As per the report published by Fior Markets, the global supply chain management market is expected to grow from USD 20 billion in 2020 and reach USD 46.09 billion by 2028, growing at a CAGR of 11% during the forecast period 2021-2028.
The lack of visibility and transparency is often the biggest obstacle to attaining the objectives of the supply chain. Most firms lack openness and the visibility necessary to better forecast and avoid disturbances and inventory imbalances in the supply chain process. This originates mostly from the failure to retain enormous amounts of data spread over several processes, sources, and systems. Supply chains struggle to keep pace with technology developments and developments brought by the digital era in industry and marketplaces. Because of these circumstances, the staff lagged in raising their staff and empowering them to achieve. The supply chain, supply, and procurement leaders should currently prepare their procedures and infrastructure to accept new technologies and their ability to collect more information than before. With the use of technologies like machine training, AI, and IoT, back-office leaders can boost product excellence, expedite time-to-market and build new goods and services to increase supply chain transparency.
Supply chain management is the flow of goods and services management and encompasses all processes which transform raw materials into final products. To optimize customer value and obtain a competitive advantage in the market involves the active rationalization of supply-side activities in a company. SCM provides suppliers with an effort to create and operate as effective and inexpensive supply chains as possible. Supply chains all cover the information systems needed to direct such companies from production through to product development. SCM often tries to control or link the production, delivery, and distribution of a product centrally. Companies can reduce unnecessary expenses by optimizing the supply chain and supply products to the consumer more quickly. That is done through tightening internal stock control, internal manufacturing, distribution, sales, and company vendors’ inventory.
This originates mostly from the failure to retain enormous amounts of data spread over several processes, sources, and systems. Supply chains struggle to keep pace with technology developments and developments brought by the digital era in industry and marketplaces. Because of these circumstances, the staff lagged in raising their staff and empowering them to achieve. Cloud-based SCM firms confront privacy and security problems. The companies have confidential data to secure to prevent data violations and theft which may impact companies’ reputation in general. The data of companies can leak through the Internet, which is an increasing worry among companies and can be accessed by unauthorized people. For example, a multitalented architecture is necessary for the cloud-based transport management system, in which a single version of the software is operated on a server shared by several clients. More than one-third 37 %, of all transport and logistics firms with obsolete technology internationally, confessed that due to their legacy technology they were unable to properly upgrade their operations during the epidemic. Healthcare providers have little awareness of and advantage in supply chain management systems. Although various funders such as Justice-In-Time approaches and stockless inventory systems have been launched on the market over the past years, further SCM principles training, such as enhances internal departments’ information and communication, information, and measurement systems, as well as increased support for management, will be essential to unlocking the full potential of SCM tools.
Key players operating in the supply chain management market are E2open, SAP SCM, Logility, Perfect Commerce, Oracle SCM, Infor SCM, JDA SCM, Manhattan SCM, Epicor SCM, Dassault Systemes SCM, Descartes SCM, Highjump SCM, IFS, Watson Supply Chain, BluJay SCM, among others. The major players in the supply chain management market focus on expansionary strategies such as mergers & acquisitions, recent developments, joint ventures, collaborations, product innovations and partnerships. These strategies would extract higher market shares for the players and strengthen their position in the global supply chain management market. SAP SCM and Blujay SCM Systems are some of the biggest manufacturers and suppliers of supply chain management worldwide.
The supply chain planning segment dominated the market and held the largest market share of 34.6% in the year 2020
Based on the product type segment, the global supply chain management market includes transportation management system, warehouse management system, supply chain planning and procurement software systems. The supply chain planning segment dominated the market and held the largest market share of 49.06% in the year 2020. The dynamic alignment of the demand for the customer channel and the supply response capacities optimized for net profits across each segment is essentially the supply chain planning.
The healthcare & pharmaceuticals segment dominated the market and held the largest market share of 38.01% in the year 2020
Based on the industry vertical segment, the global supply chain management market includes consumer goods, healthcare & pharmaceuticals, food & beverages, transportation & logistics, and others. The healthcare & pharmaceuticals segment dominated the market and held the largest market share of 38.01% in the year 2020. Several big players start to focus on fresh opportunities and new ones. Innovation has been unprecedented in company models. This is illustrated by the establishment of branded generics companies and a large increase in global market coverage.
The large enterprises segment dominated the market and held the largest market share of 63.02% in the year 2020
Based on the user segment, the global supply chain management market includes small & medium-sized enterprises (SMES), and large enterprises. The large enterprises segment dominated the market and held the largest market share of 63.02% in the year 2020. Customers expect the correct product assortment and quantity to be delivered. Customers expect products to be available at the right location.
