Supply Chain Management Market to Total US$ 62.6 Billion by 2031 as Demand Grows in Retail & Consumer Goods Industry - Future Market Insights
DUBAI, U.A.E, Sept. 29, 2021 /PRNewswire/ -- As per the latest study published by FMI, the global supply chain management market is expected to reach US$ 62.6 Bn by the end of 2031. Surging demand for supply chain management (SCM) solutions across small and medium enterprises (SMEs) and large enterprises is favoring the market growth. On account of this, the market is estimated to expand at a CAGR of 11.4% CAGR over the forecast period between 2021 and 2031.
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Shift in consumer preference in favor of online shopping, especially during COVID-19 times, has substantially bolstered the e-commerce industry. SCM solutions assist in the management of potential e-commerce challenges such as inventory and labor shortages, demand spike, and transportation disruptions, along with efficiently mitigating supply chain disturbances. Thus, rapidly expanding e-commerce industry is expected to provide immense sales opportunities to the market players.
Increasing need for effective demand management solutions among enterprises and the rising adoption of SCM software across healthcare and pharmaceutical industries are boosting the market. With the integration of big data analytics in logistics and supply chain management (LSCM), the demand for SCM is anticipated to increase by year-on-year (YoY) growth of 8.7% in 2021
Among the various industries, the retail & consumer goods sector is anticipated to emerge as the leading end user, accounting for 26.1% of the total sales in the market in 2021. Increasing demand for SCM solutions to counter the complexities of retail supply chain networks, owing to the presence of large number of products, channels, and value-added offerings, are spurring the sales across the segment.
"Growing adoption of cloud-based supply chain management solutions and increasing efforts to integrate advance technologies such as artificial intelligence (AI), robotics, and internet of things (IoT) to provide real-time supply chain visibility will accelerate the market growth in the coming year," says the FMI analyst.
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Key Takeaways from Supply Chain Management Market Analysis
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Some of the key companies in the market are IBM Corporation, Oracle, SAP SE, Manhattan Associates, and E2open LLC among others. As per FMI, top 15 players are estimated to account for over 60% of the revenue share in the global market.
Leading players are emphasizing on adopting strategies such as product innovations and technological advancements to improve their product portfolio. Some of the other companies are engaging into strategic collaboration, agreement, and partnerships to strengthen their market shares and enhance their profitability. For instance,
Some of the leading players in the market profiled by FMI are:
More Valuable Insights on Supply Chain Management Market
Fact.MR, in its new report, offers an unbiased analysis of the global supply chain management market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in supply chain management market with detailed segmentation:
By Enterprise Size:
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Key Questions Covered in the Supply Chain Management Market Report
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Commodity Supply Chain Management Solution Market : Supply chain is a vital part of business enterprises of any product be it tangible or intangible products. Manufacturing of products becomes complex if the manufacturers do not have appropriate supply chain management system for their product distribution.
Supply Chain Analytics Market : Supply chain optimization remains a top priority for organizations trying to cut operational cost, sustain business growth and increase customer satisfaction. Major factors such as low supply chain visibility, shortening product life cycles, high warehousing costs, inefficient supplier networks, ineffective forecasts, and changing customer demands are making supply chain optimization a challenging task for enterprises.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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