Forecast: Asset Tracking and AI in Supply Chain Management Set to Grow Chevin Fleet The Role of AI in Supply Chain Management Growth in Asset Tracking Technologies A recently-released report on Research and Markets outlined the growth of asset tracking and artificial intelligence technologies in the supply chain management sector for the next five years. The report, entitled Asset Tracking and AI in Supply Chain Management Market 2021-2026, projected significant growth in the use of asset tracking and AI in supply chain management between 2021 and 2026. According to the results of the study, the asset tracking market will grow at 17.1% CAGR worldwide by 2026. This is equivalent to a $55.1 billion increase in market size. The study suggests that substantial improvements in the economies of scale and advancements in miniaturization and communication technologies make the growth in asset tracking possible. Radiofrequency identification (RFID) in supply chain management is one of the asset tracking technologies singled out for improving supply chain management overall. The study also projected significant growth in the use of AI in supply chain management solutions. According to the report, the market for AI in supply chain management as a whole will reach a value of $15.5 billion globally by 2026. In particular, the market for cloud-based AI-as-a-Service is expected to reach $2.6 billion in 2026. The study states the biggest and fastest-growing market for AI in supply chain management is the Asia Pacific region. Data visibility and process automation are some of the aspects of supply chain management that improve with the help of AI. Asset tracking for AI-embedded devices also enables information-sharing and enterprise-wide view for supply chain managers, leading to a better flow of information and more informed decision-making. This is why asset- tracking for AI-embedded devices is also projected to grow a staggering 33% by 2026. Improving Supply Chain Management with Technology The projections highlighted by the market study suggest that more and more fleet managers will be upgrading their operations with the help of asset tracking and AI technologies. The result is improved supply chain management, the benefits of which trickle down from suppliers to customers. Sources: https://www.chevinfleet.com/asset-management-software/ https://www.researchandmarkets.com/reports/5398503/asset-tracking-and- ai-in-supply-chain-management https://www.freightwaves.com/news/viewpoint-visibility-key-during-times- of-supply-chain-disruption