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Kenneth Research, in its repository of market research reports, has recently added a report on supply chain Analytics Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The supply Chain Analytics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
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U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Supply Chain Analytics Market products.
The Supply Chain Analytics Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe's organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
Market Synopsis
The Global Market for Supply Chain Analytics is estimated to reach USD 8,890.4 million by 2023, registering a 13.7% CAGR during the forecast period from 2017 to 2023. Increase in data generation among enterprises and increasing consumer awareness with respect to the benefits of supply chain analytics are the factors driving the growth of supply chain analytics market. Most of the industrialists and experts recognize that integration of artificial intelligence with supply chain analytics could be an effective growth strategy in predicting the possible outcomes and offering a pro-active action plan in handling inventory management. This integration is expected to act as a competitive advantage for implementing supply chain analytics in reducing cost fluctuations by improving sourcing and logistics activities.
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Supply chain analytics is a method of applying statistical tools and modeling techniques to obtain meaningful patterns from the raw data available such as transaction, sensor, and shipment data. The growing consumer awareness in terms of the assistance presented by supply chain analytics. This rise in customer demand and awareness is also expected to adopt supply chain solutions by the enterprises. The supply chain function has become a critical component in businesses which assures the goods and services to be delivered with enhanced customer satisfaction. The global supply chain analytics market demand is driven by the rapid increase in data generation among the enterprise and surging consumer awareness concerning the benefits of supply chain analytics.
With the increase in the volume of data sets, big data and big data analytics are creating a significant impact on supply chain management. Supply chain analytics solutions aid the businesses with making better strategic decisions which create a positive impact on their current market position and improve their returns on investment (ROI). Many industrial giants such as Bosch, Siemens, and many others are implementing the supply chain analytical solutions for their production processes to have an effective and improvised supply chain. In light of these factors, the end-users are gaining popularity about the benefits of supply chain analytics techniques.
However, lack of data privacy in public cloud deployment and monetary constraints among enterprises are the factors which can restrain the market growth. The significant obstacle towards the growth of supply chain analytics market is the connected digital space and the data gathered along with it. There has been extensive advancement in the cloud deployment of analytics, resulting in a collection of the enormous amount of data. The higher data breach results in a loss of confidential data and hampers its privacy.
Segmentation
By component, the market has been segmented into solution and services. The solution is further sub-segmented into supply chain planning and procurement, transportation & logistics, sales and operation planning, manufacturing analytics, and visualization and reporting tools. The services are further sub-segmented into professional services and managed services.By deployment, the market has been segregated into on-premise, and on-cloud.By vertical, the market has been divided into retail, healthcare, manufacturing, automotive & transportation, aerospace & defense, and others.
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Key players
MRFR recognizes the key players in the global supply chain analytics market as IBM Corporation, MicroStrategy, Inc., Oracle Corporation, Tableau Software, Inc., SAP SE, Accenture PLC, Genpact, SAS Institute Inc., Manhattan Associates Inc., and JDA Software Group, Inc.The prominent players keep innovating and investing in research and development to present a cost-effective product portfolio. There has been recent mergers & acquisitions among the key players, a strategy the business entities leverage to expand their reach to the customers
The market for global supply chain analytics is estimated to grow at a significant rate during the forecast period from 2017 to 2023. The geographical analysis of supply chain analytics market has been studied for North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Spain, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, Singapore, Australia, and the rest of Asia-Pacific), and the rest of the world (the Middle East & Africa).
At present, North America holds the largest market share due to the presence of of significant players such as Oracle Corporation, IBM Corporation, and SAS Institute providing supply chain analytics solutions. Among the North American countries, the US accounts for the largest market share due to the early adoption of supply chain analytics and technological advancements. Europe accounted for the second-largest market share, due to the increasing adoption of mobile-based solutions for the supply chain analytics.
Asia-Pacific accounted for the third-largest market share and is expected to register growth with the highest CAGR of 16.4% during the forecast period. This region is leading in the adoption of new technologies that enable to set up connecting distributed transport network to estimate market demand and product supply points results in the growth of the market during the forecast period. The Middle East & Africa region is expected to achieve substantial market growth with crucial players focused on investing in this region to offer supply chain analytics solutions to the enterprises.
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Intended Audience
Retail vendors
Local/government agencies
Supply chain analytics services providers
Cloud service providers
IT providers
Value-added resellers
Cloud infrastructure agencies
Research firms
Software vendors
About Us
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research, are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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