The ai in inventory management global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
AI in Inventory Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
AI in Inventory Management Market Overview
Market Drivers –
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.
Market Trends –
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.
The ai in inventory management market covered in this report is segmented –
1) By Offering: Solutions, Services
2) By Deployment: Cloud, On-premise
3) By Technology: Machine Learning, Natural Language Processing, Context Awareness, Computer Vision, Other Technologies
4) By Application: Intelligent Robotic Sorting Or Visual Inspection, Warehouse Management, Supply Chain Planning, Risk Management Or Network Management, Freight Brokerage, Fleet Management, Intelligent Route Optimization, Predictive Demand And Capacity Planning, Other Applications
5) By End-User Industries: Retail, Healthcare, Automotive, Oil And Gas, Aerospace And Defense, Other End-Use Industries
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Regional Insights –
North America was the largest region in the AI in inventory management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in inventory management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the AI in inventory management market report are Walmart Inc.; Amazon.com Inc.; Microsoft Corporation; United Parcel Service Inc.; FedEx Corporation; A.P. Moller-Maersk Group; Siemens AG; Hitachi Ltd.; Intel Corporation; Accenture Plc; 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
Table of Contents
1. Executive Summary
2. AI in Inventory Management Market Characteristics
3. AI in Inventory Management Market Trends And Strategies
4. AI in Inventory Management Market – Macro Economic Scenario
5. Global AI in Inventory Management Market Size and Growth
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32. Global AI in Inventory Management Market Competitive Benchmarking
33. Global AI in Inventory Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The AI in Inventory Management Market
35. AI in Inventory Management Market Future Outlook and Potential Analysis
36. Appendix
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