What Has Been The Evolution of the AI in Inventory Management Market in Recent Years?
The ai in inventory management market has seen considerable growth due to a variety of factors.
• The market size for AI in inventory management has witnessed a significant surge over recent years. The market is projected to expand from $7.38 billion in 2024 to $9.6 billion in 2025, with a compound annual growth rate (CAGR) of 30.1%.
Factors contributing to the growth during the historic period include improved customer experience, data-informed decision-making, elevated uptake of digital solutions, productivity boost, and adaptable reorder point adjustments.
What Are the Future Growth Projections for the AI in Inventory Management Market?
The ai in inventory management market is expected to maintain its strong growth trajectory in upcoming years.
• The AI sector for inventory management is projected to experience a massive surge in its market size over the coming years. The market, growing at a compound annual growth rate (CAGR) of 29.8%, is set to reach a worth of $27.23 billion by 2029.
This predictive growth during the forecast period is due to factors such as the proliferation of retail stores, acknowledgment and potential influences of AI, evolving business necessities, the escalating intricacy and unpredictability of supply chains, and improved data accessibility. The forecast period will also see trending developments such as technological upgrades, incorporation of blockchain technology, inclusion of augmented reality, the requirement for AI-powered robots in warehouses, and AI-centered inventory prognostication.
Which Key Drivers Are Propelling The AI in Inventory Management Market's Growth?
The AI in inventory management market's expansion is anticipated to be fueled by the growing number of retail stores. Defined as establishments selling goods directly to consumers in relatively modest quantities for their personal consumption or use, this increase in retail stores can be attributed to factors such as online and offline shopping, economic climate, customer preferences, and strategic business choices. Employing AI in inventory management can considerably boost operational efficiency, curb expenses, and upgrade the overall customer shopping experience within retail stores. To illustrate, data from the National Association of Convenience Stores, a US trade association, disclosed that the total number of convenience stores functioning in the United States had escalated to 152,396 by January 2024. This presents a 1.5% increase as compared to the totals from the preceding year. Consequently, the burgeoning number of retail stores is propelling the growth of the AI in inventory management market.
What Are The Major Segments Within The Global AI in Inventory Management Market?
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
Subsegments:
1) By Solutions: AI-Based Inventory Forecasting, AI-Based Demand Planning, AI-Based Stock Replenishment, AI-Based Warehouse Management
2) By Services: Consulting Services, Integration Services, Support And Maintenance Services
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Which Trends Are Expected To Transform The AI in Inventory Management Market?
Leading corporations in the AI inventory management market are conceiving innovative systems like cloud-native AI-powered inventory management systems, to establish a competitive advantage. Cloud-native AI-based inventory control solutions are specifically built for a cloud environment utilising cloud serverless computing technology, facilitating live access to inventory data. For instance, in January 2024, Predian, an American company specialized in AI-powered inventory management offerings, introduced a cloud-native AI-based inventory management product. This product aims to simplify inventory control and better operational productivity, marking a notable development in AI-powered inventory supervision. Processing large volumes of data swiftly, accurately and tirelessly, these solutions are priceless assets for businesses striving to enhance their inventory management routines.
Who Are the Key Players In The AI in Inventory Management Market?
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
What Is The Most Dominant Region In The AI in Inventory Management Market?
North America was the largest region in the AI in inventory management market in 2024. 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.
