The global artificial intelligence in the supply chain was valued at $767.8 million last year, with estimates to grow at a CAGR of 45.6 percent within the next seven years, reaching $10,111 million.
Growth in the industry is mainly driven by big data, demand for greater visibility and transparency into supply chain data and processes and adoption of AI for improving consumer services and satisfaction. However, the major restraint for the industry is the limited number of experts in the field.
Depending on the technology, AI in the supply chain can be segmented into machine learning (ML), natural language processing (NLP), context-aware computing and computer vision. The industry for computer vision is expected to grow at a higher rate, growing in various industries such as manufacturing.
Meanwhile, AI is growing the fastest in North America, Europe and Asia Pacific, with the rest of the world catching on as well. AI in the supply chain in the Asia Pacific region is expected to grow at the highest CAGR during the forecast period.