PRESS RELEASE: Soaring Demand from Retail & Consumer Goods Sector Drives Supply Chain Management Market to US$ 62.6 Bn in 2031

NEWARK, Del: The global supply chain management market is expected to reach a valuation of US$ 62.6 Bn by 2031, with sales growing at a prolific CAGR of 11.4% from 2021 to 2031. Valued at US$ 19.5 Bn in 2020, the target market displayed a surge in revenue by reaching US$ 21.2 Bn in 2021. Heightened demand for supply chain management solutions from both large and small and medium enterprises (SMEs) is expected to fuel the market growth for the same.

In addition, rising awareness of SCM-related advantages such as supply chain optimization, meaningful synthesis of business data, and minimal wastage are certain factors that further aid the growth of the supply chain management market during the forecast period. In the present day and circumstances, the surging need for demand management solutions among enterprises as well as rising adoption of SCM software in healthcare and pharmaceutical industries will spearhead the growth of the supply chain management market during 2021-2031.

Additionally, the swell in demand for transportation management systems (TMS) software and the integration of blockchain technology in SCM solutions is anticipated to further fuel the growth of the SCM market in this decade. Owing to the emergence of cutting-edge technologies including the Internet of Things, artificial intelligence, robotics, and 5G, SCM solutions are now designed to foresee and meet future challenges. This will likely bode well for the target market.

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Furthermore, big data analytics in logistics and supply chain management (LSCM) has continued to gain traction due to its complexity and the principal role of LSCM in improving the general business performance. The power of data is gradually but strongly becoming apparent to businesses of all shapes and sizes, from financial services to automobile manufacturing, healthcare, NGO, and many others.

This highlights the importance of making Big Data analytics in a supply chain to gather more profound insights. The retail industry streams an immense amount of data across its supply chains, at diverse customer touch points in numerous omnichannel operations. This, along with other considerations, is expected to generate higher demand for the supply chain management market during the forecast period.

“Incorporation of technological advancements along with increasing demand from diverse end-use industries such as retail, healthcare and pharma will likely supplement the global growth of the supply chain management market over the forecast period,” says an FMI analyst.

Key Takeaways:

The supply chain management market in the United States will hold 79% of the market share in North America.
Well-established industrial and chemical sectors drive the growth of the SCM market in Germany.
India’s supply chain management market is expected to grow at a CAGR of 20% during the assessment period.
By software, the integrated SCM platform/ suite will witness high demand during 2021-2031.
The cloud-based computing segment will expand at a CAGR of 14.2% over the next few years.
Competitive Landscape

Oracle Corporation, SAP SE, Descartes Systems Group Inc., Infor Inc., Kinaxis, E2open, LLC, Basware Corporation, WiseTech Global, Blue Yonder Group, Inc. (JDA Software), Epicor Software Corporation, Logility, Inc., Jaggaer, Ivalua Inc., Manhattan Associates, and IBM Corporation among others are some of the major players in the supply chain management market profiled in the full version of the report.

Leading market players are focusing on product innovation and technological advancements to enhance their market presence. These organizations have strategic partnerships and collaborative initiatives to improve their profits and market shares.

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More Insights into Supply Chain Management Market Report

In its latest report, FMI offers an unbiased analysis of the global supply chain management market, providing historical data from 2016 to 2020 and forecast statistics for 2021 to 2031.

To understand the global market potential, growth, and scope, the market is segmented on the basis of solution (software (integrated SCM platform/ suite, standalone solutions (supply chain planning, warehouse management software, transportation management software, sourcing & procurement, order management, others)), services (outsource supply chain management services, professional services (integration & implementation, support & maintenance, consulting services)), deployment (cloud-based, on-premises), enterprise size (small and medium enterprises (SMEs), large enterprises), industry (retail & consumer goods, manufacturing, automotive, healthcare & pharma, food & beverages, transportation & logistics, others), and region.

According to the latest FMI reports, based on segmentation, the retail & consumer goods industry segment will likely make significant contributions to the overall market growth during 2021-2031. Accounting for 26.1% of sales in 2021, this segment will continue its market dominance due to rising complexity of retail supply chain networks. In terms of enterprise size, the large business size will retain their lead in the global marketplace.

Based on region, the supply chain management market in the United States will display substantial growth over the upcoming years. The target market in this country will hold over 79% of the market share in North America through 2031. Increasing spending on transportation and logistics, surging urbanization, increase in traffic congestion, and digitalization of the transportation sector aid the growth of the supply chain management market in this country. Apart from the U.S., countries like India, Japan, and Germany will also present notable market growth during the forecast period.

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