Supply Chain Management Market to Total US$ 62.6 Billion by 2031 as Demand Grows in Retail & Consumer Goods Industry - Future Market Insights

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DUBAI, U.A.E, Sept. 29, 2021 /PRNewswire/ -- As per the latest study published by FMI, the global supply chain management market is expected to reach US$ 62.6 Bn by the end of 2031. Surging demand for supply chain management (SCM) solutions across small and medium enterprises (SMEs) and large enterprises is favoring the market growth. On account of this, the market is estimated to expand at a CAGR of 11.4% CAGR over the forecast period between 2021 and 2031.

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Shift in consumer preference in favor of online shopping, especially during COVID-19 times, has substantially bolstered the e-commerce industry. SCM solutions assist in the management of potential e-commerce challenges such as inventory and labor shortages, demand spike, and transportation disruptions, along with efficiently mitigating supply chain disturbances. Thus, rapidly expanding e-commerce industry is expected to provide immense sales opportunities to the market players.

Increasing need for effective demand management solutions among enterprises and the rising adoption of SCM software across healthcare and pharmaceutical industries are boosting the market. With the integration of big data analytics in logistics and supply chain management (LSCM), the demand for SCM is anticipated to increase by year-on-year (YoY) growth of 8.7% in 2021

Among the various industries, the retail & consumer goods sector is anticipated to emerge as the leading end user, accounting for 26.1% of the total sales in the market in 2021. Increasing demand for SCM solutions to counter the complexities of retail supply chain networks, owing to the presence of large number of products, channels, and value-added offerings, are spurring the sales across the segment.

"Growing adoption of cloud-based supply chain management solutions and increasing efforts to integrate advance technologies such as artificial intelligence (AI), robotics, and internet of things (IoT) to provide real-time supply chain visibility will accelerate the market growth in the coming year," says the FMI analyst.

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Key Takeaways from Supply Chain Management Market Analysis

• The U.S. is anticipated to account for the highest share in the North America market, accounting for more than 79% of the sales in the region through 2031.
• Favored by the increasing spending on logistics & transportation, Germany is expected to account for 22.2% of the revenue share in the Europe market.
• India is forecast to register fastest growth in the Asia Pacific market, expanding at a CAGR of 20% between 2021 and 2031.
• Japan is projected to emerge as a highly lucrative market for supply chain management, accounting for a total sale of nearly US$ 1.28 billion by the end of 2021.
• In terms of software, integrated supply chain management platform/suite is estimated to lead the segment, accounting for nearly 54.1% of the global sales in 2021.

Key Drivers

• Integration of blockchain technology with supply chain management systems to reduce errors and delays, faster identification of errors, minimized transportation cost, and increasing focus on sustainability is driving the growth of the market.
• Increasing number of small and medium enterprises and large enterprises across developing economies such as India, China, Japan, South Korea, and others is expected to facilitate the market expansion in Asia Pacific.

Key Restraints

• Rising cases of data breaches and theft affecting enterprises adopting cloud-based supply chain management solutions is hampering the growth in the cloud-based deployment segment of the market.
• High cost of supply chain management is hindering the sales of these solutions across small size enterprises due to their cost-sensitive constraints.

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Competitive Landscape

Some of the key companies in the market are IBM Corporation, Oracle, SAP SE, Manhattan Associates, and E2open LLC among others. As per FMI, top 15 players are estimated to account for over 60% of the revenue share in the global market.

Leading players are emphasizing on adopting strategies such as product innovations and technological advancements to improve their product portfolio. Some of the other companies are engaging into strategic collaboration, agreement, and partnerships to strengthen their market shares and enhance their profitability. For instance,

• In June 2021, SAP, a German multinational software corporation, announced creating the world's largest business network at its global SAPPHIRE NOW conference. The company also announced launching new innovations, designed to assist the companies to digitalize and modernize their business processes.
• In December 2020, Infor, a multi-national enterprise software company, announced partnering with a Healthcare technology company, MphRx and developed a global solution to assist healthcare organizations manage their COVID-19 vaccine inoculation with the real-world clinical data.

Some of the leading players in the market profiled by FMI are:

• IBM Corporation
• Oracle Corporation
• SAP SE
• Manhattan Associates
• Descartes Systems Group Inc.
• Kinaxis
• E2open, LLC
• Basware Corporation
• WiseTech Global
• Infor
• Blue Yonder Group, Inc. (JDA Software)
• Epicor Software Corporation
• Logility, Inc.
• Jaggaer
• Ivalua Inc.

More Valuable Insights on Supply Chain Management Market

Fact.MR, in its new report, offers an unbiased analysis of the global supply chain management market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in supply chain management market with detailed segmentation:

By Solution:

• Software
• Integrated SCM Platform/Suite
• Standalone Solutions
• Supply Chain Planning
• Warehouse Management Software
• Transportation Management Software
• Sourcing & Procurement
• Order Management
• Others
• Services
• Outsource Supply Chain Management Services
• Professional Services
• Integration & Implementation
• Support & Maintenance
• Consulting Services

By Deployment:

• Cloud-Based
• On-Premises

By Enterprise Size:

• Small and Medium Enterprises (SMEs)
• Large Enterprises

By Industry's:

• Retail & Consumer Goods
• Manufacturing
• Automotive
• Healthcare & Pharma
• Food & Beverages
• Transportation & Logistics
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

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Key Questions Covered in the Supply Chain Management Market Report 

• The market survey also highlights projected sales growth of the supply chain management market between 2021 and 2031
• The report offers insight into supply chain management demand outlook for 2021-2031
• Supply chain management market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others 
• Supply chain management market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry 

Browse Extensive Coverage of our Ongoing Reports:

Commodity Supply Chain Management Solution Market : Supply chain is a vital part of business enterprises of any product be it tangible or intangible products. Manufacturing of products becomes complex if the manufacturers do not have appropriate supply chain management system for their product distribution.

Supply Chain Analytics Market : Supply chain optimization remains a top priority for organizations trying to cut operational cost, sustain business growth and increase customer satisfaction. Major factors such as low supply chain visibility, shortening product life cycles, high warehousing costs, inefficient supplier networks, ineffective forecasts, and changing customer demands are making supply chain optimization a challenging task for enterprises.

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