Supply Chain Analytics Market by Component, Software, Services, Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2026
During the projected period, the worldwide supply chain analytics market is predicted to increase from USD 3.5 billion in 2020 to USD 8.8 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 19.8%. The market will grow due to the increasing volume and velocity of data, the need to improve operation and supply chain efficiencies, and the introduction of Artificial Intelligence (AI) and machine learning into supply chain management. However, data security concerns and data set inaccuracies are projected to limit industry expansion. Opportunities would be created by factors such as increased usage of cloud-based supply chain analytics and increased awareness of supply chain analytics technologies among enterprises.
The influence of COVID-19 on the global supply chain analytics market
COVID-19 has been wreaking havoc on China since the beginning of 2020, causing a supply shortfall. There were disruptions in the availability of items obtained from China, including finished goods for sale as well as factory raw materials. People began stockpiling consumer necessities to conform with mobility restrictions as governments implemented lockdowns, causing demand shocks in supply chains. On the production side, factory owners started maximising output by utilising all available spare capacity to meet demand.
Data volume and velocity are increasing, which is a market dynamics driver.
Demand for advanced analytics solutions is likely to rise across industry verticals as data grows and the need for a unified cost-cutting solution persists. Big data has become a critical component in the development of corporate development plans. Furthermore, cost-cutting and resource-saving are two of the top concerns of businesses, both of which can be achieved through proper supply-chain optimization. As a result, the usage of data strengthens the analytical capacity of such analytical solutions and gives businesses significant insights into the core causes of lost productivity and decreased velocity. These insights also provide better visibility into supply chain performance, allowing businesses to better manage their resources and focus their improvement efforts.
Demand for advanced analytics solutions is likely to rise across industry verticals as data grows and the need for a unified cost-cutting solution persists. Big data has become a critical component in the development of corporate development plans. Furthermore, cost-cutting and resource-saving are two of the top concerns of businesses, both of which can be achieved through proper supply-chain optimization. As a result, the usage of data strengthens the analytical capacity of such analytical solutions and gives businesses significant insights into the core causes of lost productivity and decreased velocity. These insights also provide better visibility into supply chain performance, allowing businesses to better manage their resources and focus their improvement efforts.
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