NEW CASTLE, Delaware, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Supply Chain Management Market by Component (Solution and Service), Solution Type (Procurement and Sourcing, Manufacturing Execution System, Transportation Management System, Warehouse Management System, and Supply Chain Planning), Deployment Mode (On-premise and On-Demand/Cloud-Based), Enterprise Size (Large Enterprise and SMEs) and Industry Vertical (Retail and Consumer Goods, Healthcare and Pharmaceuticals, Manufacturing, Food and Beverages, Transportation and Logistics, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2033". According to the report, the "supply chain management market" was valued at $27.2 billion in 2022, and is projected to reach $85.3 billion by 2033, growing at a CAGR of 11.1% from 2023 to 2033.
Rise in technological advancement & investments and surge in demand & usage of supply chain management services & software by various enterprises and industries boost the growth of the global supply chain technology. In addition, an increase in the adoption of SCM software in healthcare and pharmaceutical companies positively impacts the growth of the supply chain management market. However, a lack of awareness about supply chain management software and increasing security and privacy concerns among businesses hamper the supply chain management market growth. On the contrary, the increase in advanced information and communications technology and the increasing growth of the e-commerce sector is expected to offer remunerative opportunities for the expansion of the supply chain management market during the forecast period.
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The solution segment held the highest market share in 2022.
By component, the solution segment dominated the market in 2022, this dominance is attributed to the growing demand for advanced software solutions that help organizations manage and optimize their supply chain operations, including procurement, production, inventory, and logistics. However, the service segment is expected to witness the largest CAGR of 13.2%, This growth is driven by the increasing need for consulting, implementation, and maintenance services to support organizations in the deployment and optimization of their supply chain solutions.
The on-premise segment held the highest market share in 2022.
By deployment mode, the on-premise segment accounted for the largest share in 2022. This dominance can be attributed to the preference of many large enterprises for maintaining full control over their data and IT infrastructure, which is crucial for managing sensitive supply chain operations. However, the on-demand/cloud-based segment is expected to witness the largest CAGR of 13.4%. This growth is driven by the increasing adoption of cloud technologies, which offer flexibility, scalability, and cost-effectiveness compared to on-premise solutions. Cloud-based SCM solutions enable organizations to access real-time data and analytics from anywhere, improving collaboration and decision-making across global supply chains.
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Regional Insights: The North America region held the highest market share in 2022.
By region, the supply chain management market was dominated by North America in 2022. This dominance can be attributed to several factors, including the presence of major technology providers, advanced infrastructure, and early adoption of digital supply chain solutions by industries in the region. North American companies, particularly in sectors such as retail, manufacturing, healthcare, and logistics, have been at the forefront of adopting advanced SCM technologies to improve efficiency, reduce costs, and enhance supply chain visibility.
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Key Industry Developments
- In July 2024, BigBasket launched its supply chain management platform called BB Matrix. It offers real-time updates, tracks supply chain bottlenecks, and enables data-driven decision-making to spur supply chains.
- In April 2024, SAP SE launched AI advancements in its supply chain solutions that will unleash a transformative wave of productivity, efficiency, and precision in manufacturing. AI-driven insights from real-time data will help companies optimize decisions across their supply chains, streamline product development, and improve manufacturing efficiency.
- In May 2024, HCLSoftware launched HCL AppScan Supply Chain Security (in partnership with OX Security), to help organizations improve the security of their software supply chains. RSAC is one of the largest events worldwide dedicated to bringing together thousands of cybersecurity industry professionals.
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