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 Manageme