The supply chain management market is predicted to grow at a CAGR of 11.8% over the forecast period, according to FMI’s analysis. The industry’s value is anticipated to increase from US$ 25.7 Billion in 2023 to US$ 78.5 Billion by 2033 end.
The market for supply chain management is witnessing an upward market direction as the adoption of this software is surging among multiple firms and organizations. This could be ascribed to the growing cognizance pertaining to efficiency-promoting attributes of SCM software while sourcing raw materials, assembling, and manufacturing goods or products. Supply chain management solutions also assist with financial information, tracking inventory and warehouse, product delivery, managing order entry, etc. All these benefits of using SCM solutions are projected to push the market forward in the forthcoming years.
Further on, SCM solution allows strategic management of work with the firm’s distribution network, thus promoting market growth. Supply chain management is witnessing increased adoption among SMEs and startups. The system offers the benefits of an IT department via a cloud management system sans any employment of additional staff at additional costs. This allows in-house employees to concentrate on daily business operations. The flexibility of cloud-based SCM storage provides scalability, which is significant for SMEs.
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Key Takeaways from the Supply Chain Management Market Report:
- The United States is projected to sustain its dominant market position in the forecast period by attaining US$ 16.6 Billion by 2033 end. The market is projected to grow at a CAGR of 9.6% in the meantime. The market growth can be attributed to the huge presence of adopters of such software in the region.
- The fastest growing market for SCM software and services in China. The country is predicted to witness blistering growth rate of 11.8% CAGR over the forecast period. Growing opportunities and investments in SCM solutions are anticipated to drive market growth.
- Japan is forecast to arrive at a market valuation of US$ 6.7 Billion by 2033, growing at a CAGR of 14.9% between 2023-2033. Surging investments by Japan to reduce its supply chain insecurity is expected to propel the market growth.
- On the basis of solution, the software segment is estimated to witness rapid growth over the forecast period, in comparison to its counterpart. The segment is forecast to exhibit 12.8% CAGR during the stipulated time-frame.
- On the basis of enterprise size, large enterprises are projected to lead with the largest market share. Over the forecast period, large enterprises segment is predicted to grow at a CAGR of 11.6%. Rising adoption of SCM solutions by large enterprises to integrate into the existing inventory and software is propelling segment growth.
News Featuring Market Developments by Companies Providing Supply Chain Management Solutions:
- In February 2022, Oracle launched Supplier Rebate Management, which is a new solution under the category of Oracle Fusion Cloud Channel Revenue Management.
- In February 2022, Oracle revealed that Bharti Airtel opted for Oracle Fusion Cloud SCM and Oracle Fusion Cloud ERP to simplify and digitize its planning, finance, and supply chain processes.
Leading Key Players:
- Oracle Corporation
- SAP SE
- Descartes Systems Group Inc.
- Infor Inc.
- IBM Corporation
- Manhattan Associates
- Kinaxis
- Others
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Recent Developments:
- In March 2022, Descartes revealed that the company’s ShipRush less-than-truckload (LTL) and multi-carrier parcel shipping solution has been incorporated with its set of e-commerce Warehouse Management Systems (WMS). With this incorporation, the customers will now be able to enhance their shipping and warehouse performance via a unified solution.
- In June 2021, at its global SAPPHIRE NOW conference, SAP unveiled the first step toward creating the world’s largest business network with SAP Business Network, which will bring together Ariba Network, SAP Logistics Business Network, and SAP Asset Intelligence Network. To support this central announcement, SAP is also announcing new innovations designed to help companies modernize and digitalize their business processes to become intelligent enterprises.
Supply Chain Management Market Segmentation:
By Solution:
- Software
- Integrated SCM Platform/Suite
- Supply Chain Planning
- Warehouse Management Software
- Transportation Management Software
- Sourcing & Procurement
- Order Management
- Others Standalone Solutions
- Services
- Outsource Supply Chain Management Services
- Integration & Implementation Services
- Support & Maintenance Services
- Consulting Services
By Deployment:
- Cloud-Based
- On-Premises
By Enterprise Size:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
By Industry:
- Retail & Consumer Goods
- Manufacturing
- Automotive
- Healthcare & Pharma
- Food & Beverages
- Transportation & Logistics
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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