A new report on the supply chain analytics services and software market finds that the global supply chain analytics market will bring about $4.53 billion in 2019, and is familiar to pick up $16.82 billion by 2027, growing at a CAGR of 17.9% from 2020 to 2027.
Rise in need of developing operational and supply chain efficiencies, escalation in adoption of Big Data technologies, and encouraging initiatives by transportation & logistics for Big Data projects drive the growth of supply chain analytics market. However incorrectness in data and inadequacy of skilled IT staff confine the market growth.
On the other hand, improvement in awareness in regard to benefits of supply chain analytics and deluge in call for cloud based supply chain analytics solutions are predictable to present new contingency in the coming years.
The covid-19 disruption has appreciably upgraded the growth of the supply chain analytics market.
The request for supply chain analytics has elevated across various organizations.
At the same time, the requirement of supply chain analytics is anticipated to uplift post-pandemic, as it would enable the industries to examine business continuity scenarios.
Software held the biggest portion of the supply chain analytics market in 2019, computing for nearly two-thirds of the total, and is habitual to maintain its effective share during the projection period.
This is associated with the advantages offered by supply chain analytics solutions such as increased responsive transport logistics, reduced inventory using smart demand sensing, optimization of work plan, reduced inventory costs using smart demand sensing, new sales & operations execution and more.
However, the service division is expected to bystander the highest CAGR of 17.9% from 2020 to 2027, matured to its ratification to establish useful functioning of platforms and software throughout the predictive analysis process.
Based on organization vertical, the retail and consumer goods division devoted to the highest market share in 2019, auditing for more than one-fourth of the total share of the global supply chain analytics market, and is estimated to retain its leadership status by 2027.
This is due to high demand for progresive solutions to govern the supplier network, Omni-channel sales, and risk management in the supply chain of retail industries. However, the automotive division is expected to rise at the highest CAGR of 24.9% during the foresee period, owing to elevated adoption of automation.