Trends and Innovations in AI for Transportation and Logistics Market

PUNE, MAHARASHTRA, INDIA, January 22, 2024 /EINPresswire.com/ -- The report “Global Artificial Intelligence in Transportation and Logistics Market Size, Share & Trends Analysis Report, By Application (Route optimization and scheduling, Predictive maintenance, Autonomous vehicles, Warehouse automation, inventory management),Region (North America, Europe, APAC, and Others), and Segment Forecasts, 2023 – 2030”, market size is projected to grow from US $ 2.8 Billion in 2022 to US $ 15.2 Billion by 2030, growing at a CAGR of 23.4% during the forecast period 2023-2030.

Download Sample Report@ https://factviewresearch.com/enquiry/global-artificial-intelligence-in-transportation-and-logistics-market/request

The market for Artificial Intelligence (AI) in Transportation and Logistics is experiencing a robust upswing, primarily propelled by the surging demand for efficient and cost-effective transportation solutions. As global economies expand, there is an escalating need for transportation and logistics systems that can deliver goods and services with greater speed, precision, and cost efficiency. AI has emerged as a pivotal enabler in addressing these demands. By harnessing AI's predictive and optimization capabilities, businesses can fine-tune their logistics operations, streamline route planning, and reduce fuel consumption, resulting in substantial cost savings. Moreover, AI's capacity to enhance supply chain management, predictive maintenance, and real-time decision-making in the transportation sector ensures that goods move seamlessly and that downtime is minimized. Consequently, the rising demand for these AI-driven efficiencies is fostering market growth, making AI in Transportation and Logistics a critical component in addressing the contemporary challenges of the transportation industry. This synergy of technology and transportation not only improves the bottom line for businesses but also augments overall service quality, making it an essential driver for the steady expansion of this transformative market.

By Components, the Software segment dominated the Artificial Intelligence in Transportation and Logistics market in 2022 and the Hardware is the fastest growing segment, growing at a CAGR of 24.65% during the forecast period.

The software segment leads the AI transportation and logistics market with a 48.72% market share, while the hardware segment is set for rapid growth driven by the increased use of AI devices and sensors. Software growth is due to demand in fleet management, supply chain optimization, and predictive maintenance. Hardware is growing at a 24.65% CAGR with devices like cameras, LiDAR, and radar collecting data for AI algorithms. Services are also in demand for AI consulting, implementation, training, and support.

By Application, the route optimization and scheduling segment dominated the Artificial Intelligence in Transportation and Logistics market in 2022 and the Predictive maintenance is the fastest growing segment, growing at a CAGR of 20.34% during the forecast period.

In the AI in Transportation and Logistics Market, route optimization holds a significant 26.7% share in 2023. It minimizes costs, using AI to fine-tune routes based on real-time data, reducing delivery times and fuel consumption. Predictive maintenance is on the rise, preventing downtime. Autonomous vehicles show promise, driven by AI for safe navigation. Warehouse automation grows, and AI refines inventory management.

Buy Market Research Report Now: https://factviewresearch.com/buynow/102

By region, the North America region dominated the Artificial Intelligence in Transportation and Logistics market in 2022 and the APAC region is the fastest growing segment, growing at a CAGR of 22.2% during the forecast period.

North America leads with a 33.5% market share in 2023, owing to its history of innovation and early AI adoption. In contrast, the Asia-Pacific region exhibits rapid growth (22.2% CAGR) due to a large population, a growing economy, and strong government support. The urbanization in APAC is driving demand for advanced transportation and logistics solutions that AI can effectively address, handling challenges like traffic congestion and last-mile delivery logistics.

List of Key Market Players
• Google AI
• Microsoft Azure
• Amazon Web Service
• IBM Watson
• Intel AI
• NVIDIA AI
• Siemens
• Bosch
• Uber
• FesEx
• UPS
• Deutsche Post
• CNH Industrial
• JCB
• Komatsu
• Volvo Group
• Scania AB
• Daimler AG
• Continental AG
• Robert Bosch GmbH

Key Industry Development:
1. On January 10, 2023, Google AI and Waymo unveiled their collaborative effort to advance the field of autonomous trucking. Their partnership aims to harness Google AI's machine learning technology for road navigation and Waymo's autonomous driving technology for decision-making, encompassing functions such as starting and stopping, as well as interactions with other vehicles and pedestrians.
2. On March 8, 2023, Amazon introduced its innovative AI-powered tool named Amazon Logistics Route Optimizer. This tool leverages real-time traffic and weather data, utilizing machine learning to optimize delivery routes. This optimization not only reduces delivery times but also cuts down on fuel consumption, enhancing Amazon's logistical efficiency.
3. On May 11, 2023, FedEx joined forces with IBM to pioneer AI-powered solutions in the realm of supply chain management. By employing IBM's Watson AI platform, FedEx will analyze data derived from its extensive network of warehouses, trucks, and airplanes. The goal is to optimize supply chain operations, minimize costs, and enhance customer service.
4. On July 12, 2023, UPS introduced the UPS Delivery Assistant, a groundbreaking AI-powered tool. This system utilizes machine learning to scrutinize data originating from UPS's fleet of trucks and drivers, with the aim of identifying potential safety concerns and improving driver behavior.
5. On September 14, 2023, Deutsche Post teamed up with Microsoft to create AI-powered logistics solutions. These solutions will harness the power of the Microsoft Azure cloud computing platform, analyzing data from Deutsche Post's extensive network of post offices.

Browse Full Market Research Report with Toc and Segments: https://factviewresearch.com/report/global-artificial-intelligence-in-transportation-and-logistics-market

Global Artificial Intelligence in Transportation and Logistics Market Size Segmentation:
By Component:
 Software
 Hardware
 Services
By Application:
 Route optimization and scheduling
 Predictive maintenance
 Autonomous vehicles
 Warehouse automation
 Inventory management
By Region
 North America
 Europe
 APAC
 Others

Read More Reports in Artificial Intelligence Industry
• Artificial Intelligence in Forestry and Wildlife Market - https://factviewresearch.com/report/global-artificial-intelligence-in-forestry-and-wildlife-market

• Artificial Intelligence in Supply Chain Management Market - https://factviewresearch.com/report/global-artificial-intelligence-in-supply-chain-management-market

• Artificial Intelligence in Personalized Marketing Market - https://factviewresearch.com/report/global-artificial-intelligence-in-personalized-marketing-market

• Artificial Intelligence in Gaming Market - https://factviewresearch.com/report/global-artificial-intelligence-in-gaming-market

• Artificial Intelligence in E Commerce Market - https://factviewresearch.com/report/global-artificial-intelligence-in-e-commerce-market

Minhaj Khan
Factview Research
+91 81499 24059
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
Instagram
Other

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.