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Kenneth Research, in its repository of market research reports, have recently added a report on Cloud Supply Chain Management (SCM) Software Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Cloud Supply Chain Management (SCM) Software 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.
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 Cloud Supply Chain Management (SCM) Software Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Cloud-based Supply Chain Management (SCM) Software Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts to 2023
Brief: Cloud technology has been around for almost 20 years now, but supply chain professionals are still reluctant to adopt cloud and migrate their systems. Though the industry is in its initial stages, cloud computing will help supply chain managers to closely track a product throughout its lifecycle. Cloud-based SCM will significantly cut down the product cost as it will locate the shipment during any stage of the transportation. With the changing supply chain environment, cloud computing will become an advantageous process, gaining more market traction over the traditional systems. While the traditional SCM is more transactional, the cloud approach offers a 360-degree control and real-time monitoring. Cloud-based SCM offers scalability, reliability, cost-effective, integrated design, and immediacy over localized SCM model.
Market Analysis: The SCM market is mature, however, the emergence of cloud computing has changed the industry landscape and has improved customer experience. The“cloud-based SCM software” market is expected to reach 7.03 billion by 2023, growing at a CAGR of 14.3% during the forecast period 2017–2023. The incorporation of cloud into SCM creates myriad benefits that redefine the traditional supply chain networks, offers better supply chain visibility, helps in handling the surging data volumes and in integrating digital technologies. Moreover, the need for improved business agility, scalability, faster deployment, and reduction in TOC will drive the organizations to deploy cloud model of SCM.
Product Analysis: The market study of cloud-based SCM will talk about the types that include supply chain planning, procurement, manufacturing execution system, warehouse management system, and transportation management system. The procurement software market will grow due to investments from large enterprises in procurement applications and from SMEs in cloud-based procurement software. The pressing need to consolidate and improve purchasing power will drive the market toward cloud-based software. The manufacturing execution system will have the highest growth rate with rise in automation, faster ROI, stringent government regulations, reduced lead times, reduction in production cost, and better operational excellence.
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Regional Analysis: North America is estimated to have the largest market share in 2017 and is expected to maintain the same till 2023. Asia Pacific is expected to grow at the highest CAGR during the forecast period due to the growing awareness about cloud-based SCM among enterprises, especially SMEs. Factors such as rising need for infrastructure management system and shifting of workload to a cloud model will increase the market revenue.
Key Players: SAP, Oracle, JDA Software, Epicor, Manhattan Associates, Descartes Systems Group, HighJump Software, IBM, and Kewill Systems.
Competitive Analysis: The study covers and analyzes the“Cloud-based Supply Chain Management (SCM) Software” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists and other companies in understanding the companies better and take informed decisions.
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About Kenneth Research
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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