PUBLISHER: The Business Research Company | PRODUCT CODE: 1465699
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465699
A cognitive supply chain integrates cognitive technologies such as artificial intelligence (AI), machine learning (ML), and advanced analytics to optimize its processes. By leveraging intelligent systems, it aims to enhance efficiency and responsiveness through automation, predictive analysis, and real-time data delivery.
Key types of cognitive supply chain applications include solutions, forecasting, analytics, inventory management, risk management, among others. Solutions encompass software programs or algorithms designed to address specific tasks or problems, deployable on both cloud and on-premise platforms. These solutions cater to a wide range of end-users, including healthcare, food and beverages, transportation and logistics, retail and e-commerce, and other industries. They serve both large enterprises and small to medium-sized enterprises (SMEs).
The cognitive supply chains market research report is one of a series of new reports from The Business Research Company that provides cognitive supply chains market statistics, including cognitive supply chains industry global market size, regional shares, competitors with a cognitive supply chains market share, detailed cognitive supply chains market segments, market trends and opportunities, and any further data you may need to thrive in the cognitive supply chains industry. This cognitive supply chains market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cognitive supply chain market size has grown rapidly in recent years. It will grow from $7.42 billion in 2023 to $8.64 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The expansion observed in the historical period can be attributed to the rise of just-in-time (JIT) and lean manufacturing philosophies, the expansion of global trade, the demand for faster delivery times, the evolution of electronic commerce, and the increasing complexity of supply chains.
The cognitive supply chain market size is expected to see rapid growth in the next few years. It will grow to $14.91 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The expansion projected for the forecast period can be attributed to the rapid growth of e-commerce, sustainability initiatives, the focus on supply chain resilience, the integration of edge computing and analytics, and advancements in information technology. Major trends anticipated in this period include the rapid integration of AI-driven technologies, the growth of advanced analytics and machine learning, enhanced human-AI collaboration, the adoption of blockchain for supply chain security, and the utilization of edge computing for real-time decision-making.
The burgeoning e-commerce sector is set to drive the expansion of the cognitive supply chain market in the foreseeable future. E-commerce, characterized by the electronic exchange of goods and services primarily through digital platforms or the Internet, is witnessing rapid growth fueled by the widespread adoption of smartphones, increased internet accessibility, and rising demand for seamless payment and delivery options. The cognitive supply chain enhances operational efficiency and decision-making within the e-commerce landscape by harnessing advanced technologies such as artificial intelligence (AI) and machine learning for intelligent data analysis and optimization. For example, in February 2024, the United States Census Bureau reported that e-commerce sales for the fourth quarter of 2023 amounted to $285.2 billion, marking a 0.8% increase from the previous quarter and a 7.5% increase from the fourth quarter of 2022. Moreover, e-commerce sales accounted for 15.6% of total sales in the fourth quarter of 2023, underscoring its significant contribution to the retail landscape. Consequently, the surging e-commerce industry is fueling the growth of the cognitive supply chain market.
Leading players in the cognitive supply chain market are intensifying their efforts to develop cutting-edge solutions such as AI-based supply chain management tools to gain a competitive edge. These tools leverage AI technologies to optimize and streamline various facets of the supply chain. For instance, in December 2023, Blue Yonder, a US-based supply chain management company, unveiled Blue Yonder Orchestrator, a new AI supply chain management tool integrated into its Luminate Cognitive Platform. This tool harnesses large language models, cloud data, and prompt engineering to deliver supply chain recommendations. Blue Yonder Orchestrator empowers companies to extract value from their data, enabling business users to access timely recommendations, predictive insights, and intelligent decisions to drive optimal supply chain outcomes.
In February 2024, Blue Yonder, a US-based supply chain management company, successfully acquired Flexis AG for an undisclosed amount. This strategic acquisition is designed to enhance Blue Yonder's capabilities in assisting businesses that offer highly configurable products and have extensive supplier networks. The goal is to enable these businesses to plan and optimize their complex production facilities and network structures more efficiently. Flexis AG, headquartered in Germany, is a technology company specializing in providing AI-driven optimization software and flexible information systems for supply chain management. The acquisition aligns with Blue Yonder's commitment to advancing and optimizing supply chain solutions for its clients.
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.
North America was the largest region in the cognitive supply chain market in 2023. 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.
The countries covered in the cognitive supply chain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The cognitive supply chain market includes revenues earned by entities by providing services such as demand forecasting and planning services, inventory optimization services, order fulfillment optimization services, and warehouse automation services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Cognitive Supply Chain Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cognitive supply chain market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cognitive supply chain ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cognitive supply chain market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.