PUBLISHER: TechSci Research | PRODUCT CODE: 1348592
PUBLISHER: TechSci Research | PRODUCT CODE: 1348592
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Global Supply Chain Analytics Market is anticipated to thrive in the forecast period 2023-2028 The need of gaining a competitive edge in the market by the players is boosting the growth in the market. Also, the demand for increase operational and supply chain efficiency, the rapid growth in business data volume across a variety of industries, including manufacturing, retail, transportation, and the rise in adoption of Big Data technologies, are some of the key factors fueling the growth of the Global Supply Chain Analytics Market.
The term "supply chain analytics" refers to the methods used by businesses to understand and derive value from the enormous amounts of information related to the production, processing, and distribution of commodities. In order to effectively manage a supply chain, supply chain analytics are crucial. The selection of supply chain analytics software is made keeping improvement of forecasting, efficiency, and customer responsiveness in mind. Predictive analytics on point-of-sale terminal data kept in a demand signal repository, for instance, can assist a company in anticipating consumer demand, which can then result in cost-saving adjustments to inventory and quicker delivery.
Market Overview | |
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Forecast Period | 2024-2028 |
Market Size 2022 | USD6.24 Billion |
Market Size 2028 | USD17.63 Billion |
CAGR (2023-2028) | 18.9% |
Fastest Growing Segment | Manufacturing |
Largest Market | United States |
Companies across the range of industries are investing significantly to increase operational and supply chain efficiencies and digitise their business models. The focus of the supply chain function has changed to advanced planning techniques, such as integrated sales and operations planning or analytical demand planning, which are now standard business practises in many organisations. From customers to suppliers, integrated operations are ensured by the supply chain function. Due to the increase in demand for supply demand and real-time monitoring, the market for supply chain analytics software is anticipated to expand at a substantial rate during the forecast period. Additionally, it is anticipated that the introduction of trends like Industry 4.0 and Logistics 4.0 will present lucrative opportunities for the market growth.
All Supply Chain Analytics solutions, including next-generation firewalls and intrusion prevention systems, may be more easily managed by enterprises if they are implemented on-premises. Because cloud-based solutions provide speed, scalability, and increased IT security, enterprises benefit from the concept of cloud deployment for Supply Chain Analytics solutions. As more applications are supplied over the cloud, there is an increasing demand for cloud-based Supply Chain Analytics solutions from SMEs and large organisations. Furthermore, during the projection period, the rise of the entire market would be sped up by factors including improved security measures and rising cybersecurity awareness. Additionally, it is projected that the Supply Chain Analytics market will expand at a faster rate due to the rising volume of commercial data being generated from various sources. Industries now place a higher priority on gathering large amounts of data as a result of data-driven organisations that analyse data to reveal insights. The expansion of the market is being driven by an increase in government funding for Big Data projects in numerous nations as well as numerous initiatives done by governments of various nations to establish Big Data infrastructure. For instance, the Japanese government has launched a number of financing and policy initiatives in Japan. The development of data analysis technologies and the gathering of Big Data through the Internet of Things (IoT) under such government programmes have accelerated market expansion in Japan.
Due to the growth of the Internet of Things (IoT), social media, and multimedia, which has generated a prodigious flow of data, organisations are continuously capturing more and more data. The growth rate of data generated by machines and people is ten times greater than that of traditional commercial data. Additionally, it is anticipated that by 2028, there will be about 41 billion IoT devices in the market worldwide that will gather, analyse, and exchange data. The increased demand for massive volumes of structured and unstructured datasets to be stored, processed, and analysed has prompted many businesses and individuals to adopt big data analytics, which is expected to fuel market expansion. In addition, big data investments will rise as a result of the enormous amount of data being generated across various industry verticals, which will in turn spur the market for supply chain analytics.
The Supply Chain Analytics market is segmented based on component, deployment, enterprise size, industry vertical, and region. By component, the market is divided into software and services. The software segment is further segmented into demand analysis and forecasting, supplier performance analytics, spend and procurement analytics, inventory analytics, transportation and logistics analytics, and others. The deployment segment, is futher divided into cloud and on-premises. Rendering to enterprise size, the supply chain analytics market is divided into large enterprises and small & medium enterprises. By industry vertical, it is distinguished into retail & consumer goods, healthcare & pharmaceuticals, manufacturing, food & beverages, transportation & logistics, automotive, and other.
Major market players in the global Supply Chain Analytics market are Kinaxis Inc., Manhattan Associates, IBM Corporation, Tableau Software LLC, SAP SE, SAS Institute Inc., QlikTech International AB, Oracle Corporation, Microstrategy Incorporated, Infor Inc., etc.
In this report, the Global Supply Chain Analytics market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in the Global Supply Chain Analytics market.
Global Supply Chain Analytics market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: