Chicago, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The global Supply Chain Analytics Market size is projected to grow from USD 5.2 Billion in 2022 to USD 13.5 Billion by 2027, at a CAGR of 21.0% during the forecast period, according to a new report by MarketsandMarkets™. Supply chain analytics uses the high-level information produced from an organization's data at multiple stages in its supply chain, from procurement and processing through inventory management, and distribution. The productivity and efficiency of a company's supply chains may be improved and optimised in a number of ways due to supply chain analytics.
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Supply Chain Analytics Market Dynamics:
Drivers:
- Increasing need for greater supply-chain and operational efficiency
- Growing adoption of IoT in supply chains
- Rising adoption of big data technologies
- Growing use of analytics technologies
Restraints:
- Increasing concerns of businesses regarding data security.
- Rising cyber threats hindering adoption of SCA solutions
Opportunities:
- Growing use of supply chain analytics on cloud.
- Rising awareness of benefits of supply chain management
- Increasing benefits of using supply chain analytics software
List of Key Players in Supply Chain Analytics Market:
- SAP (Germany)
- Oracle (US)
- IBM (US)
- SAS Institute (US)
- Software AG (Germany)
- MicroStrategy (US)
- Tableau (US)
- Qlik (US)
- TIBCO (US)
- Cloudera (US)
- Logility (US)
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Based on component, the supply chain analytics market is segmented into Software and Services. The software segmentation includes demand analysis and forecasting, supplier performance analytics, spend and procurement analytics, inventory analytics, and distribution analytics. The services segmentation includes managed services and professional services. The professional service segment is further divided into consulting services, support and maintenance services, and deployment and integration services. Predicting client demand is crucial for a supply chain organization since it affects all the other factors and serves as the foundation for planning procurement, production capabilities, logistics, sales, and other factors. Organizations may utilize supply chain analytics such as prescriptive analytics and predictive analytics to boost the accuracy of demand analysis and forecasting as businesses develop the capacity to include more data at a finer resolution. This can be accomplished in several ways, such as advancing research in forecasting horizon optimization, utilizing cutting-edge forecasting algorithms, or figuring out the ideal aggregation levels for making forecasts.
Based on deployment mode, the supply chain analytics market is segmented into on-premises and cloud. On-premises solutions are set up and maintained by the client's internal team on their property. Compared to the cloud deployment approach, this kind of deployment gives better control over sensitive data. It is crucial for the uptake of on-premises solutions. Moreover, unlike cloud-based deployments, on-premises systems do not accrue additional expenditures throughout the course of ownership.
Based on organization size, the supply chain analytics market is segmented into large enterprises and SMEs. Supply chain analytics products and services would generate income for SMEs, produce the necessary results, and boost operational effectiveness. Yet SMEs have three major obstacles, including finance, expertise, and scalability. SMEs use the pay-as-you-go approach, which gives them flexibility to manage the IT infrastructure as needed, to get around these problems. SMEs compete fiercely with major businesses; as a result, they are using supply chain analytics services to obtain a competitive edge. These services would allow for rapid responses, informed choices, and overall increased business efficiency.
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The supply chain analytics are segmented into five regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. This section offers information on these regional markets' sizes, rates of growth, anticipated trends, and market forces. The expansion of the supply chain analytics market in the area is attributed to factors such as the region's quick infrastructure development, high adoption of digital technologies, and rise in real-time data in supply chain organisations. The expansion of the supply chain analytics market in the area is attributed to the cutting-edge products provided by different vendors that concentrate on supplying dashboards for analysis to make strategic business choices. One of the other key factors driving market development is the growing need for fast analytics solutions for monitoring and managing the regional distribution chain.
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