Supply Chain Analytics Market size worth over $10 Bn by 2027
Published Date: January 21, 2021 Authors: Ankita Bhutani, Preeti Wadhwani
Supply Chain Analytics Market size is poised to surpass USD 10 billion by 2027, according to a new research report by Global Market Insights, Inc.
Supply chain analytics is an integration of cognitive technologies, such as AI & ML, with supply chain processes. This provides enterprises with the ability to make data-based decisions to optimize supply chain operations. It extracts a large volume of data from diverse supply chain components and processes. These extracted datasets are further analyzed to gain actionable insights to support business-critical decision making. The increasing modernization across industries and need for advanced analytics tools to manage supply chain operations are supporting the supply chain analytics market growth.
Growing demand across organizations to focus on primary business processes to propel the growth of managed services
The managed services segment is projected to witness an exponential growth rate of over 20% from 2021 to 2027 majorly driven by enterprise-wide outsourcing of management functions. In terms of managed services, companies offer a comprehensive suite of supply chain analytics services consisting of pricing & network analytics, demand forecasting, and inventory planning. An upsurge in demand for accurate supply chain planning and risk compliance is enabling the segment demand.
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Increasing demand to improve complex supply chain infrastructure will enable demand from large enterprises
The large enterprise segment captured more than 70% of the supply chain analytics market share in 2020. Established enterprises have been proactively transitioning toward modern supply chain management solutions and services. With the ongoing COVID-19 pandemic and supply chain disruptions, enterprises across industries are identifying effective tools to enhance supply chain operations. In response, companies are anticipated to adopt supply chain analytics solutions and leverage their advanced capabilities to prevent their supply chain operations from potential interruptions.
Browse key industry insights spread across 275 pages with 437 market data tables and 28 figures & charts from the report, “Supply Chain Analytics Market Size By Component (Solution [Demand Planning, Procurement Analytics, Inventory Analytics, Manufacturing Analytics, Logistics Analytics], Service [Professional Service, Managed Service]), Organization Size (Large Enterprises, SMEs), By Deployment Size (On-premise, Cloud), By Application (Retail, Manufacturing, Transportation and Logistics, Healthcare, Government & Defense, Automotive, Energy & Utilities), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Industry-wide digitization is likely to propel the demand for cloud-based supply chain analytics solutions & services
The supply chain analytics market from cloud deployment is anticipated to observe exponential growth through 2027 impelled by growing digitization across enterprises in multiple industry verticals. The cloud deployment of supply chain analytics solutions facilitates business agility and streamlined computing of diverse supply chain data volumes. Additionally, the increased popularity of subscription-based solutions and SaaS offerings is contributing to the market revenue.
Extensive emphasis on analytics tools in the medical environment will support the market demand healthcare sector
The healthcare application segment accounted for around 11% of the supply chain analytics market share in 2020 and is expected to grow exponentially from 2021 to 2027. Growing demand and development of dedicated analytics tools for the healthcare supply chain is supporting the industry growth. For instance, in January 2021, OptiFreight Logistics launched TotalVue Analytics, a logistics management tool with embedded AI and machine learning functions. The launched tool can assist enterprises in supply chain visibility, analytical shipment decisions, and enhanced benchmarking. Moreover, disruptions caused by the ongoing COVID-19 crisis are forecast to drive demand for supply chain analytics solutions.
Technological innovation and adoption across regional supply chain processes are estimated to fuel Europe market outlook
The Europe supply chain analytics market is predicted to hold above 23% share by 2027 driven by regional technological development and innovation followed by expansive digitization. For instance, in May 2019, ABN AMRO launched Forcefield, a cloud-native blockchain-based inventory tracking platform. The platform provides real-time insights into the physical inventories through IoTs, near field communication devices, and sensors. Customers can benefit from enhanced visibility and scalability in supply chain processes. Similar product launches and developments of supply chain analytics tools are fueling the regional market statistics.
Focus on inorganic growth strategies by key players to augment market share
The market has witnessed several new product developments and portfolio innovation to strengthen its market presence. For instance, in January 2021, Syft (Management Health Solutions Inc.) launched Synergy 4.2, a cloud-based clinical supply chain platform. The latest version features an AI-enabled workflow and integration of FDA national recall. It provides AI-driven product recommendations and assists companies with optimized analytics & dashboards. This launch helped the company to serve healthcare enterprises with a robust supply chain analytics software platform to ensure resilient supply chain operations.
Some of the key players operating in the supply chain analytics market include Antuit.ai, Axway, Inc., Blue Yonder Group, Inc., Bridgei2i Analytics Solutions Private Limited, Capgemini SE, DataFactZ, Halo BI (Logility, Inc.), IBM Corporation, Infor, Logility, Inc., Manhatten associates, Inc., Oracle Corporation, QlikTech International AB, Sage Clarity Systems, SAP SE, SAS Institute Inc., Savi Technology, Tableau Software, LLC., TIBCO Software, and Voxware.