Why Invest in Supply Chain Management Market Reach USD 85.3 Billion by 2033 at 11.1% CAGR

Rise in technological advancements and investments and surge in demand and usage of supply chain management services and software drive the market growth.

PORTLAND, PORTLAND, OR, UNITED STATE, May 23, 2024 /EINPresswire.com/ -- Allied Market Research published a new report, titled, " Why Invest in Supply Chain Management Market Reach USD 85.3 Billion by 2033 at 11.1% CAGR." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global supply chain management market was valued at USD 27.2 billion in 2022, and is projected to reach USD 85.3 billion by 2033, growing at a CAGR of 11.1% from 2023 to 2033.

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Rise in technological advancements & investments and surge in demand & usage of supply chain management services & software by various enterprises and industries boost the growth of the global supply chain management market. In addition, the increase in adoption of SCM software in healthcare and pharmaceutical companies positively impacts the growth of the SCM industry. The increase in advanced information and communications technology and increase in the e-commerce sector is expected to offer remunerative opportunities for expansion of the supply chain management market during the forecast period.

The supply chain management market is segmented on the basis of by component, solution type, deployment model, enterprise size, industry vertical, and region. By component, the market is bifurcated into solution and services. By solution type, it is classified into transportation management system, warehouse management system, supply chain planning, sourcing & procurement software, and manufacturing execution system. By deployment model, the market is divided into on-premise and cloud based. By enterprise size, it is bifurcated into small & medium-sized enterprises (Small and medium-sized enterprise (SMEs)) and large enterprises. Depending on industry vertical, it is fragmented into retail & consumer goods, healthcare & pharmaceuticals, manufacturing, food & beverages, transportation & logistics, automotive, and other. By region, the market is analyzed across North America (U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

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By component, the solution segment held the highest market share in 2022, accounting for nearly two-thirds of the supply chain management market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to it helping the management team to make crucial decisions about business strategies by adopting cost-effective measures and improving operational efficiency. However, the services segment is projected to manifest the highest CAGR of 12.9% from 2023 to 2033, owing to the adoption of supply chain management services across different industry verticals, as it assures effective functioning of platforms and software.

By solution type, the procurement and sourcing segment held the highest market share in 2022, accounting for nearly two-fifths of the SCM industry revenue and is estimated to maintain its leadership status throughout the forecast period, owing to rise in need for improving procurement function along with the growth in penetration of advanced technologies across number of industry verticals. However, the transportation management system segment is projected to manifest the highest CAGR of 15% from 2023 to 2033, owing to number of transportation management system vendors and third-party providers adopting digitized systems for supply chain management and transportation activities.

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By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the SCM industry revenue, owing to increasing technological advancements such as using business intelligence for targeting regular customers, and introduction of digital technologies. The Asia-Pacific region is expected to witness the fastest CAGR of 13.3% from 2023 to 2033, owing to increase in requirement for enhanced supply chain visibility, development of industrial-grade digital technology, and shift in inclination of the suppliers toward cloud-based supply chain management software acting as growth catalysts for the overall market.

The key players profiled in the supply chain management industry analysis are IBM Corporation, Blue Yonder Group, Inc., Kinaxis, Manhattan Associates, Inc., Oracle Corporation, SAP SE, Epicor Software Corporation, HighJump., Infor, THE DESCARTES SYSTEMS GROUP INC. These players have adopted various strategies to increase their market penetration and strengthen their position in the supply chain management industry.

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Russia-Ukraine War Scenario

● The Russia-Ukraine conflict has a significant impact on the global supply chain management market on every level. The warehouse capacity and disruption of transportation routes availability has started fading and impacted the industry.
● The war has disrupted the trade flows between Russia, Ukraine, and other countries. This has affected supply chain management companies to find alternative sources for raw material and finished goods. The disruption also led to delays in shipment, which leads to an increase in costs and reduced customer satisfaction.
● Furthermore, the conflict has created uncertainty and risk for businesses operating in the region. Companies deal with the risk of sanctions which has the potential for supply chain disruptions and the risk of doing business in a politically unstable environment.

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