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SaaS-based SCM Market to 2023: Tremendous Growth Recorded in the Upcoming years

02-19-2019 04:33 PM CET | IT, New Media & Software

Press release from: Allied Market Research

SaaS-based SCM Market to 2023: Tremendous Growth Recorded in

The adoption of hybrid and public deployments is on the rise, due to enhanced efficiency and availability of various cloud-based supply chain solutions such as pay-as-you-go model, professional & managed services, and others. Moreover, an increase in demand for SaaS-based SCM due to enhanced uptime, reliability, and supply & demand monitoring are anticipated to drive the SaaS-based SCM market among enterprises. The global SaaS-based SCM market was valued at $2,897 million in 2016 and is projected to reach $9,420 million by 2023, growing at a CAGR of 18.6% from 2017 to 2023.

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The retail industry vertical has witnessed high demand in the global SaaS-based SCM market in 2016, owing to the shift in consumer assurance and substantial changes in spending behavior and shopping patterns. In addition, reduced investment for new raw material purchase and pay-as-you-go deployment model in cloud deployment are expected to fuel the market growth in the near future. Moreover, the logistics and transportation markets have witnessed increased adoption of SaaS-based SCM across various regions, owing to strong demand for product information management in SaaS-based SCM.

The European SaaS-based SCM market was the largest market in the world in 2016, owing to the growth in demand for real-time information among applications, including information systems, business processes, product movement information, and others. Global players are focused on innovating efficient analytical models to strengthen their product offering. In addition, industry participants have focused on improving their SaaS-based SCM solutions to ensure competence and effectiveness of the SaaS-based SCM platform across other emerging markets such as Latin America, the Middle East, and Africa.

Increase in demand for smart transportation, connected logistics, and surge in ICT expenditure are expected to augment the market penetration. The prominent markets, such as North America, Europe, and Asia-Pacific, provide growth opportunities to the global SaaS-based SCM market. Moreover, growth in adoption of real-time supply chain solutions is projected to fuel the market growth in the near future.

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Europe was the highest revenue contributor in 2016, accounting for around 37.27% share of the overall market. In addition, Asia-Pacific SaaS-based SCM market is projected to grow at the highest CAGR of 19.7% during the forecast period, driven by growth in adoption of IoT devices and platforms in emerging countries such as China, South Korea, and Japan.

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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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