The supply chain management market will increase at a CAGR of 11.4 percent from 2021 to 2031, according to statistics recently provided by Future Industry Insights (FMI), with revenue reaching US$ 21.2 billion by the end of 2021.
Due of fast mechanical headways in transportation and scheduled operations, supply chain executives arrangements are becoming more popular. Similarly, cutting-edge innovations have become vital in dealing with financial seriousness and, as a result, boosting market development.
The need for more prominent clarity and perceptibility in supply chain cycles and information, improving business progression by limiting expected disappointments, and growing acceptance of cloud supply chain executives among SMEs are all factors energising interest in supply chain management arrangements.
Coronavirus’s Impact on the Supply Chain Management Market
A few firms and organisations have been compelled to rearrange their global supply chains due to the COVID-19 outbreak. The global quarantine implemented to prevent the spread of the disease has paralysed economies and harmed every aspect of the supply chain.
Other businesses have shifted their typical manufacturing cycles to make PPE packs and other basic clinical supplies as a result of this. During this time, Machine Learning (ML) and Artificial Intelligence (AI) are beginning to drive company development systems to work more effectively, which is projected to broaden the acceptability of cloud-based SCM arrangements across various areas.
The inventory chain management market (SCM) is extremely concentrated and constrained by major competitors, such as
- Prophet Corporation
- SAP SE
- Descartes Systems Group Inc.
- Infor Inc.
- IBM Corporation.