Machine Learning in Logistics Market

Machine Learning in Logistics Market

Machine Learning in Logistics market size was valued at USD 2.8 billion in 2023 and is estimated to register a CAGR of over 23% between 2024 and 2032, led by strong demand for improved operational efficiency and cost savings. By leveraging machine learning (ML) algorithms, logistics firms can analyze extensive data sets to forecast demand, refine route planning, and enhance inventory management.

With machine learning, logistics providers can deliver precise delivery estimates, monitor shipments in real time, and customize services based on customer history and preferences. The booming e-commerce sector, coupled with rising demands for swift and reliable deliveries, intensifies the need for ML solutions that bolster responsiveness and agility. For example, in January 2024, Lloyd List Intelligence unveiled an 'air traffic control' system for global commercial shipping, offering timely data on vessel arrivals, departures, and berth times to mitigate supply chain challenges.

The overall industry is divided into component, technique, organization size, deployment model, application, end user, and region.

Based on component, the machine learning in logistics market size from the services segment is slated to witness significant growth during 2024-2032 due to its critical role in implementing, managing, and optimizing ML solutions within the logistics sector. Services like consulting, system integration, and management are vital for firms to adeptly implement machine learning, customize solutions, and integrate them with pre-existing systems.

Machine learning in logistics market value from the fleet management segment will foresee considerable growth up to 2032. This is driven by the need for harnessing advanced analytics to optimize vehicle operations and improve overall efficiency. ML algorithms analyze data from various sources, such as GPS, telematics, and driver behavior, to enhance route planning, monitor vehicle performance, and predict maintenance needs.

Asia Pacific machine learning in logistics industry size is anticipated to witness substantial growth through 2032, fueled by swift economic progress, surging e-commerce, and a focus on supply chain refinement. With urbanization and industrial growth on the rise, APAC nations are increasingly turning to advanced logistics solutions to adeptly manage intricate supply chains and high goods volumes in the region.