PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397126
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397126
Cognitive Supply Chain Market size was valued at USD 6,995 Million in 2022, expanding at a CAGR of 16.0% from 2023 to 2030.
The use of cognitive technologies, such as artificial intelligence (AI), machine learning, data analytics, and other cutting-edge technology, to optimize and improve supply chain operations is referred to as cognitive supply chain.
The increasing product launch is expected to propel the market growth during the forecast period. In October 2022, Oracle unveiled innovations in its data and analytics product line. Decision-makers may evaluate performance against strategic goals by using Oracle Fusion Analytics, which provides access to over 2,000 prebuilt KPIs, dashboards, and reports spanning CX, HCM, ERP, and SCM analytics. The most recent Oracle Analytics Cloud improvements are designed to provide curated data assets and a centralized semantic model, which will increase business users' productivity by lowering their dependency on IT. ML capabilities are expanded with the addition of sophisticated composite visualizations and AI/ML upgrades, such as Oracle Cloud Infrastructure cognitive services like AI Vision for processing visual data.
The Global Cognitive Supply Chain Market is segmented based on Deployment, Enterprise Size, Technology, End User and Region.
Based on the deployment, the global Cognitive Supply Chain market is divided into On-premise and Cloud. The On-premise segment is expected to dominate the market during the forecast period. There are several reasons why on-premise deployment is preferred in the industry. The security of the data is one important factor. Businesses in the healthcare or defense industries, for example, that handle sensitive supply chain data, frequently have strict compliance and data security standards. By choosing on-premise deployment, they may stay in direct control of their data, lowering the possibility of data breaches and guaranteeing adherence to rules particular to their business.
Based on the enterprise size, the market is segmented into Large Enterprise and SMEs. The Large Enterprise segment is expected to hold the largest market share during the forecast period. Large companies were using cognitive technology to improve their supply chain performance in several critical areas, including logistics optimization, demand forecasting, inventory control, and supplier relationship management. These businesses may find trends, obtain deeper insights from massive volumes of data, and improve forecasting by incorporating AI and ML into their supply chain operations. Using cognitive technology also decreased operating expenses, increased productivity, and reduced supply chain interruptions.
Based on the technology, the industry is bifurcated into Machine Learning (ML), Internet of Things (IoT) and Others. The Internet of Things (IoT) segment is expected to grow at the highest CAGR during the forecast period. The potential for large cost savings and increases in operational efficiency is one of the main forces propelling the market's adoption of IoT automation. Automation of supply chain processes, including inventory control, asset monitoring, and order processing, may help businesses optimize their operations and cut down on wasteful spending. This led to increased overall effectiveness and a more economical supply chain management strategy.
Based on the end user, the global market is categorized into Logistics and Transportation, Manufacturing, Retail & E-commerce, Food and Beverage, Healthcare and Others. The Manufacturing segment is expected to lead the market during the forecast period. Predictive maintenance is one of the growth-promoting elements. Predictive maintenance solutions are being used by manufacturers through the growing integration of cognitive technology. They can anticipate probable malfunctions and carry out maintenance before malfunctions happen by evaluating real-time data from sensors and machinery. By extending the lifespan of important equipment and reducing unscheduled downtime, this proactive strategy increased operational efficiency. The manufacturing industry is experiencing significant breakthroughs in quality control and defect identification via the integration of cognitive supply chain technologies.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the projected period. The growing need for efficiency and cost savings is one of the main reasons driving the market's expansion in North America. Businesses often look for methods to improve efficiency, save costs, and optimize supply chain processes. They were able to decrease waste and enhance resource allocation by using cognitive supply chain technologies to recognize trends, forecast demand, and optimize inventory and logistics procedures. Furthermore, the adoption of cognitive supply chain solutions was significantly influenced by the growth of big data and analytics. Businesses might benefit from advanced analytics and artificial intelligence (AI) approaches due to the exponential rise of data coming from a variety of sources, including sensors, IoT devices, and transactional systems.
The existence of several competitors is expected to lead to competition in the fragmented cognitive supply chain industry. Some of the prominent players are Microsoft Corporation, SAP SE, C.H. Robinson Worldwide, Inc., Honeywell International Inc., IBM Corporation, Intel Corporation, JDA Software, Accenture plc, NVIDIA Corporation, Oracle Corporation, Amazon Web Services, SAS Institute Inc., Savi Technology, Terra Technology and Siemens AG among others.
In May 2023, Accenture and Blue Yonder worked together to deliver innovative technologies and solutions that enable businesses to transform their supply chains and increase productivity and profitability.