The supply chain management (SCM) market solutions revenue totaled ~US$ 19.5 Bn for 2020, according to Future Market Insights’ (FMI’s) latest study. The overall market is expected to reach ~US$ 62.6 Bn by 2031, growing at a CAGR of 11.4% for 2021 – 31. The demand for supply chain management solutions will accelerate with top 5 providers holding around 50.2% of total market in 2020.
Newly released data on the supply chain management demand outlook indicates 8.7% y-o-y growth in 2021. Among industry verticals, the market share for retail & consumer goods sector is the largest among all. However, the transportation & logistics segment will grow at 14.6% CAGR to emerge as the fastest growing end user through the assessment period.
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Increasing demand for supply chain management (SCM) market solutions from both large enterprises and small and medium enterprises (SMEs), growing awareness about the benefits offered by SCM solutions, including supply chain optimization, forecasting accuracy, meaningful synthesis of business data, and wastage minimization are likely to fuel the demand for supply chain management solutions over the coming years.
The SCM sales is estimated to rise at 11.4% CAGR between 2021 and 2031 in comparison with 8.6% CAGR registered during 2016-2020. The global supply chain management growth scenario is anticipated to witness an increase in revenue from ~US$ 21.2 Bn in 2021 to ~US$ 62.6 Bn by 2031.
“Supply chain management solutions enable organizations to efficiently manage potential challenges such as demand spikes, inventory and labor shortages, and transportation disruptions, along with effectively mitigating supply chain disturbances. In addition to this, agility and omnichannel supply chains are becoming the norm, while the increasing availability of Big Data means organizations are now able to close the loop with prescriptive analytics and make informed supply chain decisions,” says FMI analyst.
Chief factors fueling the demand for supply chain management solutions include high growth in eCommerce, need for greater transparency and visibility in supply chain processes and data, enhancing business continuity by minimizing potential failures, and rising adoption of cloud supply chain management among SMEs.
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Key Takeaways: Supply Chain Management Market
• By software solution segment, the integrated SCM platform/suite is anticipated to account for the leading market share. The segment is estimated to grow at a robust CAGR of 13.5% through 2031.
• Based on deployment, the on-premises segment is estimated to account for more than half of the software solution segment in 2021.
• The demand for supply chain management in large enterprises is expected to grow at the highest rate.
• Demand for supply chain management in transportation & logistics and manufacturing sector is estimated to grow at an impressive CAGRs. However, retail & consumer goods segment is estimated to continue to hold dominant market share in the global supply chain management market during the forecast period.
• Among the regions, North America is estimated to hold highest market share followed by Europe in 2021. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2021 & 2031.
• The market in Japan is expected to progress at a noteworthy CAGR of more than 14% through 2031.
• In the U.K., sales are expected to increase tremendously at a CAGR of 11.4% over the next ten years.
COVID-19 Impact Analysis on Supply Chain Management Market
The COVID–19 pandemic has compelled several industries and organizations to revamp their global supply chain model. The lockdown implemented to contain the spread of the virus across various countries has shut down economies and is impacting every aspect of the supply chain around the world.
The global pandemic affected almost all aspects of the global economy over the past few months. One industry that has seen remarkable changes is e-commerce.
There is a huge pressure on the supply chain logistics industry to keep up with the ever-rising demand, as self-isolated consumers are shifting towards online shopping platforms. Accordingly, logistics companies are stepping up with innovative strategies to respond to these rapidly shifting logistics trends in 2021.
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Some of the leading companies in this landscape are IBM Corporation, Oracle, SAP SE, Manhattan Associates, and E2open LLC among others. As per Future Market Insights, nearly 60% of the market share is currently covered by the top 15 players.
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