New York, United States , Nov. 30, 2022 (GLOBE NEWSWIRE) -- The Global Supply Chain Management Market Size was valued at USD 16.64 billion in 2021 and is expected to reach USD 58.89 billion by 2030. The worldwide market growth is expected to reach at a CAGR of 10.8% from 2021 to 2030. as per the latest research report by Spherical Insights & Consulting. The growth of the market can be attributed to advancements in digital technologies, increasing demand for improved supply chain processes visibility by end-users, shipment information transparency, and bolstering the growth of the retail & e-commerce sector.
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The development and quick delivery of products are the main goals of supply chain management. Digital SCM solutions are being developed by industry participants to increase delivery and material handling productivity. Suppliers, producers, logistics companies, and retailers may effectively coordinate product development, order fulfilment, and data tracking through the usage of supply chain software. Manufacturing, maintenance, and distribution processes are improved, leading to higher efficiency, when sophisticated technologies like AI, machine learning, IoT, and automation are integrated into SCM. These technologies can foresee failure before it occurs, allowing the supply chain to run without interruption. These technologies are being used more frequently to improve connectivity, transparency, and SCM efficiency.
Supply chain management gives manufacturers more control over their operations, resulting in better products, fewer product recalls, and stronger customer brands. Additionally, it helps to keep shipping practices under control so that better customer service can be provided and shortages or inventory oversupplies may be addressed. Effective supply chain management provides businesses with the chance to expand their large-scale, global operations.
The global supply chain management market is being driven by both the need for more supply chain transparency and a rise in the demand for supply management solutions from large and medium-sized organizations. The market is expanding as a result of increased industrialization, rising demand from the food and beverage industry, and the growth of e-commerce in countries like China, Japan, and India.
Browse key industry insights spread across 191 pages with 141 market data tables and figures & charts from the report, “Global Supply Chain Management Market Size, Share, By Component (Hardware, Software, Services), By User Type (SMEs, Large Enterprises), By Deployment Model (On-Premise, Cloud Based), by End Use Industry (Retail and Consumer Goods, Automotive, Healthcare & Pharmaceuticals, Food & Beverages, Transportation & Logistics, Manufacturing, Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) Analysis and Forecast 2021 – 2030”, in detail along with the table of contents.
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Covid 19 Impact on Global Supply Chain Management Market
The COVID-19 pandemic significantly boosted the demand for supply chain management. Lockdown was implemented in every nation on earth to halt the SARS-CoV-2 virus from spreading further. Due to this, the global supply chain was disrupted, there was a lack of raw materials, and the supply and demand for commodities and products were not met. In order to meet consumer demand, numerous organisations have seen a significant increase in their use of supply chain management, expanding its application globally. Every aspect of the industries is changing as a result of the digital revolution. A rising number of business vendors and third-party providers are adopting digital supply chain management solutions, driving the global industry forward.
Global Supply Chain Management Market, By Component
Software like purchase management and inventory management software is used for vendor management, quality management, logistics, and distribution. Businesses are using SCM software more and more to lower risks and failures. Improved visibility, enhanced productivity, analytics, cost savings, higher agility, and increased compliance are just a few benefits offered by SCM software. It assists in automating time-consuming processes including order processing, billing, and shipping tracking, which reduces administrative costs and saves time and money. SCM software is also used to identify surplus supplies and costs for logistics, warehousing, and production.
Global Supply Chain Management Market, By User Type
The large organisations category had the largest market share in 2021 as a result of the amount of data and resources, as well as the increased need to build a strong network and brand identity. But small and medium-sized businesses are investing more in SCM to boost productivity, run their businesses more safely and effectively, and offer a better customer experience. Cloud-based SCM systems are becoming more and more popular among small and medium-sized organisations because to their flexibility and affordability.
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Global Supply Chain Management Market, By Deployment Model
The cloud-based category is likely to increase significantly during the projected time due to its greater versatility and flexibility. Applications created in the cloud can easily adapt to changing circumstances. These applications can be swiftly and easily connected with cutting-edge technology to fulfil specific business objectives, eliminating the need for a large-scale migration. The market is growing more quickly thanks to expanding cloud computing adoption and declining data storage prices. Businesses are turning more and more to cloud-based products and services because of its increased processing speed, storage capacity, cost-effective pricing models, and reduced administrative costs.
Global Supply Chain Management Market, By End Use Industry
Supply chain solutions are being used more frequently by FMCG organisations in order to improve business intelligence, reduce operating expenses, and provide real-time supply chain insight. The advent of safety rules and regulatory demands to create cleaner, more effective warehouses both contribute to the industry's increased use of SCM solutions. The expansion of this market is aided by same-day delivery of goods and rising consumer expectations for product personalization and customization.
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Global Supply Chain Management Market, By Region
Businesses are increasingly opting for SCM solutions as a result of a greater need for higher development in e-commerce and a rise in demand for transparency in operations throughout the supply chain. The market's growth is being fueled by the region's highly developed technological infrastructure and rapid adoption of cutting-edge technology. North America controls a substantial percentage of the worldwide market as a result of several mergers and acquisitions amongst leading suppliers. The expansion and bolstering of the presence of the industry giants has led to a growth in the supply chain management market in the area.
Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. SAP SE; Oracle; Blue Yonder Group Inc.; Infor; Manhattan Associates; Coupa Software Inc.; IBMl; Logility, Inc.; Korber AG; Epicor Software Corporation and others 20+ prominent key players we have added in the final report. Global Economy: Recession Risk Rising Analysis and Russia-Ukraine Conflict War Impact we have added in the final premium report.
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