Chicago, Aug. 29, 2022 (GLOBE NEWSWIRE) — The supply chain management (SCM) market size is expected to grow from USD 28.9 billion in 2022 to USD 45.2 billion by 2027, at a compound annual growth rate (CAGR) of 9. 4% over the forecast period. Government regulations pertaining to the supply chain and logistics industry are the major drivers for the growth of the market.
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508 – Tables
48 – Numbers
341 – Pages
|Market size available for years||2014-2027|
|Base year considered||2021|
|Forecast units||Value (USD billion)|
|Segments Covered||Component (hardware, software, and services), deployment mode, organization size, vertical, and region|
|Geographies covered||North America, Europe, Asia-Pacific, Middle East and Africa and Latin America|
|Companies covered||SAP (Germany), Oracle (US), Infor (US), Descartes (Canada), Manhattan Associates (US), IBM (US), Logility (US), Kinaxis (Canada) , Blue Yonder (USA), Körber (USA), Coupa (USA), Epicor (USA), BluJay (USA), OMP (Belgium), E2open (USA), JAGGAER (US), Zycus (US), GEP (US), Tive (US), Calista (Singapore), MOST (Sweden), Freightify (India), 4TiGo (India), Trukky (India) ) and Lobb (India).|
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Supply chain management facilitates the activities of the entire supply chain. The solution is used in supply chain transactions and helps manage supplier relationships and business processes. Also, it provides accurate insights and an end-to-end view of supply chain processes. It integrates organization and supply chain into a single system and helps end users to oversee areas such as warehousing, purchasing, marketing, sales, shipping and others, which helps businesses to make effective business decisions. The progression of the SCM market is driven by the development of industrial-grade digital technology, an increase in the need to improve supply chain visibility, and an increase in the inclination towards supply chain management software cloud-based provisioning.
By region, the Asia Pacific (APAC) SCM Market is expected to grow at the Highest CAGR during the forecast period. Countries in the region have seen a significant increase in the adoption of SCM solutions and services. This growth can be attributed to increase in technological innovations, rapid urbanization, digitalization and with companies moving towards automation and digitalization of supply chain processes, the SCM market is witnessing strong opportunities for growth in this region.
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Rising need for demand management solutions among enterprises and increasing adoption of SCM software in consumer goods, retail, e-commerce, healthcare and pharmaceutical companies are expected to drive the growth of the SCM market. Additionally, the rise of cloud computing technologies has brought innovations in SCM solutions, which have had a transformational impact on business operations and SCM systems. Cloud-based SCM manages supply chain process and activities with cloud-based applications, which upgrades a company’s traditional supply chain network. The cloud supply chain network facilitates a digital supply network to unite and streamline the flow of products and services, and further gives real-time insights into end-to-end visibility into product status. The cloud-based SCM system transforms the supply chain system by delivering more value, easier access, and affordability to organizations of different sizes.
Additionally, cloud-based SCM solutions have proven to be highly effective during the COVID-19 pandemic. Businesses are embracing the benefits of the SCM cloud, such as better visibility, real-time information, scalability, and reduced lead times. These benefits of the SCM cloud improve businesses’ business processes by reducing total cost of ownership (TCO) and operational costs.
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