Asia-Pacific is anticipated to exhibit highest growth rate during the forecast period, owing to rise in investment on Big Data analytics & digitalization.
— Allied Market Research
WILMINGTON, DE, UNITED STATES, November 24, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “Supply chain analytics Market by Component, Deployment, Enterprise Size, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020-2027,”
The global supply chain analytics market was valued at $4.53 billion in 2019, and is projected to reach $16.82 billion by 2027, growing at a CAGR of 17.9% from 2020 to 2027.
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Supply chain analytics targets to improve operational efficiency and effectiveness by enabling data-driven decisions at strategic, operational, and tactical levels. It incorporates virtually the complete value chain including sourcing, manufacturing, distribution, and logistics. Supply chain analytics helps in increasing productivity, reducing wastage, inventory forecasting, and to improve customer relationship.
Factors such as rise in adoption of Big Data analytics, increase in use of predictive modeling to deliver optimum performance, big data supporting initiatives taken by government across the world, and upsurge in spending on Big Data infrastructure drive the growth of the global supply chain analytics market. Furthermore, the need to gain competitive advantage is boosting the growth of this market.
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The competitive environment of Supply Chain Analytics Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Supply Chain Analytics Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
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Region wise, the supply chain analytics market size was dominated by North America in 2019. Factors such as presence of leading market vendors developing supply chain analytics in North America and high spending on Big Data technology in this region are the major drivers for the supply chain analytics market growth. In addition, the deployment of supply chain analytics has increased in each stage of the retail process to predict market demands, manage inventory, and reduce operational costs, which is anticipated to significantly contribute toward the market growth.
The outbreak of COVID-19 is anticipated to have considerable impact on the growth supply chain analytics market. This is attributed to adoption of supply chain analytics-based solutions to plan & adopt changing demand patterns post COVID-19 and adapt the supply chain accordingly for an organization. Further, increase in awareness regarding benefits of SCA among enterprises such as for shortage analysis, minimize costs, reduction in inventories and more.
In addition, companies are advancing their SCA portfolio to facilitate clients for accessing data by using AI and machine learning, so that they can better model and predict demand, match supply-demand & automate ordering, allocate inventory with the right margin-optimization cost function and optimize their inventory in real-time to lessen the shortages.
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