March 2024
08 Aug 2024
The global supply chain analytics market surpassed USD 8.74 billion in 2023 and is predicted to surpass around USD 43.88 billion by 2033, poised to grow at a CAGR of 17.51% during the forecast period. The rising adoption of big Data technologies is expected to enhance the growth of the supply chain analytics market.
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The supply chain analytics market deals with the processes that organizations use to extract value and gain insight from the wide amounts of data regarding the distribution, processing, and procurement of goods. It helps convert business data such as transactional data, shipment, and order of various industries such as transportation, healthcare, retail & consumer, and manufacturing into meaningful insights. It also offers future market trends and accurate forecasting and motivates better leadership in utilizing the required knowledge and fortifying their market position.
The increasing supply chain visibility and reduced inventory costs are anticipated to drive the growth of the supply chain analytics market. In addition, the increasing need for predictability, changing consumer preferences, increasing need to improve operational efficiency, and increasing supply chain efficiency are further expected to drive the growth of the market during the forecast period.
Improved risk management to fuel market growth
Developing supply chain management technologies are very valuable, so decision-makers should completely understand each new technology’s opportunities and risks. Supply chain analytics solutions enable organizations to predict and identify their significant risk, meet their high expectations of clients, streamline inventory management, and enhance planning. For example, the supply chain analytics platform could focus on the risks by considering that a specific carrier has continuously been late and offering cargo late over the last month.
It can capture this pattern and signify the probability of further delays. Furthermore, this software can measure the impact of these delays, the cost of refunds and returns, and the number of potential late deliveries. Thus, these driving factors are expected to enhance the growth of the supply chain analytics market.
However, a lack of skilled personnel may restraint market growth
The increasing amount of big data across the industrial era of chain and supply analytics needs to be analyzed, integrated, and modeled in order to gain accurate insights. Several roles, such as data scientists, chief data officers, and leaders, are estimated to witness a surging demand in the coming years. A sudden increase in the need for roles has generated a skill breach in the market. Organizations require a specific strong collaboration with academic organizations in upcoming roles to extract insights from business analytics and big data. Thus, these factors are expected to restrain the growth of the supply chain analytics market.
Recent Innovation in the Supply Chain Analytics Market by Helios
Recent Innovation in the Supply Chain Analytics Market by EY and IBM
Asia Pacific is expected to grow fastest during the forecast period. The increasing use of supply chain management services for business use, along with improvement in the industrial infrastructure is expected to drive the growth of the supply chain analytics market in the region. The increasing spending on small and medium-sized organizations and rising technological advancement in the region contributed to driving the market growth. India, China, Japan, and South Korea are the major countries in the Asia Pacific region.
China is the major, fastest-growing, and high population country. Chinese supply chain analytics are using advanced technologies, such as data analytics, artificial intelligence, and cloud-based systems, to improve the supply chain operation in China. China has the largest manufacturing base globally. China has focused its research & development spending on technology and manufacturing infrastructure such as logistics networks, industrial parks, data centers, and telecommunication networks.
North America dominated the supply chain analytics market in 2023. The increasing use of supply chains regarding services for profitability and improvement uses is observed as a major factor in supporting the development of the market across the predicted timeframe. In addition, the increasing of major key players, rapid adoption of advanced services, infrastructure development, and increasing demand for real-time insights are anticipated to enhance the growth of the market in the region. The U.S. and Canada are the leading and dominating countries in North America.
Technological Improvisations
The requirement for technological advancements in the market for supply chain analytics is a major opportunity. They enable and support better tracking of the products within the supply chain and help in understanding consumer behavior. In addition, retailers have also invested in the RFID readers team to treat and diagnose all the sales parameters and improve the performance of the market. These solutions accelerate time-to-market for products, reduce inventory costs, and enhance sustainability. These factors are expected to drive the growth of the supply chain analytics market in the upcoming years.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 10.27 Billion |
| Market Revenue by 2033 | USD 43.88 Billion |
| CAGR | 17.51% |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | North America |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Segmentation
By Solution
By Service
By Deployment
By Enterprise Size
By End-use
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