Global supply chain solutions market to hit $32.9bn by 2026
The global supply chain management solutions market is expected to reach a value of $32.9bn by 2026, according to a new report.
Transparency Market Research said the market is projected to expand at a CAGR of 11.2% during the forecast period from 2018 to 2026.
The expansion is attributed to rising demand for advanced supply chain management solutions (software and services) in industries and increasing adoption of on-premise deployment models to offer the finest services to the clients.
In the supply chain management solutions (software and services) market, North America is anticipated to be a rapidly expanding region, followed by Asia Pacific, Europe, Middle East & Africa, and South America during the forecast period.
Further, the supply chain management solutions (software and services) market is at an emerging stage and is anticipated to expand rapidly during the coming years.
Expansion in the e-commerce industry along with rapid delivery of goods in order to gain competitive advantage have led to high demand for supply chain management solutions (software and services) systems, said the report.
This, in turn, offers opportunities for key vendors to develop solutions focusing on the retail or e-commerce industries. For instance, Vinculum Solutions, an India based company, focuses on delivering solutions (Vin e-Retail WMS) and products specific to the retail industry.
SEE ALSO:
-
Average salary for supply chain professionals $85,210 in 2017
-
JDA announces strong results, driven by end-to-end supply chain transformations
The company's solutions support easy order delivery; last mile delivery; and integration with manufacturers, logistics companies, and web stores such as Amazon, Flipkart, eBay, Lazada, and Snapdeal. Online sales channels are becoming more complex and are encouraging manufacturing businesses to adopt supply chain management solutions (software and services) software.
This is expected to propel the supply chain management solutions (software and services) market in the coming years. Emergence of e-commerce has led to rise in adoption of supply chain management solutions (software and services) solutions.
The supply chain management solutions (software and services) market can be segmented based on deployment, industry, and enterprise size. According to the research study, the global supply chain management solutions (software and services) market is dominated by the food & beverage industry, which held a significant market share in 2016.
This is due to rise in requirement for and higher adoption of supply chain management solutions (software and services) in the food & beverage sector across the world. The food & beverage industry is increasingly adopting supply chain management solutions (software and services) to understand changing consumer preferences, minimise risks, and reduce costs, which leads to improved productivity of businesses.
Further, industries such as transportation & logistics, automotive, and industrial are also showing high growth in this market. In terms of deployment, the on-premise segment held a prominent market share in 2016 and is expected to continue its dominance over the forecast period.