An increase in advancements in industrial-grade digital technology, an increase in preference toward cloud-based supply chain management software, and the demand for enhanced supply chain visibility are driving the Supply Chain Management (SCM) Market.
JERSEY CITY, N.J., May 5, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Supply Chain Management (SCM) Market" By Type (Solution, Services), By Application (Manufacturing, Food and Beverages), and By Geography. According to Verified Market Research, the Global Supply Chain Management (SCM) Market size was valued at USD 10.1 Billion in 2020 and is projected to reach USD 19.3 Billion by 2028, growing at a CAGR of 9.02% from 2021 to 2028.
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Global Supply Chain Management (SCM) Market Overview
The primary factor driving market growth is increased advancements in industrial-grade digital technology, an increase in preference toward cloud-based supply chain management software, and the demand for enhanced supply chain visibility. Supply chain group's battle to preserve tempo with technological advances and adjustments that the virtual age brings to industries and markets. Under those circumstances, they lag in raising their employees and empowering them with the knowledge, records, and competencies they had to succeed. These days, leaders within the delivery chain, sourcing, and procurement must put together their techniques and infrastructure to include new generations and their cap potential to harness more incredible records than ever before. By using system learning, AI, and IoT to enhance delivery chain transparency, leaders in returned places of work can pressure product excellence, boost time-to-market, and widen new merchandise and services.
Companies adopting cloud-based SCM face privacy and security issues. Businesses with confidential data need to be protected to avoid data breaches and theft, as this can affect the business's reputation as a whole. A growing concern is that corporate data can be leaked on the internet and viewed by unauthorized users. These security issues related to unauthorized user data access can threaten the company's data security and competitive business position. These security and privacy-related issues raise growing concerns among businesses are the factor hampering the market growth of the Supply Chain Management (SCM) Market. The increase in advanced information and communications technology like IoT, cloud computing, 5G, blockchain, AI, 3D printing, and robotics is essential to helping the digital supply network of the future is the opportunities for market growth.
- On July 2020, Infor and DBS Bank partnered to combine digital trade financing into global supply chains.
- On December 2020, Infor partnered with MphRx and created a global solution to assist healthcare organizations in managing COVID-19 vaccine injection with real-world clinical data.
The major players in the market are SAP SE, Oracle Corporation, JDA Software Group, Inc., Infor, Manhattan Associates, Epicor Software Corporation, The Descartes Systems Group Inc., Kinaxis Inc., and IBM Corporation.
Verified Market Research has segmented the Global Supply Chain Management (SCM) Market On the basis of Type, Application, and Geography.
- Supply Chain Management (SCM) Market, By Type
- Supply Chain Management (SCM) Market, By Application
- Retail & Consumer Goods
- Healthcare & Pharmaceuticals
- Food & Beverages
- Transportation & Logistics
- Supply Chain Management (SCM) Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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