Supply Chain Management Market to Reach $75.6 billion, Globally, by 2032 at 10.9% CAGR: Allied Market Research
Increase in technological advancement, the rise in demand for supply chain management services & software by various enterprises and industries, and the surge in the adoption of SCM software in healthcare and pharmaceutical companies drive the global supply chain management market. Based on region, North America garnered the major share in 2022, accounting for nearly two-fifths of the global supply chain management market.
PORTLAND, Ore., March 27, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Supply Chain Management Market by Component (Solution, Service), by Solution Type (Transportation management system, Warehouse management system, Supply chain planning, Procurement and sourcing, Manufacturing execution system), by Deployment Mode (On-premise, On-Demand/Cloud-Based), by Enterprise Size (Large Enterprise, SMEs), by Industry Vertical (Retail and consumer goods, Healthcare and pharmaceuticals, Manufacturing, Food and beverages, Transportation and logistics, Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global supply chain management industry was valued at $27.2 billion in 2022 and is estimated to generate $75.6 billion by 2032 witnessing a CAGR of 10.9% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Drivers, Restraints, and Opportunities
Increase in technological advancement & investments, the rise in demand & usage of supply chain management services & software by various enterprises and industries, and the surge in the adoption of SCM software in healthcare and pharmaceutical companies drive the global supply chain management market. However, a lack of awareness about supply chain management software and rise in security and privacy concerns among businesses hinder the market growth. Moreover, the surge in advanced information and communications technology will present new growth opportunities for the global market in the coming years.
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The solution segment to dominate the market during the forecat period
By component, the solution segment contributed to the largest share of more than three-fifths of the global supply chain management market and is expected to maintain its dominance during the forecast period, as it is utilized for quality assurance, supplier management, and logistics management. On the other hand, the service segment is projected to witness the fastest CAGR of 13.2% from 2023 to 2032. This is due to the rise in use of SCM services to lower risks and failures, improved visibility, enhanced productivity, analytics, cost savings, and higher agility.
The transportation management system segment to achieve largest revenue by 2032
Based on solution type, the procurement and sourcing segment grabbed the highest share of nearly one-third of the global supply chain management market in 2022. Procurement and sourcing are utilized in e-commerce, gaming, social media, and other applications to identify opportunities to optimize in order to realize specific business outcomes. On the other hand, the transportation management system segment is expected to dominate in terms of revenue during forecast period and is projected to cite the fastest CAGR of 14.8% from 2023 to 2032. It is used to identify the causes of behavior and develop strategies to modify behavior to improve the quality of life for individuals.
The on –premise segment garnered the major share in 2022
In terms of deployment mode, the on-premise segment accounted for the highest share of nearly three-fifths of the global supply chain management market revenue in 2022 as various end users increasingly embrace on-premises model due to the practical options and substantial customization provided by on-premises software deployment. However, on-demand/cloud-based segment to dominate in terms of revenue from 2023 to 2032 and is estimated to witness the fastest CAGR of 13.4% during the forecast period. This is because companies are adopting cloud-based solutions for greater adaptability and flexibility in the supply chain process.
The retail and consumer goods segment to maintain its leadership during the forecast period
Based on industry vertical, the retail and consumer goods segment grabbed the highest share of more than one-fourth of the global supply chain management market in 2022 and is expected to dominate in terms of revenue during the forecast period. The growth is attributed to the rise in demand for automation in the supply chain process in the retail and consumer goods segment. However, the automotive segment is anticipated to showcase a noteworthy CAGR of 16.3% from 2022 to 2032. This is due to the rise in demand for security and lower operating costs by implementing a dependable SCM system.
Asia-Pacific to achieve the largest revenue by 2031
Based on region, the market in North America was the largest in 2022, accounting for nearly two-fifths of the global supply chain management market. The demand for supply chain management is increasing in North America due to the technological infrastructure in the region combined with the high adoption of advanced technologies. Moreover, the market in Asia-Pacific is expected to dominate the market in terms of revenue and would cite the fastest CAGR of 14.2% from 2022 to 2032. The high adoption of advanced technologies will drive the market growth throughout the forecast timeframe.
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Leading Market Players
The report analyzes these key players of the global supply chain management market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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SOURCE Allied Market Research