Portland, OR, Jan. 12, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global supply chain analytics market was pegged at $4.53 billion in 2019, and is expected to reach $16.82 billion by 2027, registering a CAGR of 17.9% from 2020 to 2027.
Increase in need of improving operational and supply chain efficiencies, rise in adoption of Big Data technologies, and supporting initiatives by transportation & logistics for Big Data projects fuel the growth of the global supply chain analytics market. On the other hand, inaccuracies in data and lack of skilled IT staff hamper the market growth. Moreover, growth in awareness for benefits associated with supply chain analytics and rise in demand for cloud-based supply chain analytics solution are expected to usher a plethora of opportunities in the coming years.
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Impact of Covid-19 on Supply Chain Analytics Market:
- The demand for supply chain analytics has increased across various industries during the Covid-19 outbreak.
- In addition, the demand for supply chain analytics is expected to hike post-pandemic as well, owing to the fact that it would enable the companies to examine business continuity scenarios.
The global supply chain analytics market is segmented on the basis of component, deployment, enterprise size, industry vertical, and region. Based on component, the software segment dominated the market with the highest market share in 2019, accounting for nearly two-thirds of the total share of the global supply chain analytics market, and is expected to dominate during the forecast period. At the same time, the services segment is expected to portray the highest CAGR of 17.9% from 2020 to 2027.
Based on industry vertical, the retail and consumer goods segment accounted for the highest market share in 2019, with more than one-fourth of the total market share, and is expected to maintain its leadership status by 2027. On the other hand, the automotive segment is expected to manifest the highest CAGR of 24.9% during the forecast period.
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The global supply chain analytics market is studied across various regions including Asia-Pacific, North America, LAMEA, and Europe. The market across North America, accounted for the highest share in terms of revenue, with two-fifths of the total market share in 2019. Nevertheless, the Asia-Pacific region is projected to showcase the fastest CAGR of 20.8% from 2020 to 2027.
The key players operating in the global supply chain analytics market analysis include Oracle, SAP SE, IBM, SAS Institute, Microstrategy, Tableau, Qlik, Infor Inc., Kinaxis Inc., and Manhattan Associates.
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