The usage of Artificial Intelligence and Machine Learning has been gripping the global industry relentlessly and the supply chain sector, essentially the backbone of global trade is not behind. The global spending on IoT platforms is predicted to grow from $ 1.6 billion in 2012 to $12.44B in 2024, achieving a staggering 40% compound annual growth rate
The emergence of AI in India
Being the world’s fifth largest economy, India has seen significant growth in AI adoption in the last few decades having the highest AI adoption rate of 45% during the pandemic. According to a government statement, the AI expenditure in the country is expected to witness a CAGR surge of 39% by 2025 reaching a staggering amount of $ 11,781 million. It is also expected to contribute approximately 15% of the current gross value to the country’s economy by 2035.5
Artificial Intelligence and Supply Chain
Providing speed in decision-making, reducing cycle times and speeding up overall trade development, the use of AI in supply chain management is disrupting the industry and is here to stay and thrive. The rapid adoption of AI & ML has dynamically contributed to the rise in production and establishing a smooth supply chain.
With the rapid increase in the global demand for Indian goods and the increased consumption of the e-commerce ecosystem, the need was established for a smoother and more efficient supply chain process which was further aggravated by the onset of the pandemic. In an effort to bring down the logistical costs which are currently at 14% in par with the world, AI will play a crucial role by automation and proving accurate insights in a shorter time enabling smarter business decisions. Successful implementation of robust AI applications across the spectrum will not only bolster India’s trade game but also bring the economy at par with global supply chain standards & AI Based Log analytics SaaS platform also developer of nano and organic compound-based batteries for e-vehicles.
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