What are the Historical Developments and Current Growth Metrics of the Cognitive Supply Chain Market?
The cognitive supply chain market has seen considerable growth due to a variety of factors.
• Over recent years, the size of the cognitive supply chain market has shown swift expansion. In terms of figures, the market is projected to surge from $8.64 billion in 2024 to $10.05 billion by 2025, demonstrating a compound annual growth rate (CAGR) of 16.3%.
The historical growth of this market is linked to factors such as the emergence of just-in-time (JIT) and lean manufacturing practices, growth in worldwide trade, the necessity for quicker delivery periods, the advancement of e-commerce, and the escalating complexity of supply chains.
What Does Future Hold for The Cognitive Supply Chain Market By 2029?
The cognitive supply chain market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for the cognitive supply chain is projected to experience swift expansion in the coming years, reaching $16.89 billion in 2029 with a compound annual growth rate (CAGR) of 13.9%.
The upcoming growth can be accredited to the swift advancement of e-commerce, endeavors towards sustainability, resilience of the supply chain, amalgamation of edge computing and analytics, and progress in information technology. The anticipated period will witness significant trends like fast incorporation of AI-powered technologies, development of advanced analytics and machine learning, improved synergy between humans and AI, utilization of blockchain for securing supply chain, and edge computing facilitating real-time decision making.
What Are The Primary Growth Drivers In The Cognitive Supply Chain Market?
The cognitive supply chain market is expected to be propelled forward with the significant developments seen in the e-commerce sector. Electronic commerce, commonly known as e-commerce, functions on the exchange of goods and services with the help of the internet or digital platforms. Boosted by the extensive use of smartphones, an increment in internet access, and a rising demand for smooth payment and delivery processes, the e-commerce industry is seeing rapid advancements. The efficiency and decision-making processes within the e-commerce industry are improved significantly by the cognitive supply chain, making use of cutting-edge technologies like artificial intelligence (AI) and machine learning to optimize data analysis intelligently. For example, data from the United States Census Bureau, a government agency, in February 2024, states that e-commerce sales for the fourth quarter of 2023 were at $285.2 billion. This represents a 0.8% rise from the third quarter of the same year. It’s also estimated that the e-commerce sales in the fourth quarter of 2023 increased by 7.5% (±1.2%) compared to the same period in 2022. Furthermore, e-commerce sales represented 15.6% of all sales in the fourth quarter of 2023. Hence, the booming e-commerce sector is fueling the expansion of the cognitive supply chain market.
What Is The Segmentation Of The Global 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 New Trends Are Influencing The Cognitive Supply Chain Market?
Leading corporations in the cognitive supply chain market are intensifying their efforts to innovate advanced solutions like AI supply chain management tools to retain a competitive advantage in the market. The AI-based supply chain management software utilizes artificial intelligence technologies to enhance and simplify numerous supply chain aspects. For example, in December 2023, Blue Yonder, an American supply chain management firm, introduced Blue Yonder Orchestrator, a novel AI supply chain management tool within its Luminate Cognitive Platform. This tool employs large language models, cloud data, and prompt engineering to offer supply chain advice. Blue Yonder Orchestrator assists businesses in extracting value from their data, providing fast access to recommendations, predictive information, and smart decisions to guarantee optimal results for their supply chain.
Who Are the Key Players In The Cognitive Supply Chain Market?
Major companies operating in the cognitive supply chain market are:
• Amazon.com Inc.
• Microsoft Corporation
• Siemens AG
• Intel Corporation
• Accenture 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 Regional Insights Into The Cognitive Supply Chain Market?
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.
