Supply Chain Analytics Market is Predicted to Reach USD 32.18 Billion by 2030
As per the report published by Kings Research, the global Supply Chain Analytics Market was valued at USD 5.96 billion in 2022 and is projected to reach USD 32.18 billion by 2030, growing at a CAGR of 20.32% from 2023 to 2030.
The increase in the volume of business data across various sectors has been one of the driving forces behind the growth of supply chain analytics. As more organizations digitize their operations and collect data at every stage of the supply chain, there is an abundance of data that can be analyzed to gain insights and improve performance. This data can include information from suppliers, customers, logistics providers, and a wide range of other sources. With the help of supply chain analytics tools, organizations can collect, store, and analyze this data to identify patterns and trends and make more informed decisions. In addition, as new technologies like IoT and AI become more prevalent, the amount of data generated by the supply chain is only expected to continue its growth.
- Based on the component, the solution segment is anticipated to be the fastest-growing CAGR of 20.91% over the forecast period
- Based on deployment, the cloud-based segment is predicted to record a significant growth rate of 20.93% over the forecast period
- Based on the vertical, the retail segment is anticipated to register a significant growth rate of 24.34% over the forecast period
- On the basis of region, Asia Pacific is the fastest growing region with a CAGR of 24.84% during the projection period
Project44 Collaborated with SAS Institute Inc. to Enhance and Leverage Retail Data Analytics
January 2023: Project44, a prominent supply chain visibility platform, has announced its new collaboration with SAS Institute to enhance its retail ecosystem partnership while focussing on leveraging data analytics to optimize the supply chain and minimize disruptions that may impact the customer experience.
WellSpan Health Collaborated with Oracle to Streamline their Operational Process
October 2022: WellSpan Health has chosen Oracle Fusion Cloud Applications Suite as its platform to streamline and optimize its operational processes. By integrating finance, supply chain, and HR functions into one cohesive system, WellSpan aims to achieve greater visibility into their business, expedite decision-making, reduce cost, and improve the overall team member experience.
Rapid Growth of E-commerce is a Vital Trend
With the rapid growth of the e-commerce industry, the importance of supply chain analytics for manufacturers has never been greater. By leveraging data analytics, manufacturers can gain insights into their operations and identify opportunities to optimize their supply chains. With the implementation of artificial intelligence (AI) into solutions like SAP Digital Manufacturing, manufacturers can further enhance their supply chain performance and resiliency. Sustainable practices, such as adherence to eco-friendly packaging guidelines, provide additional benefits such as reducing environmental impact and minimizing risk. Through strategic partnerships with industry leaders, enterprises can guarantee the application of cutting-edge technologies and methodologies to enhance their supply chain operations. However, the e-commerce market expands at a rapid pace with the integration of supply chain analytics and best practices allowing manufacturers to meet customer demand, boost operational effectiveness, and ultimately enhance their bottom line.
Surging Demand for AI and IoT in the Retail Industry to Spur Market Growth
The integration of AI and IoT technologies has had a significant impact on the retail industry and the implementation of supply chain analytics. Retailers are increasingly adopting these technologies to improve their supply chains, from procurement to sales. Utilizing the capabilities of AI and IoT, businesses operating in the retail sector can acquire extensive knowledge about the supply chain processes, optimize performance, and offer greater access to insights based on data analysis. This approach has the potential to further streamline operations, improve effectiveness, and increase profitability in the long run. The rise of digital shopping has also contributed to the transformation of the retail sector, leading to the emergence of new supply chain analytics solutions that are specifically tailored to e-commerce businesses. These developments provide retailers with a range of opportunities to optimize their supply chains and drive sustainable outcomes. With the adoption of the latest technologies and best practices, retailers can ensure they are well-positioned to keep up with the demands of the growing e-commerce industry.
Asia Pacific is Anticipated to Emerge as the Fastest Growing Region over the Forecast Period Acquiring CAGR of 24.84%
The rapid influx of small and medium-sized companies, as well as advancements in technology, is likely to propel regional growth. Several major technology vendors in the region are enabling supply chain capabilities, and research and analysis firms are developing unique data-driven insights to keep up with this evolving market.
Additionally, the increasing recognition of the advantages offered by analytics solutions is driving up demand among businesses. Moreover, the growing number of small and medium-sized companies (SMBs) in the market that are investing heavily in the latest technologies to drive business is expected to further stimulate the development of the region's supply chain analytics market. Therefore, represents a substantial opening for companies involved in this industry to explore a highly promising market and drive enduring expansion and profitability. Overall, the Asia Pacific region presents significant opportunities for companies operating in the supply chain analytics industry.
Collaborative Deals Struck Among Major Industry Players
The global supply chain analytics market is fragmented with key players such as Oracle, SAP SE, IBM Corporation, SAS Institute Inc., MICROSTRATEGY INCORPORATED, TABLEAU SOFTWARE, LLC, QlikTech International AB, Infor, Kinaxis Inc., Manhattan Associates, TIBCO, The AnyLogic Company. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.