Discover Supply Chain Management Market Upcoming Trends, Growth Drivers And ChallengesPosted by Mrudula Karmarkar on December 1st, 2022 The global supply chain management market is anticipated to reach USD 46,577.3 million by 2030, registering a CAGR of 10.9% in the forecast period, according to a new report by Grand View Research, Inc. The growth of the market can be attributed to advancements in digital technologies, increasing demand for improved supply chain processes visibility by end-users, shipment information transparency, and bolstering the growth of the retail & e-commerce sector. SCM enables supply chain managers to track precisely where their existing operations are performing or underperforming. SCM also generates reliable, data-driven solutions and improves businesses' insight through cross-functional access. As a result, end customers are more likely to embrace supply chain management software. The increasing concerns among enterprises regarding the privacy and security of confidential data are major factors restraining market growth. Data from businesses may leak via the internet and be accessed by unauthorized users, a rising concern among companies. However, the adoption of advanced technologies such as the internet of things (IoT), blockchain, cloud computing, artificial intelligence (AI), and robotics automation, among others, are enabling the secured digital supply network in the near future. The COVID-19 pandemic illustrated long-standing vulnerabilities in global supply networks. Lockdowns hindered or delayed the movement of raw materials and interrupted manufacturing across multiple industries, putting supply chains under tremendous strain. This disruption has increased supply chain management (SCM) demand. The COVID-19 epidemic has hit every sector, and due to social distancing norms, organizations are shifting toward digitization to assure safety. Companies focus on supply chain optimization to reduce costs, reduce inventories, and increase asset utilization. Key players such as Infor, Microsoft, IFS, HighJump, and Coupa Software, operating in the supply chain management market, are adopting various growth strategies such as partnerships & collaborations, and mergers & acquisitions to capture maximum market share globally. For instance, in November 2020, Coupa Software announced the acquisition LLamasoft, an artificial intelligence (AI)-powered supply chain design and planning company. The acquisition expands Coupa's supply chain operations, allowing its clients to achieve significant value through business spend management (BSM). Coupa's spend management implementation core and broad market reach, combined with LLamasoft's artificial intelligence (AI) supply chain analytics and digital supply chain, provide an opportunity to incorporate digital transformation solutions. To Request Sample Copy of this report, click the link: The growth of the SCM market can be attributed to the rising demand and increased awareness of the benefits of SCM solutions, such as transportation management systems, planning & analytics, forecasting accuracy, warehouse & inventory management, supply chain optimization, procurement & sourcing, waste minimization, manufacturing execution and relevant synthesis of business data. Additionally, the rapidly growing adoption of information technology and technical breakthroughs improves and supports the overall supply chain, contributing to market expansion. The COVID-19 outbreak had a positive impact on the target market. A significant surge has been observed due to the increased usage of SCM during the COVID-19 pandemic to predict and meet the demand and supply requirements. Supply Chain Management Market Report Highlights
The set of things, including designing a new service or product, obtaining raw materials, converting them into a semi-finished or finished product, their transportation, and distributing or delivering them to the end-users, is known as a supply chain. The set of software used for seamless integration and coordination of all the fore-mentioned events, along with providing support after the sale, is known as supply chain management (SCM). Simply, it is the management of the flow of goods from the source to the user stage in a synchronized manner. All the partners, such as information system providers, vendors, third-party companies, carriers, and others, are linked and connected in this chain. In terms of technology deployment, organization infrastructure, strategic partnerships, and enterprise resource management, SCM solution and services enable companies to improve their decision-making skills. Furthermore, by exploiting the acquired insights and data, SCM solutions promote strategic decision-making and assist enterprises in optimizing return on investment, strengthening their market position, and accelerating growth. Advancements in industrial-grade digital technology, a shift toward cloud-based SCM software, and a growing need for greater supply chain visibility fuel SCM market growth. The COVID-19 pandemic had a significant positive impact on the target market. Lockdown was imposed in all the countries across the globe to stop the further spread of SARS-CoV-2. Owing to this, the supply chain across the world was disrupted along with a shortage of raw materials and failed to meet the requirements for supply and demand for goods and products. As a result of this, various businesses have observed a huge surge in the adoption of SCM to meet consumer demand, hence broadening its usage across the globe. The digital revolution is transforming every facet of industries, with a growing number of enterprise vendors and third-party providers embracing digitized systems for SCM, boosting the global industry. List of Key Players in Supply Chain Management Market
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