Supply Chain Analytics Market Size, Industry Outlook, Regional Analysis, Application Development & Forecast, 2020 - 2026
Report ID: GMI2024
Supply Chain Analytics Market size is anticipated to witness high growth over the forecast timeline, owing to the growing volume of data across various industry verticals such as healthcare, transportation, retail, and manufacturing. Rising awareness of the benefits of the technology, such as real-time updates and statistical forecasting precision across the U.S. and the UK, is predicted to accelerate the supply chain analytics market growth.
Rising generation of an enormous volume of data coupled with the persistent requirement for an active & efficient database management system is expected to lift the demand for these solutions. Advancements in technology, such as cognitive computing, Internet of Things (IoT), and communication devices, are predicted to create a surge for supply chain solutions. Furthermore, the increasing implementation rate of cloud-based data storage in enterprises is estimated to propel the supply chain analytics market growth.
The striving need to uplift customer satisfaction, improve productivity, lower operational costs, and achieve stable business growth through supply chain optimization is driving the market growth. The capability of these analytical tools for increasing automation efficacy and artificial intelligence for accelerating proactive solutions is predicted to contribute to the industry growth. Benefits, such as anticipating accuracy, significant synthesis of data, and growing understanding of the features proposed by supply chain analytics market are driving the market growth.
The increasing adoption of analytics tools has witnessed improvement in supply chain processes such as design, planning, sourcing, production, and delivery & service. This is predicted to positively impact both bottom and top-line enterprise growth, leading to an increase in demand for supply chain analytics market. These solutions enable enhanced strategic decision-making and aid businesses in improving their prevailing position. In addition, the tools present an integrated wider outlook of the current supply chain and facilitate superior sustainability, profitability, and inventory cost reduction. The supply chain analytics market is increasingly used for minimizing material wastage, network reconfiguration, raising the level of services, and managing inventory.
Factors, such as the low visibility of the real-time data and lack of awareness, might hinder the supply chain analytics market growth over the years. The unwillingness in the adoption of new methods to restructure the planning & execution process followed by the insecurities in the product line is anticipated to pose a threat to the industry. High implementation cost coupled with the growing concern about privacy management of industry-specific data in analytics application is the major challenge faced by the players operating in the supply chain analytics market.
The increasing implementation of mobile application-based solutions is expected to create new opportunities in the supply chain analytics market. The market growth is expected to be driven by trends, such as high warehousing costs, low visibility, and inefficient supplier networks, during the forecast timeline.
Supply chain analytics market is segmented based on solutions, deployment models, services, verticals, and regions. By solution type, the market is categorized into sales & operation planning, visualization & reporting tool, planning & procurement, manufacturing analytics, and transportation & logistics analytics. The logistics & manufacturing analytics sector is predicted to witness a high growth owing to the rising need for efficient utilization of resources and reducing the overall costs.
Managed services segment is expected to grow substantially over the forecast timeline. This can be attributed to the providers offering third-party infrastructure services that aid in improving the overall business efficacy and scalability. Cloud deployment in supply chain analytics market is anticipated to dominate the deployment model segment. This can be attributed to technological advancements in cloud services followed by cost-effectiveness and easy installation of such solutions.
North America supply chain analytics market is estimated to occupy the largest market share globally owing to the presence of a large number of solution providers in the region. Asia Pacific region is predicted to witness a significant growth owing to the increasing implementation of these solutions in the Small and Medium-sized Businesses (SMBs).
Key players operating in the supply chain analytics market include MicroStrategy, Inc., SAS Institute, Inc., Genpact Ltd., SAP SE, IBM Corporation, Capgemini Group. Other notable players include Oracle Corporation, Kinaxis, Inc., Sage Clarity Systems, and Birst, Inc. The industry is currently witnessing rising investments in sales & distribution channels by major players and partnerships among these players to gain a stronghold in the industry.
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