The global supply chain analytics market was valued at USD 6.17 billion in 2022 and it is predicted to surpass around USD 31.78 billion by 2032 with a CAGR of 17.81% from 2023 to 2032.
|Market Size in 2022||USD 6.17 billion|
|Revenue Forecast by 2032||USD 31.78 billion|
|Growth rate from 2023 to 2032||CAGR of 17.81%|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Covered||Accenture PLC; Aera Technology; Birst, Inc.; Capgemini SA; Genpact Limited; International Business Machines Corporation; JDA Software Group; Inc., Kinaxis; Lockheed Martin Corporation; Maersk Group; Manhattan Associates, Inc.|
The supply chain analytics market is growing in demand due to increased awareness of the benefits of supply chain analytics (SCA) solutions, such as forecasting accuracy, supply chain optimization, waste minimization, and meaningful synthesis of business data. The increasing number of small & medium enterprises and their increasing expenditure on implementing analytics to hold a strong position in the market and compete against other market players are expected to boost the market growth in the forecast period.
The COVID-19 pandemic has long-term influenced economies worldwide, forcing corporate leaders to act and continue their operations. The epidemic underscored the importance of supply chain solutions for long-term economic viability. During these uncertain times, supply chain analytics-enabled organizations to identify processes that needed immediate attention or products/items that were likely to run out soon, allowing them to manage the demand-supply gap better than before. Furthermore, SCA vendors in the market are working actively and offering solutions to minimize the negative impacts of the pandemic on global supply chains.
Supply chain analytics also helps businesses improve their ability to make decisions regarding technology adoption, organizational infrastructure, strategic relationships, and enterprise resource management. Additionally, SCA solutions encourage strategic decision-making and help businesses strengthen their market position, maximize return on investment, and speed up growth by utilizing the learned insights. Supply chain analytics software enables collaborative engagement and access to different data sources while providing comprehensive insights. These advantages allow an organization to improve its response time by anticipating changes in its production timeline and process.
SCA helps organizations get a broader view of supply chain activities, allowing them to efficiently manage any issues that may impact the profitability or sustainability of the business. Mobile-based solutions help companies track inefficient supplier networks, elevated warehousing costs, and incorrect forecasts, among others. Analytics solutions also play a pivotal role in analyzing business operations that may help improve inventory management and subsequently help reduce associated cost components that may hinder business growth. In recent times, a surge in the adoption of mobile-based solutions is expected to create avenues for industry growth.
Unethical activities and increasing incidences of cyber threats could raise concerns among businesses and may challenge the adoption of SCA solutions to a certain extent. Although the prospects of tech inclusion in supply chain operations look bright, industry incumbents are still concerned about possible security/data breaches. These concerns may be unfavorable for future growth. However, by selling secure products, SCA solution providers have been working tirelessly to reduce the effect of these breaches. These initiatives may help the supply chain analytics market grow at a healthy rate in the coming years.
Supply Chain Analytics Market Segmentations:
|By Solution||By Service||By Deployment||By Enterprise Size||By End-use|
Planning & Procurement
Sales & Operations Analytics
Visualization & Reporting
Support & Maintenance
Small & Medium Enterprises
Retail & Consumer Goods
Aerospace & Defense
High Technology Products