According to a new market report published by MarketsandMarkets™ “Supply Chain Analytics Market by Software (Supplier Performance Analytics, Demand Analysis and Forecasting, and Inventory Analytics), Services, Deployment Model, Organization Size, Industry Vertical, and Region – Global Forecast to 2023″, The supply chain analytics market size is expected to grow from USD 3.6 billion in 2018 to USD 7.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period.
The key factors driving the supply chain market include increasing volume and velocity of data; need to enhance operational and supply chain efficiencies, and advent of AI and machine learning into supply chain management.
Browse 71 market data Tables and 45 Figures spread through 163 Pages and in-depth TOC on “Supply Chain Analytics Market by Software (Supplier Performance Analytics, Demand Analysis and Forecasting, and Inventory Analytics), Services, Deployment Model, Organization Size, Industry Vertical, and Region – Global Forecast to 2023”
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Inventory analytics segment constituted the largest market share in 2018
Today, the organizations are more concerned about inventory levels, which are inclining them toward inventory analytics solutions to determine the minimum inventory targets across the entire supply chain network. The inventory analytics software enables organizations to monitor inventory levels to enhance sales performance, improve cost exposure, maintain optimum inventory, and increase turnover through inventory level reduction.
Services segment to grow at a higher CAGR during the forecast period
Based on component, the supply chain analytics market is segmented into software and services. The services segment is expected to grow at a higher CAGR during the forecast period. Professional services and managed services help enterprises in building successful client relationships by continuously supporting them through the business tenure. Furthermore, these services benefit enterprises by maximizing resource usage, improving project execution, and streamlining business operations. The need for services, such as support and maintenance, would also grow, as the adoption of supply chain analytics software increases.
Retail and consumer goods industry vertical to garner the largest market size during the forecast period
The retail industry vertical is undergoing substantial transformations with rapid economic and income growth in emerging nations. Big data has emerged as a pivotal element in building business development strategies. The industry is facing various challenges, such as long-term uptrend in commodity, raw material prices, changing supply chain architecture, and cost-trend dynamics. Supply chain analytics helps design and develop cost-competitive global business strategies for enhancing business productivity, optimizing transportation and logistics networks, and lowering costs. Supply chain analytics solutions also offer various other benefits, such as inventory planning and optimization, reduction in logistics and transportation costs, and enhanced overall profitability to organizations working in the industry.
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North America to account for the largest market size during the forecast period
North America is expected to account for the largest market size in the overall supply chain analytics market during the forecast period. This region houses some of the major vendors of data analytics specialized in offering supply chain analytics solutions, such as SAS Institute, IBM, Oracle, and Tableau. These players have their headquarters, as well as direct sales offices in the region. Major retail chains across the US and Canada have already embraced analytics in their supply chain processes and are leveraging its benefits. For instance, Walmart initiated its own Walmart Data Café, which was developed on SAP HANA’s in-memory engine.
The supply chain analytics market comprises major solution providers, such as SAP (Germany), Oracle (US), IBM (US), SAS Institute (US), Software AG (Germany), MicroStrategy (US), Tableau (US), Qlik (US),TIBCO (US), Cloudera (US), Logility (US), Savi Technology (US),Infor (US), RELEX Solutions (Finland), TARGIT (Denmark), Voxware (US), The AnyLogic Company(US), Antuit (US), Axway (US), AIMMS (Netherlands), BRIDGEi2i (India), Domo (US), Datameer (US), 1010data(US), Rosslyn Analytics(UK). The study includes in-depth competitive analysis of these key players in the supply analytics market with their company profiles, recent developments, and key market strategies.