PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1425018
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1425018
Supply Chain Analytics Market size was valued at USD 5,912 Million in 2022, expanding at a CAGR of 17.5% from 2023 to 2030.
To obtain insights into the acquisition, processing, and distribution of commodities, supply chain analytics refers to the methods and instruments used to aggregate and evaluate data from various systems. Supply chain analysis is the process of examining every stage of a supply chain starting from the moment the business buys raw materials or supplies from its suppliers to the delivery of final Deployments to the customers.
Supply Chain Analytics Market- Market Dynamics
Increasing awareness about benefits of SCA solutions, supply chain optimization to propel market demand
The demand for supply chain analytics (SCA) solutions is rising as more people become aware of its advantages, which include accurate forecasting, optimized supply chains, reduced waste, and insightful synthesis of corporate data. Over the course of the forecast period, the market is anticipated to develop at a faster rate due to the growing number of small and medium-sized businesses and their rising expenditure on applying analytics to maintain a strong position in the market and compete against other competitors. Supply chain analytics also helps firms improve their ability to make decisions regarding technology adoption, organizational architecture, strategic alliances, and enterprise resource management. It helps companies to pinpoint areas for improvement and enhance their supply chain operations.
With the use of SCA, businesses may gain a more comprehensive understanding of supply chain operations and effectively handle any problems that might jeopardize their long-term viability or profitability. Companies can monitor ineffective supplier networks, excessive storage expenses, and inaccurate forecasts, among other things, with the aid of mobile-based solutions. Analytics tools are essential for assessing corporate processes, which can enhance inventory control and, in turn, lower related costs that could impede company expansion. A recent spike in the use of mobile-based solutions is anticipated to boost the industry's growth.
Supply Chain Analytics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 17.5% over the forecast period (2023-2030)
Based on Deployment segmentation, cloud-based segment was predicted to show maximum market share in the year 2022, owing to technological advancement.
Based on Solution segmentation, sales & operations analytics segment was the leading segment in 2022, due to high need for big data, resource optimization.
Based on End-User segmentation, manufacturing segment was the leading segment in 2022, mainly due to increasing demand for improving performance along with automation.
On the basis of region, North America was the leading revenue generator in 2022, owing to greater emphasis on operational data.
The Global Supply Chain Analytics Market is segmented on the basis of Deployment, Solution, End-User, and Region.
The market is divided into two categories based on Deployment: on-premises and cloud-based. The cloud-based segment dominates the market. The high demand for big data, real time analytics is expected to boost the segment growth.
The market is divided into five categories based on Solution: logistics analytics, manufacturing analytics, planning & procurement, sales & operations analytics, visualization & reporting. The sales & operations analytics segment dominates the market and is likely to maintain its dominance during the forecast period. The growing demand for resource planning in sales is boosting the segment growth.
The market is divided into six categories based on End-User: manufacturing, retail, healthcare, transportation, aerospace & defense, and others. The manufacturing segment dominates the market and is likely to maintain its dominance during the forecast period. The increased adoption technology, cloud solution is boosting the market growth.
Supply Chain Analytics Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period. Industrial enterprises in North America are focusing more on the visual presentation of operational data due to the complexity of business operations. This enables companies to make better strategic decisions by swiftly evaluating the state of their supply chain from a data perspective.
To stay competitive and expand their market reach globally, industry players are turning to expansion methods like joint ventures, product development, mergers and acquisitions, and partnerships. Leading companies that provide SCA software solutions to different industry verticals include SAP SE, Oracle Corporation, Maersk Group, Accenture PLC, and JDA Software Group, Inc. Businesses have been utilizing unified advanced analytics software due to the trend of optimizing the delivery mechanism from the point of production to the end of consumption. The development of advanced supply chain solutions using big data, artificial intelligence, predictive analytics, interactive software, and helpful dashboards has encouraged industry participants to create complex SCA solutions.
In June 2023, an automobile company, Jaguar Land Rover (JLR) announced a partnership with Everstream Analytics, a supply chain solution provider, which embedded AI into JLR's supply chain management.