Supply Chain Analytics Market to Register Substantial Growth with Market Value USD 28.57 Billion by 2031 | SkyQuest Technology
Westford USA, Nov. 15, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Supply Chain Analytics Market will reach a value of USD 28.57 Billion by 2031, with a CAGR of 21.10%d uring the forecast period (2024-2031). Supply chain analytics has transformed the way companies maximize their operations, improve efficiency, and cater to growing consumer demands. Supply chain analytics has gained significant importance in the recent past owing to the increasing complexity of the supply chain on a global scale. Businesses use analytics to enhance profitability and efficiency in their operations. The key drivers of the supply chain analytics market include the rising need for real-time data, the growth of technologies like IoT, AI, and ML, and the inclination toward sustainability.
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Browse in-depth TOC on the “Supply Chain Analytics Market”
Pages – 160
Tables – 89
Figures – 76
Supply Chain Analytics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 6.18 Billion |
| Estimated Value by 2031 | USD 28.57 Billion |
| Growth Rate | Poised to grow at a CAGR of 21.10% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Service, Deployment Mode, Vertical and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Mounting Use of Supply Chain Analytics on Cloud |
| Key Market Drivers | Growing Adoption of Big Data Technologies |
Professional Segment to Dominate Market Due to Customization and Expertise Offered
By service, the professional segment dominated the market in the past years and is anticipated to lead over the forecast period owing to its expertise and many customization services. Professional services, comprising advisory and consulting firms deliver proficiency and expertise customized solutions for certain industry requirements. They offer tailored services that resolve different supply chain issues and aid companies in optimizing the value of their analytics funding. Conversely, the support & maintenance segment is projected to grow considerably over the estimated period owing to the system optimization offered. Supply chain analytics solutions need constant optimization to keep up with the changing organization requirements and advancements in technologies. The said segment ensures that these solutions are optimized, updated, and rightly functioning.
Cloud Domain Leads Market Owing to Customization and Flexibility
By deployment model, the cloud deployment segment offers businesses with higher level of flexibility and enables tailoring of services and products. The market is largely moving to big data analytics solutions due to the advantages in risk analysis and data security. Supply chain analytics services are increasing being deployed on cloud platforms because of expanded mobility and easy usage of cloud solutions. On the other hand, the on-premises segment will grow significantly over the estimated period due to better data privacy and security offered. Most businesses prefer these solutions because of better control on privacy and security. Companies can deploy strict security measures with complex supply chain data locally stored and comply with regulatory needs effectively.
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Growing Complexity of Business Process is Supporting Market Growth in North America
Region-wise, North America held a majority market share in the past years and is expected to lead over the forecast period due to the growing complexity of business processes. Due to this, the companies and organizations in the region are emphasizing visual displays of functioning data, allowing companies to easily and quickly access the existing data status of their supply chain. This allows better strategic decision-making for businesses.
Asia-Pacific is anticipated to grow as the fastest-growing region over the forecast period. This growth is backed by the rising awareness of advantages regarding the advantages of analytics solutions. Moreover, the increasing number of SMEs along with their rising expenses for implementing superior technology to increase their businesses may aid in the progress of the regional market. Speedy economic growth and expanding e-commerce are also fueling the market in the region.
Supply Chain Analytics Market Insight
Drivers:
- Growing E-Commerce Industry in Asia-Pacific
- Growing Penetration of Big Data in Retail Sector
- Increasing Complexity of Global Supply Chain
Restraints:
- Lack of Technical Expertise
- Data Privacy Concerns
- High Implementation Costs
Prominent Players in Supply Chain Analytics Market
- IBM
- SAP SE
- Oracle Corporation
- Kinaxis
- MicroStrategy
- Tableau Software
- Sisense
- Qlik Technologies Inc.
- TIBCO Software Inc.
- SAS Institute Inc.
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Key Questions Answered in Global Supply Chain Analytics Market Report
- What is the anticipated CAGR of the Global Supply Chain Analytics Market by 2031, according to SkyQuest Technology?
- Who are the prominent players in profiled in the Supply Chain Analytics Market?
- Which are the leading drivers and opportunities in the Supply Chain Analytics Market?
This report provides the following insights:
Analysis of key drivers (emphasis on resilience and risk management, enhanced customer expectations, growth of omni channel retailing), restraints (integration complexity, data quality issues, regulatory challenges), opportunities (integration with IoT, emphasis on sustainability, customization and personalization), and challenges (scalability concerns, speedy technological changes, resistance to change with businesses) influencing the growth of supply chain analytics market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the supply chain analytics market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the supply chain analytics market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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