Numerous factors, such as forecasting accuracy, meaningful synthesis of business data, and increasing awareness about the benefits offered by supply chain analytics, are collective...
The global supply chain analytics market size was USD 2,725.1 million and is expected to gain traction over the forecast period. They also present a broader view of the supply chain and facilitate better profitability, sustainability, and inventory cost reduction. Moreover, the growing adoption of mobile applications-based solutions is expected to introduce new opportunities to the market. The growth of the market is further driven by factors such as low supply chain visibility, inefficient supplier networks, elevated warehousing costs, and incorrect forecasts, and so on. The manufacturing analytics and logistics analytics segments are presumed to grow at a CAGR of 17.6 percent and 16.6 percent, respectively, over the next eight years. This can be attributed to the increasing need for optimal utilization of resources and minimum overall costs. These solutions help in maximizing profitability and facilitate growth by enhancing capabilities necessary to manage inventory, source products, and distribute finished goods in a timely and cost-effective manner. They also enable the estimation of the ideal location and number of distribution facilities.
Furthermore, they help in connecting distributed transport networks to estimate product supply points and market demand. They also offer advantages, such as optimized inventories, to address demand, reduce inventory holding costs & risks, and minimize costs of order fulfillment, warehousing, port & shipping, inland transportation, and business tax. The manufacturing segment occupied the largest market share. However, the high technology products segment is expected to emerge as the fastest-growing end-use segment with a CAGR of over 18.7 percent over the next eight years. The increasing demand for timely delivery and product availability have been pressurizing manufacturing companies to meet the rising demand while maintaining the same margin levels.
The application of supply chain analytics solutions helps in improving performance as they provide access to real-time data across the value chain and accurately reflect updates made in any region or process across an organization. North America occupied a significant share in the global market and is expected to grow at a CAGR of over 13 percent over the forecast period. North America occupied a significant market share, due to the growing presence of providers of supply chain analytics solutions in the region. However, the Asia Pacific regional market is presumed to emerge as the fastest growing region with a CAGR of over 20 percent from 2017 to 2025. Such a significant growth can be attributed to the increasing awareness regarding the advantages of analytics solutions among organizations belonging to different verticals. Moreover, the growth in this region is propelled by rapidly increasing number of Small & Mid-Size Businesses (SMBs), and their increasing expenditure on implementation of latest technologies to promote growth of their businesses.