Rise in use of industrial-grade digital technology, increase in use of cloud-based SCM software, surge in need for improved supply chain visibility, growing need of demand management solutions among enterprises, and improved adoption of SCM software in healthcare and pharmaceutical companies are crucial in contributing toward the growth of the market.
Allied Market Research published a research report on the supply chain management market. The findings of the report states that the global market for supply chain management generated $18.69 billion in 2020, and is expected to garner $52.63 billion by 2030, witnessing a CAGR of 10.7% from 2021 to 2030.The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
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Rachita Rake, the Research Analyst, ICT at Allied Market Research, highlighted, “Asia-Pacific is expected to observe highest growth rate during the forecast period. Strong economic growth along with the ongoing development in the services sector, has driven business enterprises to invest heavily in supply chain management software to sustain their growth and improve productivity. In addition, factors such as growth in penetration of mobility, rise in cloud deployment among small & medium businesses, and ongoing modernization of manufacturing & construction industries drive heavy investment in SCM software in the emerging countries. Also, Asia-Pacific is expected to witness highest growth rate in the upcoming years owing to rise in awareness about the advantages of supply chain management solutions among enterprises.”
The report provides a detailed analysis of drivers, challenges, and opportunities to help market players in determining strategies and tap on opportunities. Rise in use of industrial-grade digital technology, increase in use of cloud-based SCM software, surge in need for improved supply chain visibility, growing need of demand management solutions among enterprises, and improved adoption of SCM software in healthcare and pharmaceutical companies are crucial in contributing toward the growth of the market. However, rise in security & privacy concerns among enterprises and high cost associated with the implementation and maintenance of SCM solution impede the market growth. On the contrary, integration of block chain technology in SCM software and upsurge in demand for transportation management systems (TMS) software present opportunities in the next few years.
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The research offers an extensive scenario of Covid-19 along with outlining its impact on the supply chain management market across the world. The outbreak of Covid-19 pandemic affected the global supply chain management market. The market has witnessed fluctuations in the demand for the supply chain management. Furthermore, supply chain disruptions caused by transportation constraints have stifled the growth. However, the firms have made unprecedented steps and attempts to provide important services such as pharmaceutical and medical, food and beverage, and others through their facilities.
The report offers a detailed analysis of segments of the global supply chain management market based on component, refrigerant type, application, type and region. This analysis offers insights for new entrants, investors, stakeholders, and market players to determine the largest revenue generating and fastest growing segments to devise strategies according for the future.
By component, the solution dominated the supply chain management market size in 2020. However, the services segment is expected to exhibit significant growth during supply chain management market during the forecast period.
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Based on solution type, the procurement and sourcing generated the highest revenue in 2020. However, the transportation management system segment is expected to exhibit significant growth during the forecast period. Region wise, the supply chain management industry was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
Leading players of the global industrial refrigeration market analyzed in the research include Oracle Corporation, Infor, Epicor Software Corporation, HighJump, SAP SE, JDA Software Group, Inc., Manhattan Associates, The Descartes Systems Group Inc., Kinaxis Inc., and IBM Corporation.
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