This study intends to analyse diverse aspects of the global supply chain management market. The insights offered in this report are expected to aid in the examination of SCM market growth over the forecast timeline.
SMEs Showcase Greater Preference for Cloud SCM
There are several benefits offered by supply chain management (SCM) solutions such as wastage minimization, supply chain optimization, meaningful synthesis of business data, and forecasting accuracy. This has led to an increase in demand for these solutions by many small and medium enterprises (SMEs). Moreover, cloud-based SCM solutions are gaining popularity among these organizations for their greater safety and efficiency quotient, as well as higher flexibility, and affordability. This is expected to fuel the revenue growth prospects for players engaged in the global supply chain management market.
Technological Advances Create a Strong Breeding Ground for SCM
There has been a steady implementation of various technological advances in supply chain management solutions over the years to improve delivery and material handling productivity. When sophisticated technologies such as Artificial Intelligence, machine learning, automation, and the Internet of Things are integrated with SCM, manufacturing, maintenance, and distribution processes are improved. These technologies predict failure before it occurs, thus enabling the supply chain to function without interruption. As such, they are being used more often to improve connectivity, SCM efficiency, and transparency. This is a major factor slated to positively influence the progression of the supply chain management market.
Concerns Around Security and Privacy May Prove Detrimental to Market Growth
As enterprises begin to adopt cloud-based SCM solutions, the potential for security and privacy breaches increases too. Often confidential may be leaked over the Internet or can even be accessed by unauthorized users. This could hamper the reputation of a given enterprise and undermine its competitive business position in the process. Issues like this remain a constant area of concern and could restrain growth opportunities for participants of the supply chain management market further.
The COVID-19 Impact
The onset of the COVID-19 pandemic resulted in the imposing of restrictions by respective governments on the movement of people and goods, which hampered the supply of necessary raw materials and workers, among other operational hurdles. This led to a significant decline in generated revenues for many industries and this was no different for the global supply chain management market. However, as restrictions were gradually relaxed, post the 3rd and 4th waves, the global supply chain management industry regressed to its pre-COVID-19 state of operations.
North America at the Forefront of Adoption
As a technologically advanced region with a significant vendor presence, North America continues to be the frontrunner in the supply chain management market. SCM solutions continue to be integrated and adopted by various industries that operate here, such as healthcare, BFSI, retail, and manufacturing. The increasing focus to make supply chains functions more efficient in this region as well as the increasing adoption of IoT solutions in operational workflows are also among the key elements that are contributing toward the dominance of North America’s SCM market. However, increasing investments toward infrastructure and mobility by governmental, and private entities in various nations of the Asian subcontinent may underpin a higher CAGR for Asia Pacific’s SCM industry over the forecast period.
Supply Chain Management Market: Competitive Landscape
Major players in the supply chain management market include SAP SE, Oracle, Blue Yonder Group Inc., Infor, Manhattan Associates, Coupa Software Inc., IBM, Logility Inc., Korber AG, and Epicor Software Corporation. To gain a competitive edge, various established industry players are now more focused on new product launches, partnerships, collaborations, acquisitions, and alliances.
Recent Notable Developments
Regional Classification of Global Supply Chain Management Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Supply Chain Management Market:
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