intelligence-enabled last-mile delivery market.
Major companies operating in the artificial intelligence-enabled last-mile delivery market are developing supply chain AI assistants to advance the inflow and outflow of goods. Supply chain AI assistant optimizes logistics and improves decision-making through intelligent automation. For instance, in February 2024, One Network Enterprises, a US-based supply chain management company, launched NEO Assistant, a creative supply chain artificial intelligence helper created by One Network Enterprises. It enables better decision-making through real-time actionability, adaptive flows, smart prescriptions, and interactive visualizations. The tool is built on one digital supply chain network, providing end-to-end visibility and control with one data model and truth, from raw material to last-mile delivery. NEO Assistant is fully aware of the real-time state of the user's supply chain and re-evaluates its assumptions when this state changes
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Major Key Players of the Market:
NVIDIA Corporation, DoorDash Inc., WorkWave LLC, Locus Robotics Corporation, FarEye Technologies Inc., Bringg Delivery Technologies Ltd., Magaya Corporation, Circuit Logistics Inc., Shipwell Inc., LogiNext Solutions Private Limited, Freightos Limited, Wise Systems Inc., Route4Me Inc., GetSwift Limited, Onfleet Inc., Transmetrics AD, ClearMetal Inc., Boxbot Inc., Refraction AI Inc., Robby Technologies Inc., Rapidus Inc., OptimoRoute Inc., Routific Inc., Detrack Systems Pte. Ltd., PickPack LLC
Artificial Intelligence-Enabled Last Mile Delivery Market 2024 Key Insights:
• The artificial intelligence-enabled last mile delivery market size is expected to see rapid growth in the next few years. It will grow to $2.43 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%.
• Impact Of E-commerce On AI-Enabled Last-Mile Delivery
• Innovative Solutions In AI-Enabled Last Mile Delivery
• North America was the largest region in the artificial intelligence-enabled last mile delivery market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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