- The industrial and manufacturing sector is expected to hold the majority share of the market during the forecast period.
- The revolution of industry 4.0 is characterized by the creation of advanced factories that can implement and integrate various state-of-the-art technologies.
- Studies have highlighted that a majority of businesses believe that the implementation of supply chain analytics will bring profits.
The global supply chain analytics market should reach $9.2 billion by 2024 from $4.4 billion in 2019 at a CAGR of 15.8% (2019 to 2024). Complexity of supply chains and the influence of supply chain management (SCM) on the overall performance of a company are the main reasons for the growing number of data analytics applications in the supply chain.
Poor SCM may lead to wastage and inefficiency such as delayed shipments, inconsistent suppliers, increasing fuel costs, or the ever-increasing and changing customer demands.
The scope of this report is broad and covers the global market for supply chain analytics solutions, which are implemented globally in various end-user industries. The market is broken down by solutions, application segments, enterprise sizes, deployment types, services and regions. Revenue forecasts from 2019 to 2024 are presented for each solution type, application segment, enterprise size, deployment type, service and regional market.
The report also includes a discussion on the major players in each of the regional markets for supply chain analytics. It explains the major market drivers of the global market for supply chain analytics, the current trends within the industry, and the regional dynamics of the supply chain analytics market. The report concludes with a special focus on the vendor landscape. It includes detailed profiles of the major vendors in the supply chain analytics industry globally.
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Studies have highlighted that a majority of businesses believe that the implementation of supply chain analytics will bring profits through an improvement in process transparency and effectiveness, global supply chains integration and demand management.
In terms of strategic planning and management of supply chains, data analytics is vital for the company. It aids in sourcing decisions, design and development of products or services, and in the effective configuration of the supply chain. The most commonly used supply chain analytics solution worldwide is sales and operational analytics.
Supply chain analytics solutions are used across a wide range of industries, including retail and consumer goods, industrial and automation, transportation and logistics, energy and utilities, healthcare, and others. Among these industries, the industrial and manufacturing sector is expected to hold the majority share of the market during the forecast period.
The revolution of industry 4.0 is characterized by the creation of advanced factories that can implement and integrate various state-of-the-art technologies such as the industrial internet of things (IoT), data analytics, additive manufacturing, 3D printing and cyber-physical systems. This is creating a need for essential optimization and automation to reduce costs and manufacturing time.