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Evolving Market Trends In The Cognitive Supply Chain Industry: Advancements In Cognitive Supply Chain Management With The Emergence Of AI Tools
Cognitive Supply Chain Market
How Big Is the Cognitive Supply Chain Market Size Expected to Be by 2034?
The market size of the cognitive supply chain has experienced a speedy expansion in the past few years. The market, which is predicted to be $8.64 billion in 2024, is expected to reach $10.05 billion in 2025, reflecting a compound annual growth rate (CAGR) of 16.3%. The notable growth during the historic era was due to the surge in just-in-time (JIT) and lean manufacturing philosophy, global trade expansion, an increasing requirement for quicker delivery times, developments in electronic commerce, and the escalating sophistication of supply chains.
The market size for cognitive supply chain is anticipated to undergo swift expansion in the coming years, reaching a value of $16.89 billion in 2029 with a CAGR of 13.9%. Factors contributing to the growth during the forecast period include the swift progress of e-commerce, sustainability initiatives, resilience in the supply chain, incorporation of edge computing and analytics, and developments in information technology. Key trends anticipated during the forecast period encompass the swift integration of AI-powered technologies, the growth of advanced analytics and machine learning, improved collaboration between humans and AI, blockchain implementation for supply chain security, and the use of edge computing for decision-making in real-time.
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What Are the Emerging Segments Within the Cognitive Supply Chain Market?
The cognitive supply chain market covered in this report is segmented -
1) By Offering: Solutions, Forecasting, Analytics, Inventory Management, Risk Management, Other Offerings
2) By Deployment: Cloud, On-Premise
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By End Use: Healthcare, Food And Beverages, Transportation And Logistics, Retail And E-commerce, Other End-uses
Subsegments:
1) By Solutions: Supply Chain Optimization, Intelligent Automation
2) By Forecasting: Demand Forecasting, Supply Forecasting
3) By Analytics: Descriptive Analytics, Predictive Analytics, Prescriptive Analytics
4) By Inventory Management: Inventory Optimization, Stock Replenishment
5) By Risk Management: Risk Assessment, Risk Mitigation
6) By Other Offerings: Blockchain Integration, Artificial Intelligence (AI) Integration, Machine Learning Solutions
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What Long-Term Drivers Are Shaping Cognitive Supply Chain Market Trends?
The burgeoning e-commerce sector is projected to stimulate the cognitive supply chain market's expansion in the future. E-commerce refers to the digital trading of goods and services, predominantly via the internet or other digital mediums. The rapid growth of the e-commerce sector can be attributed to the widespread usage of smartphones, heightened internet accessibility, and the growing demand for streamlined payment and delivery options. The cognitive supply chain optimizes efficiency and decision-making in the e-commerce industry through the utilization of sophisticated technologies such as artificial intelligence (AI) and machine learning for intelligent data analysis and optimization. For example, the US Census Bureau, a government agency of the United States, reported that the e-commerce sales for the last quarter of 2023 stood at $285.2 billion, indicating a 0.8% rise from the previous quarter of 2023. The estimated sales for the fourth quarter of 2023 marked a 7.5% (±1.2%) increase compared to the corresponding quarter of 2022. Furthermore, E-commerce sales in the fourth quarter of 2023 made up 15.6% of the total sales. Consequently, the expanding e-commerce sector is fuelling the growth of the cognitive supply chain market.
Who Are the Top Competitors in Key Cognitive Supply Chain Market Segments?
Major companies operating in the cognitive supply chain market are Amazon.com Inc., Microsoft Corporation, Siemens AG, Intel Corporation, Accentur*e plc, International Business Machines Corporation, Oracle Corporation, Honeywell International Inc., SAP SE, NVIDIA Corporation, C.H. Robinson Worldwide Inc., SAS Institute Inc., Panasonic Corporation, Coupa Software Inc., JDA Software Group Inc., WiseTech Global Limited, E2open LLC, Kinaxis Inc., Relex Solutions Ltd., Logility Inc., FourKites Inc., Savi Technology Inc., TransVoyant LLC, Terra Technology LLC, ClearMetal Inc., Llamasoft Inc.
What Are the Latest Developing Trends in the Cognitive Supply Chain Market?
Key businesses in the cognitive supply chain market are focusing on the development of progressive solutions, including AI supply chain management systems, to establish a market advantage. These systems utilize artificial intelligence technologies to enhance and simplify various supply chain elements. As an example, Blue Yonder, an American supply chain management firm, unveiled its new AI supply chain management tool, the Blue Yonder Orchestrator, as an integral part of its Luminate Cognitive Platform in December 2023. This tool harnesses the power of extensive language models, cloud data, and prompt engineering to deliver supply chain advisories. Blue Yonder Orchestrator gives companies the opportunity to extract value from their data, facilitating business users in obtaining recommendations, forecasts, and smart decisions swiftly to secure optimal results for their supply chain.
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Which Regions Are Becoming Hubs for Cognitive Supply Chain Market Innovation?
North America was the largest region in the cognitive supply chain market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cognitive supply chain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Cognitive Supply Chain Market?
2. What is the CAGR expected in the Cognitive Supply Chain Market?
3. What Are the Key Innovations Transforming the Cognitive Supply Chain Industry?
4. Which Region Is Leading the Cognitive Supply Chain Market?
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