Supply Chain Management Market Size, Share, Trends, Growth, Demand And Forecast 2023-2028

Market Outlook:

According to a new report by Expert Market Research, the global supply chain management market size is expected to grow from USD 25.2 billion in 2022 to USD 47.5 billion by 2028, at a CAGR of 11.5% during the forecast period. The Asia Pacific region is expected to dominate the market in terms of growth rate due to the increasing adoption of supply chain management solutions by organizations in emerging economies such as China and India.

The global supply chain management market is expected to experience significant growth in the forecast period of 2023-2028. Supply chain management involves the coordination and management of activities involved in the production and delivery of goods and services. It includes procurement, production, logistics, transportation, inventory management, and customer service. The increasing need for organizations to optimize their supply chain operations to meet customer demands, reduce costs, and improve efficiency is driving the growth of the supply chain management market.

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Market Drivers:

The growing complexity of supply chain operations due to globalization, increasing competition, and changing customer preferences is driving the demand for supply chain management solutions. Organizations are looking for ways to optimize their supply chain operations to reduce costs, improve efficiency, and enhance customer satisfaction. Supply chain management solutions help organizations to achieve these objectives by providing real-time visibility, data analytics, and automation.

The increasing adoption of cloud-based supply chain management solutions is also driving the growth of the market. Cloud-based solutions offer several benefits such as lower upfront costs, easy scalability, and faster deployment. Moreover, they provide real-time access to data, enabling organizations to make informed decisions and respond quickly to changing market conditions.

The adoption of advanced technologies such as artificial intelligence (AI), blockchain, and the Internet of Things (IoT) is also driving the growth of the supply chain management market. AI and machine learning algorithms are used to analyze data and predict demand, optimize inventory, and improve logistics. Blockchain technology is used to enhance transparency, traceability, and security in supply chain operations. IoT devices such as sensors and RFID tags are used to track and monitor goods and assets in real-time.

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Market Restraints:

The high cost of implementing supply chain management solutions and the lack of skilled workforce to manage these solutions are some of the major challenges faced by organizations. Small and medium-sized enterprises (SMEs) often find it difficult to invest in expensive supply chain management solutions. Moreover, the lack of skilled personnel to manage these solutions can result in inefficiencies and suboptimal performance.

The increasing threat of cyber-attacks and data breaches is another major challenge faced by organizations. Supply chain operations involve the exchange of sensitive information and data between various parties, making them vulnerable to cyber threats. Organizations need to invest in cybersecurity solutions to protect their supply chain operations from cyber-attacks and data breaches.

Market Segmentation:

The global supply chain management market can be segmented on the basis of solution, service, deployment mode, organization size, industry vertical, and region.

By solution, the market can be segmented into transportation management system, warehouse management system, procurement software, demand planning and forecasting, order management system, and others.

By service, the market can be segmented into consulting, implementation, and support and maintenance.

By deployment mode, the market can be segmented into cloud and on-premises.

By organization size, the market can be segmented into SMEs and large enterprises.

By industry vertical, the market can be segmented into manufacturing, retail and consumer goods, healthcare, automotive, aerospace and defense, and others.

By region, the market can be segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Competitive Landscape:

The global supply chain management market is highly competitive, with several key players operating in the market. Some of the major players in the market include Oracle Corporation, SAP SE, IBM Corporation, JDA Software Group, Inc., Infor, Inc., Manhattan Associates, Inc., Descartes Systems Group, Inc., BluJay Solutions, Inc., and Kinaxis, Inc. These players are focusing on developing advanced supply chain management solutions and services to cater to the changing needs of organizations.

In February 2021, Oracle Corporation announced the launch of a new suite of cloud-based supply chain management solutions. The solutions include inventory management, demand management, supply planning, and order management, among others.

In October 2020, SAP SE announced the launch of a new supply chain management solution called SAP Integrated Business Planning for Supply Chain. The solution is designed to help organizations optimize their supply chain operations using advanced analytics, artificial intelligence, and machine learning.

In May 2019, Infor, Inc. announced the launch of Infor Nexus, a cloud-based platform for supply chain management. The platform offers end-to-end visibility and collaboration across the supply chain, enabling organizations to optimize their operations and reduce costs.

FAQs:

Q: What is the global supply chain management market size forecast for 2023-2028?
A: According to a new report by Expert Market Research, the global supply chain management market size is expected to grow from USD 25.2 billion in 2022 to USD 47.5 billion by 2028, at a CAGR of 11.5% during the forecast period.

Q: What are the major drivers of the supply chain management market growth?
A: The major drivers of the supply chain management market growth include the increasing complexity of supply chain operations, the adoption of cloud-based solutions, and the use of advanced technologies such as AI, blockchain, and IoT.

Q: What are the major challenges faced by organizations in implementing supply chain management solutions?
A: The major challenges faced by organizations in implementing supply chain management solutions include the high cost of implementation, the lack of skilled personnel, and the threat of cyber-attacks and data breaches.

Q: What are the major segments of the global supply chain management market?
A: The major segments of the global supply chain management market include solution, service, deployment mode, organization size, industry vertical, and region.

Q: What are some of the major supply chain management solutions offered by key players in the market?
A: Some of the major supply chain management solutions offered by key players in the market include transportation management system, warehouse management system, procurement software, demand planning and forecasting, order management system, and others.

Q: Which industry verticals are expected to drive the growth of the supply chain management market?
A: The industry verticals expected to drive the growth of the supply chain management market include manufacturing, retail and consumer goods, healthcare, automotive, aerospace and defense, and others.

Q: Which region is expected to dominate the supply chain management market in terms of growth rate?
A: The Asia Pacific region is expected to dominate the supply chain management market in terms of growth rate due to the increasing adoption of supply chain management solutions by organizations in emerging economies such as China and India.

Q: Which key players operate in the global supply chain management market?
A: Some of the key players operating in the global supply chain management market include Oracle Corporation, SAP SE, IBM Corporation, JDA Software Group, Inc., Infor, Inc., and others.

Q: What are some of the benefits of cloud-based supply chain management solutions?
A: Some of the benefits of cloud-based supply chain management solutions include lower upfront costs, easy scalability, faster deployment, and real-time access to data.

Q: How do advanced technologies such as AI, blockchain, and IoT impact the supply chain management market?
A: Advanced technologies such as AI, blockchain, and IoT impact the supply chain management market by providing real-time visibility, data analytics, and automation, enhancing transparency, traceability, and security, and improving logistics and supply chain operations.

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