Supply Chain Analytics Market is Expected to Reach $9.87 billion by 2025
The global supply chain analytics market is expected to reach $9.87 billion by 2025, according to a new study by Grand View Research, Inc.
Consumers are driving this growth by demanding supply chains that perform faster and more efficiently. These consumer demands coupled with other factors such as shortened product life cycles, low supply chain visibility, ineffective supplier networks, elevated warehousing costs, redundant forecasts, and fluctuating customer demands are stressing supply chains and requiring them to be optimized.
Leading firms are finding that supply chain analytics can relieve this stress. Analytic solutions can manage large amounts of supply chain data and utilize derived insights in a predictive way to enhance supply chain performance. These solutions offer a holistic view of the supply chain that helps in enhancing sustainability, improving profitability, reducing inventory cost, and accelerating the time-to-market for products.
Key findings of the study:
–The sales & operations analytics segment dominated the solution market in 2016. However, the visualization & reporting segment is expected to gain dominance by growing at a CAGR of 18.9% over the next eight years.
–Cloud deployment is expected to remain the most preferred method of deployment in the supply chain analytics. This segment is expected to grow substantially at a CAGR of 17.1% over the forecast period.
–The manufacturing segment experienced the highest application in 2016. However, the high-technology product segment is expected to grow at the highest CAGR of 18.9% over the next eight years. The manufacturing and retail & consumer goods segments are predicted to grow at a higher rate.
–North America was the dominant regional market in 2016, which is attributed to the presence of a large number of supply chain analytics service providers in the region.
–Asia Pacific is expected to emerge as the largest market by 2025 and attain a market size of USD 2,646.6 million over the forecast period.
To learn more about the impact of the predictive analytics on manufacturing and supply chain operations, download the “2017 MHI Annual Industry Report: Next-Generation Supply Chains: Digital, On-Demand and Always-On.” and view the video on this topic.