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Supply Chain Management Software Market to Reach USD 20.07 Billion by 2031 | SkyQuest Technology
SkyQuest Technology Consulting Pvt. Ltd.
7 min read
SkyQuest Technology Consulting Pvt. Ltd.
The adoption of SCM software in various industries and organizations is increasing as it can effectively monitor the collection of raw materials, goods or any materials thus improving market growth.
Westford, USA, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Supply Chain Management Software Market size was valued at USD 18.76 billion in 2023 to USD 20.07 billion by 2031, growing at a CAGR of 4.20% during the forecast period (2024-2031). The supply chain management software market comprises technologies and tools that help manage and optimize supply chain operations. The market is driven by the growing demand for transparency, efficiency, and cost-cutting in supply chains. The market is progressing on the back of the integration of technologies like ML and AI, the growing adoption of cloud-based solutions, and the emphasis on sustainability.
Global Supply Chain Management Software Market is segmented by Software Type, Deployment Mode, Organization Size, Industry Vertical, and region.
Based on Software Type, the market is segmented into Purchasing Management Software and Inventory Management Software.
Based on Deployment Mode, the market is segmented into On-premises, and Cloud-based.
Based on Organization Size, the market is segmented into SMEs, and Large Enterprises.
Based on Industry Vertical, the market is segmented into Retail and Consumer Goods, Healthcare and Pharmaceuticals, Manufacturing, Food and Beverages, Transportation and Logistics, Automotive, and Others.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Mounting Demand for Automation to Propel Growth of Solution Segment
By component, the solution segment held a notable market share in the past years and is anticipated to lead in future owing to its exhaustive functionality, growing demand for automation, and access to data analytics in real-time. Solutions offer better control and end-to-end visibility over the supply chain. This allows businesses to enhance efficiency and optimize operations. Companies are also actively implementing automation for simplified processes, decision-making, and decrease errors. They also help to access real-time analytics and insights for better response to the growing consumer demand and market changes.
Nonetheless, the services segment is projected to grow considerably over the estimated period owing to better integration and customization and ongoing assistance. Services are vital for customizing business requirements and confirming unbroken integration with existing infrastructure. A greater number of companies are implementing novel technologies for constant assistance and training that benefit their supply chain systems.
Emphasis on Operational Efficiency and Streamlined Production to Drive Manufacturing Segment
By application, the manufacturing segment registered a majority market share owing to the rising need to simplify production activities and focus on operational efficiency. The manufacturing sector is closely associated with retail since manufacturers are dependent on efficient supply chain management to simplify production, enhance inventory levels, and handle supplier connections. The emphasis on just-in-time inventory practices and lean manufacturing is fueling the demand for improved supply chain management solutions. Conversely, the retail & consumer goods segment is projected to grow significantly over the forecast period owing to the speedy growth of e-commerce and the increasing need for logistics and inventory management. Retailers need strong supply chain management solutions to manage complex supply chains, for better customer satisfaction, and to handle demand fluctuations.
Presence of Strong Infrastructure of Logistics and Transportation Infrastructure to Drive Market in North America
Geographically, North America is expected to lead the market in the coming years due to growing technological improvements. North America is a key region for several technology companies and holds major emphasis on innovation that drives the adoption of improved supply chain management solutions. The speedy growth of e-commerce has also increased the need for an effective and reliable supply chain, impacting investments in software. Moreover, the region holds developed transportation and logistics infrastructure that further fuels the use of advanced SCM technologies.
Asia-Pacific is projected to grow as the fastest growing region owing to speedy industrialization that ultimately increases the demand for effective supply chain services. Surging online shopping, mainly in the rapidly developing nations like India and China is increasing the demand for inventory management systems and advanced logistics. Also, the region is a global manufacturing powerhouse that majorly demands strong SCM to enhance distribution and production processes, impacting the market growth.
Supply Chain Management Software Market Insight
Drivers:
Increasing Globalization
Growing Demand for Real-time Visibility
Supply chain Resilience
Restraints:
Significant Implementation Costs
Speedy Technological Changes
Growing Integration Complexity
Prominent Players in Supply Chain Management Software Market
International Business Machines Corporation (IBM) (US)
Kinaxis Inc. (Canada)
Korber AG (Germany)
Manhattan Associates (US)
Oracle Corporation (US)
SAP SE (Germany)
The Descartes Systems Group Inc. (Canada)
Panasonic (Japan)
Epicor Software Corporation (US)
E2open, LLC (US)
Körber (Germany)
GEP Worldwide (US)
IFS AB (Sweden)
Logility, Inc. (US)
RELEX Solutions (Finland)
Basware Corporation (Finland)
Softeon (US)
Tecsys Inc. (Canada)
Verizon Connect (US)
Uber Technologies, Inc. (US)
Key Questions Answered in Global Supply Chain Management Software Market Report
What is the estimated size of supply chain management software market in 2031, as per SkyQuest?
Which component segment held larger share of the global supply chain management software market in 2023?
Who are the prominent players operating in the supply chain management software market and which marketing strategies are adopted by them?
This report provides the following insights: Analysis of key drivers (growing aging population, increased funding and awareness, technological advancements), restraints (growing market competition, issues with supply chain, poor reimbursement policies), opportunities (rising demand for POC testing, growing alliances, expansion in developing markets), and challenges (economic constraints, issues with quality control, integration challenges) influencing the growth of infectious disease diagnostics market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the infectious disease diagnostics market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the infectious disease diagnostics market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
To read the full report, please visit:https://www.skyquestt.com/report/supply-chain-management-software-market Related Reports: Supply Chain Management Market Set to Grow at 11.10% CAGR Through 2031 Supply Chain Analytics Market Set to Grow at 21.10% CAGR Through 2031 Logistics Market Set to Grow at 11.5% CAGR Through 2031 Cold Chain Logistics Market Set to Grow at 15.60% CAGR Through 2031 E-Commerce Logistics Market Set to Grow at 22.32% CAGR Through 2031 About Us: SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology. We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.
