- 29 August 2019 22:26
Supply Chain Analytics Market to Garner Significant Revenues USD 10.7 billion by 2026
The growth of the market can chiefly be accredited to the exponential increase in data generation among enterprises. Supply chain analytics is a novel technology that has gained quick mileage in the last few years. The future trajectory of the market is prognosticated to remain highly lucrative and attract an inflow of massive investments.
The towering demand for the achievement of operational efficiency, cost-effectiveness, and strategic decision-making to effectively manage working capital and maximize profits is likely to accelerate revenue creation for the market participants. For instance, Quantzig, a data analytics and advisory firm has announced the completion of the deployment of supply chain analytic solutions for an international sports goods retailer. As an outcome, the client has observed remarkable improvements in the flexibility of the supply chain and a drastic reduction in distribution costs.
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The integration of Artificial Intelligence (AI) into supply chain management is prognosticated to favor market growth in the years to come. AI helps in drawing insights into the unstructured data by leveraging algorithms and advanced tools. This, in turn, has been forecasted to revolutionize the growth pattern of the supply chain analytics market across the review period. Additionally, the developments in cloud technology are poised to have a positive influence on the revenue growth of the market in the foreseeable future.
The growing awareness about the advantages of supply chain analytics is expected to enable the proliferation of applications across industry verticals. Furthermore, the challenge posed by increasing complexity of the supply chain network is presumed to encourage innovations during the assessment period. However, lack of privacy in the public cloud is projected to check the expansion of the supply chain analytics market in the forthcoming years.
This report covers a segmental analysis of the global supply chain analytics market based on component, deployment, and vertical. By component, the market has been segmented into solution and services. The solution segment signifies strong growth opportunities and is prognosticated to expand at a CAGR of 12.17 % over the assessment period.
Based on deployment, the market is segmented into on-cloud and on-premise. The on-cloud segment is anticipated to account for the maximum market share by the end of the forecast period. The key advantages offered by cloud services such as scalability, efficiency, reduction in errors and integration with existing systems are likely to favor the growth of the segment in the upcoming years.
By vertical, the Supply Chain Analytics Market has been segmented into retail, healthcare, automotive and transportation, aerospace and defense, and others. Among these, the retail segment, which was valued at USD 993.5 Mn in 2017, is forecasted to mark a CAGR of 16% through the projection period. The segment is likely to benefit from advanced technologies such as radio-frequency identification (RFID) tags in the years to come.
North America expected to capitalize on the thriving end-user industries
The regional assessment of the global supply chain analytics market spans across North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). North America has been projected to expand at 12.9% CAGR over the assessment period. The increasing implementation of advanced technologies being observed in the end-user verticals such as automotive, healthcare, retail, and manufacturing is poised to catalyze the growth of the regional market in the forthcoming years.
Europe market is expected to exhibit a similar trend and is anticipated to strike a CAGR of 14.6% during the forecast period. The large-scale adoption of Internet of Things (IoT) and AI has been presumed to boost the expansion of the supply chain analytics market in the region. In addition, the regularization of transportation of goods by the European Union provides an impetus to market growth. Meanwhile, Asia Pacific is poised to exhibit a relatively higher CAGR over the next few years. The growth of the regional market is primarily attributable to the emergence of a large number of small and medium enterprises.
The major players associated with the supply chain analytics are Manhattan Associates, Inc., Accenture PLC, Aera Technology, Maersk Group, Birst, Inc., Lockheed Martin Corporation, Capgemini SA, JDA Software Group, Inc., IBM, Genpact Limited, and Kinaxis.