What is the global market size of Supply Chain Management Market?

Supply Chain Management Market size was valued at USD 19018.18 million in 2021 and is poised to grow from USD 21129.20 million in 2022 to USD 48,586.3 million by 2030, at a CAGR of 11.1% during the forecast period (2023-2030).

What is the key driver of Global Supply Chain Management Market?

Growing Adoption of Cloud-based Solutions: Cloud-based supply chain management solutions are becoming increasingly popular due to their scalability, flexibility, and cost-effectiveness. These solutions enable organizations to manage their supply chain operations more efficiently and effectively, without the need for significant investments in IT infrastructure.

Global Supply Chain Management Market Size, Share, Growth Analysis, By Component(Solution, and Services), By Deployment(On-premises, and Cloud-based), By Enterprise Size(Small and Medium Sized Enterprises, and Large Enterprises), By Vertical(Retail & E-commerce, Healthcare) - Industry Forecast 2024-2031

Report ID: SQMIG45E2104 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 117 | Figures: 77

Global Supply Chain Management Market Dynamics

Supply Chain Management Market Drivers

Growing Adoption of Cloud-based Solutions

Cloud-based supply chain management solutions are becoming increasingly popular due to their scalability, flexibility, and cost-effectiveness. These solutions enable organizations to manage their supply chain operations more efficiently and effectively, without the need for significant investments in IT infrastructure.
The imperative for real-time data analytics and decision-making further propels the market, allowing organizations to respond swiftly to dynamic market conditions. Moreover, the heightened focus on sustainability and environmental responsibility is driving the integration of eco-friendly practices within supply chain strategies, fostering innovation in the market.

Supply Chain Management Market Restraints

Lack of Skilled Workforce

Another challenge facing the supply chain management market is the shortage of skilled workforce with expertise in supply chain management technologies. This can make it difficult for organizations to implement and operate advanced supply chain management solutions effectively.
Cybersecurity concerns present another restraint, as the increased reliance on digital technologies makes supply chains susceptible to cyber threats and data breaches. Additionally, geopolitical uncertainties and trade tensions can disrupt global supply chains, impacting the smooth flow of goods.

Global Supply Chain Management Market Report Snapshots

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Global Supply Chain Management Market size was valued at USD 21.13 billion in 2022 and is poised to grow from USD 23.48 billion in 2023 to USD 54.49 billion by 2031, growing at a CAGR of 11.10% during the forecast period (2024-2031).

The industry's companies use a number of inorganic growth strategies, such as collaborations, frequent mergers, and acquisitions, to expand their product offering. Maersk clients may now increase supply chain velocity and service coverage to stay up with the e-commerce trend of US consumers seeking faster delivery to houses at a lower cost. Visible SCM's operational model and brand value will improve Maersk's clients' online shopping Logistics, allowing them to sell via any distribution channel, deliver via any manner, and efficiently manage their supply chains. 'SAP', 'Oracle Corporation', 'IBM Corporation', 'JDA Software', 'Kinaxis', 'Manhattan Associates', 'Infor', 'Blue Yonder', 'Descartes Systems Group', 'BluJay Solutions', 'E2open', 'LLamasoft', 'Elemica', 'GT Nexus', 'MercuryGate International', 'One Network Enterprises', 'Sage Group', 'Plex Systems', 'SAP Ariba', 'Zycus'

Increased adoption of AI and machine learning: AI and machine learning are being increasingly used in supply chain management to automate processes, optimize inventory levels, and improve forecasting accuracy. These technologies can help organizations to reduce costs, improve operational efficiency, and enhance customer satisfaction.

Asia Pacific is likely to grow the highest during the forecast period. The region's market growth can be attributed to the region's rising prospects as well as considerable investments in SCM. Many multinational companies have established manufacturing hubs in Asia-Pacific due to cost advantages. The need for streamlined and agile supply chain processes to manage diverse manufacturing operations further drives the demand for supply chain management solutions. Governments in the Asia-Pacific region, recognizing the strategic importance of a robust supply chain infrastructure, are investing in initiatives to improve logistics and supply chain capabilities, further fostering market growth.

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Global Supply Chain Management Market Dynamics

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