Supply Chain Analytics Market Growth
Improving operational & supply chain efficiencies and supporting initiatives by transportation & logistics for Big Data projects drive the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, May 17, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Supply Chain Analytics Market Expected to Reach USD 16.82 Billion by 2027 | Top Players such as – Qlik, Infor & Kinaxis.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global supply chain analytics market size was valued at USD 4.53 billion in 2019, and is projected to reach USD 16.82 billion by 2027, growing at a CAGR of 17.9% from 2020 to 2027.
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Rise in need of improving operational and supply chain efficiencies, increase in adoption of Big Data technologies, and supporting initiatives by transportation & logistics for Big Data projects drive the growth of the global supply chain analytics market. However, inaccuracies in data and lack of skilled IT staff restrain the market growth. On the other hand, growth in awareness regarding benefits of supply chain analytics and surge in demand for cloud-based supply chain analytics solution are anticipated to present new opportunities in the coming years.
The global supply chain analytics market is segmented on the basis of component, deployment, enterprise size, industry vertical, and region. By component, it is divided into software and services. The software segment is further sub categorized into demand analysis and forecasting, supplier performance analytics, spend and procurement analytics, inventory analytics, transportation and logistics analytics, and others. Depending on deployment, it is categorized into cloud and on-premises. According to enterprise size, the supply chain analytics market is segregated into large enterprises and small & medium enterprises. As per industry vertical, it is fragmented into BFSI, retail, IT & telecom, healthcare, government, manufacturing, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on industry vertical, the retail and consumer goods segment contributed to the highest market share in 2019, accounting for more than one-fourth of the total share of the global supply chain analytics market, and is projected to maintain its leadership status by 2027. This is due to high demand for advanced solutions to manage the supplier network, Omni-channel sales, and risk management in supply chain of retail companies.
Based on component, the software segment held the highest market share in 2019, accounting for nearly two-thirds of the total share of the global supply chain analytics market, and is expected to maintain its dominant share during the forecast period. This is attributed to the advantages offered by supply chain analytics solution such as reduced inventory costs using smart demand sensing, increased responsive transport logistics, new sales & operations execution (S&OE) workflows, optimization of work plans and more.
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The global supply chain analytics market across North America, contributed to the highest share in terms of revenue, holding around two-fifths of the total market share in 2019. Growth in e-commerce along with rising government funding to support big data projects in the U.S. drives the market in this province.
The key players operating in the global supply chain analytics industry include Oracle, SAP SE, IBM, SAS Institute, MicroStrategy, Tableau, Qlik, Infor Inc., Kinaxis Inc., and Manhattan Associates. This study includes market trends, supply chain analytics market analysis, and future estimations to determine the imminent investment pockets.
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Impact of COVID-19:
✓ The covid-19 outbreak has considerably enhanced the growth of the supply chain analytics market. The demand for supply chain analytics has increased across various industries.
✓ At the same time, the demand for supply chain analytics is anticipated to elevate post-pandemic, as it would enable the companies to examine business continuity scenarios.
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