Cognitive Supply Chain Market Expected to Surge at 15.6% CAGR, Reaching US$ 40.4 Billion by 2034 | Future Market Insights, Inc.
Australia's Cognitive Supply Chain Market set to soar at 19.1% CAGR (2024-2034). E-commerce boom drives need for smart logistics with real-time tracking, inventory control, and personalized retail experiences.
NEWARK, Del, Dec. 11, 2023 (GLOBE NEWSWIRE) -- The cognitive supply chain market is estimated to be worth US$ 9.5 billion in 2024 and is projected to be valued at US$ 40.4 billion in 2034. Between 2024 and 2034, the industry is expected to register a CAGR of 15.6%.
The main factor driving the growth of the cognitive supply chain market is increasing supply and demand from the e-commerce industry. The growth of the cognitive supply chain market is due to its cost reductions, improved efficiencies, and better resource utilization.
The demand for cognitive supply chain solutions has increased in business owing to its advanced analytics and AI-driven insights, allowing businesses to make real-time data-driven decisions and enhancing accuracy and agility in responding to market changes. This real-time visibility of supply chain processes will enable businesses to track inventory, monitor shipments, and enhance transparency across the entire network.
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Adopting cognitive supply chain solutions provides a competitive edge by enabling faster innovation, better service delivery, and improved customer satisfaction compared to competitors still reliant on traditional methods.
Continuous advancements in AI, machine learning, and analytics capabilities have made cognitive technologies more powerful and accessible, driving their adoption in supply chains. Growing need for sustainable practices to boost the market for cognitive supply chains as they reduce waste and support eco-friendly practices within supply chains.
Cognitive Supply Chains will enable companies to deliver highly personalized products and services, responding to individual customer preferences and demands more agilely.
Key Takeaways from the Cognitive Supply Chain Market Report:
From 2019 to 2023, the cognitive supply chain market is expected to account for a CAGR of 13.6%.
Based on deployment, the on-premise segment is expected to account for a share of 68.3% in 2024.
Global cognitive supply chain demand in China is predicted to account for a CAGR of 16.1% in 2024.
In the United States, the cognitive supply chain industry is expected to account for a CAGR of 13.5% in 2024.
Germany is projected to expand by a value CAGR of 15.1% between 2024 and 2034.
The cognitive supply chain market in Japan is anticipated to record a CAGR of 8% in 2024.
“The growing e-commerce sector and increased adoption of AI and machine learning technology are anticipated to drive the market growth during the forecast period." - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Scope of Report:
Attributes | Details | |
Estimated Market Size in 2024 | US$ 9.5 billion | |
Projected Market Valuation in 2034 | US$ 40.4 billion | |
Value-based CAGR 2024 to 2034 | 15.6 % |
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Forecast Period | 2024 to 2034 | |
Historical Data Available for | 2019 to 2023 | |
Market Analysis | Value in US$ billion | |
Key Regions Covered |
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Key Market Segments Covered |
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Key Countries Profiled |
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Key Companies Profiled |
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Competitive Landscape:
Market players are inclined to invest in research development and innovations to increase the cognitive supply chain market applications. Collaborating with other players in the cognitive supply chain market is another strategy followed by major market players to gain a competitive edge. Some developments from the cognitive supply chain market are:
Microsoft's Azure AI and cloud services enable cognitive supply chain capabilities, including predictive maintenance, demand forecasting, and supply chain optimization tools.
Amazon Web Service AWS offers machine learning and AI services for predictive analytics, inventory management, and logistics optimization within supply chains.
Accenture provides consulting services and innovative solutions leveraging AI and analytics to enhance supply chain visibility, efficiency, and resilience.
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Cognitive Supply Chain Market Key Segments:
By Deployment:
Cloud
On-Premise
By Enterprise Size:
Large Enterprises
SMEs
By Automation Used:
IOT
Machine Learning
By Industry Vertical:
Healthcare
Food & Beverages
Transportation and Logistics
Retail & E-commerce
Others
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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