AI in Inventory Management Global Market Report 2024

The AI in inventory management market size has grown exponentially in recent years. It will grow from $5.7 billion in 2023 to $7.38 billion in 2024 at a compound annual growth rate (CAGR) of 29.5%. Enhanced customer experience, data-driven decision-making, increased adoption of digital solutions, enhanced productivity, and dynamic reorder point adjustments were key factors driving growth during the historic period.

The AI in inventory management market size is expected to see exponential growth in the next few years. It will grow to $20.98 billion in 2028 at a compound annual growth rate (CAGR) of 29.8%. The forecasted growth can be attributed to an increase in the number of retail stores, the escalating importance and potential impact of AI, expanding business requirements, the rising complexity and volatility of supply chains, and the growing availability of data. Key trends anticipated in the forecast period encompass technological advancements, the integration of blockchain, augmented reality adoption, the demand for AI-driven robots in warehouses, and AI-based inventory forecasting.

The expansion of retail stores is anticipated to drive the growth of the AI in inventory management market. Retail stores are establishments where goods are sold to consumers directly, typically in small quantities for personal use or consumption. The increasing number of retail stores is influenced by factors such as online and offline shopping trends, economic conditions, consumer preferences, and strategic business decisions. AI in inventory management plays a crucial role in enhancing operational efficiency, reducing costs, and improving the overall customer shopping experience within retail establishments. For instance, data from the National Association of Convenience Stores in January 2024 indicated a rise in the number of convenience stores operating in the United States, reaching 152,396 by 2024, marking a 1.5% growth compared to the previous year's count. Consequently, the growing number of retail stores is a key driver propelling the growth of the AI in inventory management market.

Leading companies in the AI inventory management market are actively developing advanced systems, particularly cloud-native AI-powered inventory management solutions, to maintain a competitive edge. Cloud-native artificial intelligence-powered inventory management solutions are software solutions designed to operate in a cloud environment, utilizing cloud serverless computing technology to provide real-time access to inventory information. For example, Predian, a US-based provider of AI-powered inventory management solutions, launched a cloud-native artificial intelligence-powered inventory management solution in January 2024. This solution is tailored to streamline stock control and optimize operational efficiency, representing a significant advancement in AI-powered inventory management technology. These solutions are capable of processing vast amounts of data quickly, accurately, and tirelessly, making them indispensable tools for businesses seeking to enhance their inventory management processes.

In March 2023, Gather AI, a US-based software company, acquired Ware Inc. to expand its offerings in AI-powered autonomous inventory management solutions. This strategic acquisition enables Gather AI to extend its proven solution to more warehouses, empowering customers to leverage data insights from its growing network for real-time inventory visibility through AI software. Ware Inc., a US-based provider of AI-powered autonomous inventory management solutions, adds valuable expertise and capabilities to Gather AI's portfolio, contributing to the advancement and growth of AI-driven inventory management solutions.

Major companies operating in the AI in inventory management market are Walmart Inc., Amazon.com Inc., Microsoft Corporation, United Parcel Service Inc., FedEx Corporation, A.P. Moller-Maersk Group, Siemens AG, Hitachi Ltd., Intel Corporation, Accenture Plc, International Business Machines Corporation, Cisco Systems Inc., Deloitte Touche Tohmatsu Limited, Oracle Corporation, PricewaterhouseCoopers International Limited, Schneider Electric SE, Honeywell International Inc., KPMG International Cooperative, SAP SE, Tata Consultancy Services Limited, NVIDIA Corporation, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, Wipro Limited.

North America was the largest region in the AI in inventory management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in inventory management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the AI in inventory management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Artificial intelligence (AI) integration into inventory management involves leveraging AI methodologies and tools to streamline supply chain processes associated with inventory handling, tracking, and organization. This application optimizes inventory management through methods such as demand forecasting, real-time monitoring, smart replenishment, and inventory optimization.

AI's primary contributions to inventory management are categorized into solutions and services. Solutions are composite blends composed of multiple substances uniformly distributed at the molecular or ionic level, deployable both in the cloud and on-premise. These solutions employ various technologies, including machine learning, natural language processing, context awareness, computer vision, among others, serving diverse applications such as intelligent robotic sorting, visual inspection, warehouse management, supply chain planning, risk and network management, freight brokerage, fleet management, intelligent route optimization, and predictive demand and capacity planning. This technology is utilized across a spectrum of industries including retail, healthcare, automotive, oil and gas, aerospace and defense, among others.

The AI in inventory management market research report is one of a series of new reports that provides AI in inventory management market statistics, including AI in inventory management industry global market size, regional shares, competitors with AI in inventory management market share, detailed AI in inventory management market segments, market trends, and opportunities, and any further data you may need to thrive in the AI in inventory management industry. This AI in inventory management 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 AI in inventory management includes revenues earned by entities by providing services such as warehouse management, order fulfillment automation, real-time inventory tracking, and predictive maintenance. 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.


This product will be delivered within 3-5 business days.