Supply Chain Management Market Size to Surpass USD 47.29 Billion by 2029, exhibiting a CAGR of 12.1%
As per the report by Fortune Business Insights, the Supply Chain Management Market size is projected to reach USD 47.29 billion in 2029, at a CAGR of 12.1% during the forecast period, 2022-2029
Pune, India, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Global Supply Chain Management Market size was valued at USD 19.23 billion in 2021 and is projected to reach USD 47.29 billion by 2029, exhibiting a CAGR of 12.1% during the forecast period. Fortune Business Insights presents this information in their latest report titled "Global Supply Chain Management Market Forecast, 2022-2029."
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*Key Industry Development:*
Mount Franklin Foods, a manufacturer of products for food service, has chosen Infor's CloudSuite Food & Beverage solution, according to cloud computing company Infor. This solution assists the business in increasing operational effectiveness, fostering customer satisfaction, and controlling a more transparent supply chain.
*Key Takeaways*
· Supply Chain Management Market size in North America was USD 6.39 billion in 2021
· This trend has also increased competition between businesses that are trying to win the hearts of customers by offering them better products and services at an affordable price.
· Companies are responsible for coordinating, communicating and collaborating with cross-border parties on manufacturing, warehousing and logistics.
· Cloud adoption is being boosted by SMEs and businesses' increasing interest in cloud computing.
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*Discover the Leading Players Featured in the Report:*
*“Companies leading the global Supply Chain Management Market are Oracle Corporation (U.S.), IBM Corporation (U.S.), Kinaxis (Canada), SAP SE (Germany), Wolters Kluwer N.V. (Netherlands), Blue Yonder Group, Inc. (U.S), Infor (U.S.), o9 Solutions, Inc. (Texas), Logility (U.S.), GainSystems, Inc. (U.S.)”*
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*Report Scope & Segmentation*
*Report Coverage* *Details*
Forecast Period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 12.1%
2029 Value Projection USD 47.29 billion
Base Year 2021
Supply Chain Management Market Size in 2021 USD 19.23 billion
Historical Data for 2018 to 2020
No. of Pages 150
Segments covered By Module, Deployment, Enterprise Size, Industry, and Region
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*Drivers and Restraints:*
· The increasing popularity of e-commerce has had a significant impact on market growth. With businesses now able to sell their goods online, they have been able to expand their customer base, reaching a wider audience than ever before.
· This trend has resulted in heightened competition between businesses, as they strive to retain their customers by providing high-quality goods and services at competitive prices.
· To further enhance the customer experience, e-commerce platforms offer a range of payment options, including debit and credit cards, and streamlined return procedures to ensure customer satisfaction.
· With these improvements, e-commerce has made shopping more convenient and accessible for consumers.
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*Segmentation*
*By Module*
· Transportation Management System
· Warehouse Management System
· Sourcing and Procurement
· Manufacturing
· Inventory Management Software
· Others (Order Management)
* By Enterprise Size *
· Small & Medium-sized Enterprises (SMEs)
· Large Enterprise
*By Industry*
· Discrete
· Process
· Others
* By Region*
· North America (the US and Canada)
· Europe (the United Kingdom, Germany, France, Italy, Spain, Scandinavia, and the rest of Europe)
· Asia Pacific (including Japan, China, India, Australia, Southeast Asia, and the remaining countries in the region)
· South America (including Brazil, Mexico, and the rest of South America) Europe, Asia, and Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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*Regional Insights:*
The North American market is experiencing a surge in growth driven by the increasing adoption of supply chain management (SCM) solutions. Leading companies in the region are focused on providing state-of-the-art solutions to their customers, which improve productivity and enhance customer satisfaction. In the Asia Pacific region, the highest compound annual growth rate (CAGR) is expected in the foreseeable future, driven by rapidly changing industry verticals such as manufacturing, BFSI, and transportation & logistics.
The Europe SCM market is being propelled by significant growth in Industry 4.0 and IoT. According to the Federal Statistical Office of Germany, 82% of large organizations are using SCM solutions due to the increasing need for efficient production process management and early adoption of automation.
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*Competitive Landscape:*
*Key Market Players to Increase Focus on Corporate Growth Strategies to Keep Pace With Changing Technologies*
Some of the key players operating in this market are shifting their focus toward entering crucial strategic partnerships and collaborations as no one company can create a complete quantum solution. These strategic partnerships will help them combine their strongest capabilities with their partner’s expertise. Moreover, these organizations are heavily investing in boosting the skills of their existing workforce, which will further amplify the market growth.
*FAQs*
*How big is the Supply Chain Management Market?*
The Supply Chain Management Market size was USD 19.23 billion in 2021. It is expected to reach USD 47.29 billion by 2029.
*How fast is the Supply Chain Management Market growing?*
The Supply Chain Management Market will exhibit a CAGR of 12.1% during the forecast period, 2022-2029.
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