CHICAGO, Feb. 2, 2021 /PRNewsCentre/ — According to market research report on "Supply Chain Management Market by Component (Hardware (Barcode and Barcode Scanners and RFID Tags and Readers), Software, and Services), Deployment Mode (Cloud and On-premises), Organization Size, Vertical, and Region – Global Forecast to 2026", published by MarketsandMarkets™, the Supply Chain Management Market size to grow from USD 23.2 billion in 2020 to USD 41.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.3% during the forecast period.
Demand for greater visibility and transparency in supply chain data and processes, high growth in eCommerce, increasing adoption of cloud supply chain management among SMEs, and enhancing business continuity by minimizing potential failures are major growth factors for the market. Advances in technologies are making evolution to the supply chain industry and integration of AI capabilities with SCM offerings would provide lucrative opportunities for vendors in the Supply Chain Management Market.
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287 – Tables
56 – Figures
270 – Pages
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By component, Software segment to hold the largest market size during the forecast period
SCM software helps in proper planning and management of the entire supply chain by automating processes, such as product development, sourcing, production, and logistics that maximizes the efficiency of business activities. SCM software is used to manage supplier relationships, control business processes, and execute value chain transactions. The demand for SCM software is growing due to the increase in shift of enterprises toward SaaS-based technology, rise in online purchases, and improvements in business intelligence. The adoption of SCM software is increasing among enterprises due to benefits, such as increased efficiency, improved scalability, enhanced decision-making, increased productivity and performance, faster deployments, reduced costs, lower infrastructure cost, better control of critical applications, and a decrease in business downtime and losses.
In deployment mode, cloud deployment to grow at a higher CAGR during the forecast period
The cloud deployment mode is gaining momentum in the SCM market due to the low-cost installation of cloud services, the widespread availability of cloud services, such as SaaS and IaaS models, and the need for effective security controls on the cloud. The increase in demand for improved service and cost-effectiveness and the rise in need by organizations to track the overall SCM activities for operational efficiency is also projected to encourage the need for cloud deployment for SCM.
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North America to hold the largest market size during the forecast period
North America, a technologically advanced region with a high number of early adopters and the presence of major market players, is expected to contribute the highest market share in terms of revenues during the forecast period. Factors such as increased adoption of IoT, ML and AI-based technologies for digitizing supply chain operations, increasing digitization and increasing demand for cloud-based SCM services among enterprises, especially SMEs, due to advantages such as scalability and cost effectiveness are expected to fuel the growth of SCM in th region
Major vendors in the global Supply Chain Management Market include SAP SE (Germany), Oracle (US), The Descartes Systems Group (Canada), Infor (US), IBM (US), Manhattan Associates (US), Logility (US), Kinaxis (Canada), Blue Yonder (US), Korber (US), Coupa Software (US), Epicor (US), BluJay Solutions (US), Llamasoft (US), E2open (US), JAGGAER (US), Zycus (US), GEP (US), Tive (US), Calista (Singapore), Most (Sweden), FreightBro (India), 4TiGo (India), Trukky (India), Lobb (India).
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Browse Adjacent Markets: Software and Services Market Research Reports & Consulting
Supply Chain Analytics Market by Component, Software (Supplier Performance Analytics, Demand Analysis and Forecasting, and Inventory Analytics), Services, Deployment Model, Organization Size, Industry Vertical, and Region – Global Forecast to 2025
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