Supply Chain Management Market: Global Opportunity Analysis and Industry Forecast, 2020-2027 | Supply chain management industry size is projected to reach at $37.41 billion by 2027, growing at a CAGR of 11.2%

Growing awareness about cloud-based SCM benefits among enterprises, reduced operational costs, and improved operational visibility are fueling the growth of the cloud SCM market, across the globe.

Asia-Pacific is expected to witness highest growth during the forecast period, owing to strong economic growth along with the ongoing development in the services sector, which drives business enterprises to invest heavily in supply chain management software to sustain growth and improve productivity. In addition, factors such as growth in penetration of mobility, rise in cloud deployment among small & medium businesses, and ongoing modernization of manufacturing & construction industries drive heavy investment in SCM software in the emerging countries.

The global supply chain management market was estimated at $15.85 billion in 2019, and is anticipated to hit $37.41 billion by 2027, registering a CAGR of 11.2% from 2020 to 2027.

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Surge in need for improved supply chain visibility, development of industrial-grade digital technology, and rise in inclination toward cloud-based supply chain management software fuel the growth of the global supply chain management market.

Some of the key supply chain management market players profiled in the report include SAP SE, Oracle Corporation, JDA Software Group, Inc., Infor, Manhattan Associates, Epicor Software Corporation, The Descartes Systems Group Inc., HighJump, Kinaxis Inc., and IBM Corporation. This study includes supply chain management market trends, supply chain management market analysis, and future estimations to determine the imminent investment pockets.

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Based on geography, North America held the major share in 2019, generating more than two-fifths of the global supply chain management market. This is due to rise in spending on transportation & logistics in this region, which boosts the implementation of automation technologies in logistics and supply chain. Simultaneously, Asia-Pacific would manifest the fastest CAGR of 14.9% by 2027.This is owing to strong economic growth along with the ongoing development in the services sector in Asia-Pacific. In addition, factors such as growth in penetration of mobility, rise in cloud deployment among small & medium businesses, and ongoing modernization of manufacturing & construction industries fuel heavy investment in SCM software in this region.

Based on organization size, the large enterprises segment contributed to more than three-fifths of the global supply chain management market revenue in 2019, and is anticipated to lead the trail during the study period. This is attributed to rise in need for software in large businesses to assist in the collection of key business data such as inventory levels, projected sales numbers, supplier information, and others from multiple and varied sources. At the same time, the small & medium sized enterprises segment would register the fastest CAGR of 12.1% till 2027, owing to increase in number of SMEs in developing economies such as China, Japan, and India.

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Based on component, the solution segment accounted for nearly two-thirds of the global supply chain management market share in 2019, and is expected to rule the roost by the end of 2027. This is attributed to surge in need for comprehensive SCM software, which manages complex supply chain networks. Furthermore, factors such as growth in the demand for cloud-based SCM software and rise in adoption of advanced technologies such as machine learning (ML), Internet of Things (IoT), and others fuel the growth of the segment. Nevertheless, the services segment would grow at the fastest CAGR of 12.9% throughout the forecast period. As these services provide numerous benefits to the industry verticals such as complete view of SCM goals, speed up software implementation, maximize the value of existing installation by optimizing it, minimize the deployment cot & risks, and others which augments the growth of the segment.

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