Supply Chain Analytics Market Size, Share & Trends Analysis Report By Solution, By Service, By Deployment, By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2021 - 2028
Supply Chain Analytics Market Growth & Trends
The global supply chain analytics market size is expected to reach USD 16.07 billion by 2028, registering a CAGR of 17.3% from 2021 to 2028. The growing demand to manage the increasingly large volumes of business data and use insights derived from it for strategic applications are triggering the demand for supply chain analytics (SCA). The increasing awareness among enterprises about the benefits offered by supply chain analytics in improving visibility across the entire supply chain is instrumental in driving the demand for analytics solutions.
SCA solutions enable enterprises to achieve growth, enhance profitability, and increase market share by utilizing the derived insights in making strategic decisions.Improved visibility across the supply chain can help organizations enhance sustainability, reduce inventory cost, and accelerate the time-to-market for products in the long run.
Factors such as shortening product life cycles, low visibility in traditional supply chains, ineffective supplier networks, elevated warehousing costs, redundant forecasts, and fluctuating customer demands necessitate supply chain optimization, thereby driving the market growth.
The increased availability of cloud-based SCA solutions has triggered their demand among small and medium enterprises owing to benefits such as easy deployment, shorter implementation window, effective use of IT resources, and flexibility and mobility offered by these solutions.Another notable trend in the market is the increased demand for risk analytics solutions across all industries.
Risk analytics solutions address multiple issues associated with the supply chain by providing an analysis of scenario and sensitivity, stochastic optimization, and risk mitigation.
Improved effectiveness of business outcomes and cost-effectiveness of supply chain management resulting from the adoption of supply chain analytics is also expected to encourage the adoption of SCA solutions in several end-use applications.Demand is expected to remain strong across application areas such as retail and consumer goods, healthcare, and manufacturing.
Moreover, the ability of supply chain analytics to enable effective and efficient management of end-to-end business processes is expected to propel the market growth over the forecast period.
Supply Chain Analytics Market Report Highlights • In terms of solution, the sales and operations analytics segment is anticipated to register considerable growth over the forecast period. This growth can be attributed to the growing use of machine learning in supply chain analytics solutions to dissect and aggregate data and produce predictive, descriptive, and prescriptive insights
• In terms of service, the professional segment dominated the market in 2020 and is expected to retain its dominance over the forecast period. The growing automation of professional services due to the adoption of big data and analytics, coupled with the increasing demand for improved mobility among service consultants, is expected to drive the growth of the segment
• In terms of deployment, the cloud segment is anticipated to register the highest CAGR from 2021 to 2028. Cloud-based solutions allow businesses to access data across connected devices at any point, which increases the scope for customization and enables the implementation of analytical tools across multiple business channels.
• In terms of enterprise size, the large enterprise segment is anticipated to register promising growth over the forecast period. This growth can be attributed to the rising demand for robust monitoring solutions and automation capabilities for resource allocation and strategic decision-making across large organizations
• In terms of end use, the high technology product segment is expected to register a promising growth rate from 2021 to 2028. This growth can be attributed to the increasing demand for advanced technology products and the increasing import and export of these high technology products worldwide
• In terms of region, the North America region dominated in 2020. The regional market is expected to retain its dominance over the forecast period, chiefly owing to the presence of a large number of SCA service providers in the region
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