As we approach 2024, Locus forecasts a pivotal shift in the business landscape where embracing Generative AI and Cloud-Based technologies will not only shape their success but also revolutionise the global logistics landscape.
The logistics and supply chain landscape is currently undergoing a profound technological revolution. Amidst this wave of innovation, the incorporation of generative AI into logistics operations is set to redefine the industry in 2024. Global research indicates a remarkable shift in the generative AI logistics market, poised to surge from its current valuation of $412 million to a staggering $13,948 million by 2032, demonstrating an astonishing CAGR of 43.5 percent.
Generative AI’s predictive prowess offers a transformative solution, minimising human intervention and introducing unprecedented visibility. Control tower application and real-time tracking promise a future where logistics embraces efficiency and innovation.
Cloud-based solutions emerge as a transformative force, digitally revolutionising logistics. Beyond addressing inefficiencies and mitigating risks, these solutions provide businesses with advantages like speed, cost-effectiveness, control, scalability, and security, ushering in a new era of efficient and resilient logistics operations.
A report projects that within the next five years, a staggering 86 percent of supply chain-based companies will incorporate cloud computing into their operations. This is a substantial leap from the current 40 percent adoption rate, highlighting the growing recognition of cloud-based solutions’ value.
Enterprises are set to significantly increase their investments in cloud-based logistics solutions in 2024 in pursuit of enhanced agility, efficiency, and cost-effectiveness, signifying a transformative revolution in reshaping the logistics industry.
