At Healthy CAGR of 10.7%, Supply Chain Management Market Size to Hit USD 52.63 Billion by 2030
Growth of the supply chain management market is driven by development of industrial-grade digital technology, surge in need for improved supply chain visibility
PORTLAND, PORTLAND, OR, UNITED STATES, March 13, 2023 /EINPresswire.com/ — The supply chain management market was valued at $18,699.45 million in 2020, and is projected to reach $52,632.37 million by 2030, registering a CAGR of 10.7%.
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Current trends in the SCM market:
• Digitalization and automation: The SCM market is undergoing a major transformation as companies increasingly adopt digital technologies and automation to streamline their supply chain operations. This includes the use of artificial intelligence, the Internet of Things (IoT), and blockchain technology to optimize inventory management, improve logistics, and reduce costs.
• Sustainability and ethical sourcing: There is a growing awareness among consumers and businesses about the environmental and social impact of supply chain operations. As a result, there is an increasing focus on sustainability and ethical sourcing in the SCM market. Companies are taking steps to reduce their carbon footprint, reduce waste, and ensure that their suppliers comply with ethical and social responsibility standards.
• Globalization and trade tensions: The SCM market is also being impacted by globalization and trade tensions between countries. Companies are looking for ways to diversify their supply chains and reduce their dependence on any one country or region. This has led to an increased interest in nearshoring and reshoring supply chain operations.
• E-commerce and omnichannel retailing: The rise of e-commerce and omnichannel retailing is also transforming the SCM market. Companies are looking for ways to optimize their supply chain operations to meet the demands of online shoppers who expect fast and reliable delivery, as well as a seamless experience across all channels.
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Key drivers of demand in the SCM market:
• Increased global trade: The growth of global trade has increased the complexity of supply chain operations, leading to greater demand for SCM solutions. Companies are looking for ways to manage their supply chains across multiple countries and regions, while also complying with local regulations and customs requirements.
• Rising customer expectations: Customers today expect fast, reliable, and cost-effective delivery of products and services. This has put pressure on companies to optimize their supply chain operations and provide real-time visibility into inventory levels, order status, and delivery times.
• Increasing competition: As markets become more crowded and competitive, companies are looking for ways to differentiate themselves by offering better customer experiences, faster delivery times, and more responsive supply chain operations. SCM solutions can help companies achieve these goals by optimizing their inventory management, improving logistics, and reducing costs.
• Supply chain disruptions: Disruptions such as natural disasters, political instability, and pandemics can cause significant disruptions to supply chains, leading to shortages, delays, and increased costs. As a result, there is growing demand for SCM solutions that can help companies manage and mitigate these risks.
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Some of the key SCM industry 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 market trends, supply chain management market analysis, and future estimations to determine the imminent investment pockets.
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