Supply Chain Analytics Market to Grow at Impressive Rate Through 2028
Demand for analytics solutions, fueled by an increase
in company understanding of the benefits of Supply Chain Analytics (SCA), in
terms of increased visibility throughout the whole supply chain is expected to
drive the market of the Global Supply Chain Analytics Market in the forecast
period of 2024-2028.
According to
TechSci Research report, Supply Chain Analytics Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028,
the Supply Chain Analytics market is anticipated to register a robust growth
during the forecast period, 2024-2028. Global Supply Chain
Analytics market is the rising owing to growing adoption of cloud-based supply
chain analytics (SCA) software over on-premises supply chain analytics, to
save operating expenses and improvement in their processes since it offers
pay-per-usage licensing and requires less IT setup. Additionally, suppliers of
cloud supply chain analytics are updating their product lines, which should
further lower the cost of the solutions. For instance, Oracle SCM Cloud has
gained popularity recently because it offers improved features that enable cost
savings. Additionally, the rise in the adoption of cloud supply
chain analytics among small and medium-sized businesses (SMEs), the growing
demand for minimal initial investment, and the rapid expansion of cloud supply
chain analytics in the e-commerce sector, offer attractive potential for the
market to increasing number of players investing in cloud-based technology. By
reducing deployment risk and ownership expenses, SaaS offers a special platform
that eliminates the conventional hurdles to the adoption of software
applications.
Increased
spending on building Big Data infrastructure, growing need for informed decision-making,
and analysis of consumer data to generate future business plans have all
contributed to higher revenue driving the market growth. Moreover, the
implementation of predictive modelling to monitor the diseases and predict
the availability of Healthcare & Pharmaceuticals sector has created
opportunities for market participants offering supply chain analytics
solutions, expected to significantly increasing the demand for supply chain
analytics. (ATP) technologies, emerging startups' cybersecurity expenditures
are insufficient.
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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.
The
software segment is expected to register largest share in the supply chain
analytics market in 2022, owing to its benefits such as reduced inventory
expenses using smart demand sensing, enabling augmented responsive transport
logistics, facilitating new sales & operations execution (S&OE)
workflows, optimization of work plans, and more.
The
retail & consumer goods segment reported for the highest share in the
supply chain analytics market in 2022, for its demand to limit supply to boost
revenues. Moreover, increased omni-channel sales options are also leading to
demand for supply chain analytics solutions. However, the automotive industry
is expected to witness high growth rate during the forecast period.
Key market
players in the Supply Chain Analytics market:
- Kinaxis Inc.
- Manhattan
Associates
- IBM
Corporation
- Tableau
Software LLC
- SAP SE
- SAS Institute Inc.
- QlikTech International AB
- Oracle Corporation
- Microstrategy Incorporated
- Infor Inc.
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“North America held the
largest market share for supply chain analytics in 2022. The primary factors
driving the growth of the supply chain analytics market are the presence of top
industry suppliers working on this sector in North America and substantial
spending on Big Data technology in this region. Additionally, the use of supply
chain analytics has grown at every level of the retail process to forecast
consumer demand, manage inventory, and lower operating costs, all of which is expected
to have a substantial impact on the market's growth. Moreover, rise in spending on
transportation & logistics, which is boosting the implementation of
automation technologies in logistics and supply chain is also driving growth in
the region” said, Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Supply Chain Analytics Market Segmented By Component (Software and Services), By
Deployment (On-premise, Cloud), By Enterprise Size (Small & Medium
Enterprise And Large Enterprise); By Industry Vertical (Retail & Consumer
Goods, Healthcare & Pharmaceuticals, Manufacturing, Food & Beverages,
Transportation & Logistics, Automotive and Other) By Region, Competition” has
evaluated the future growth potential of Location- based Services Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Supply Chain Analytics Market.
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