The Current Status of the Supply Chain Analytics Market
In 2019, the supply chain analytics market was worth an estimated $4.53 billion. When broken down, this market falls into four different categories, which are further sectioned off into four others: component, deployment, enterprise size, and industry vertical. The factors affecting the surge in the supply chain analytics market come from the increased necessity across the industry for better supply chain efficiency and general operations. Additionally, the massive increase of business data across all different sectors plays a part in the industry as well.
Business data has gained large-scale support across multiple fields, securing investments from even the government. This increasing trend has allowed supply chain analytics to flourish as more data is collected leading to the creation of more efficient systems. Major players within the market include companies like Oracle, IBM, Microstrategy, SAP, and SAS Institute.
In contrast to many other industries, the COVID-19 pandemic has actually helped fuel growth across the supply chain analytics market. In fact, with major border closings and business shutdowns, industries of all types have begun using supply chain analytics more to help recognize the problems currently being faced in an effort to find creative solutions. Moreover, the utilization of supply chain analytics is helping companies prepare for a post-pandemic world by optimizing current systems in place in case of a future global shutdown.
Both the need for implementation of supply chain analytics moving forward and the already growing market trends have led analysts to predict a surge within this market in the near future. It is estimated that incredible new heights will be reached by the year 2027.
The Future of the Supply Chain Analytics Market
The supply chain analytics market is expected to be worth roughly $16.82 billion by the year 2027. The industry’s numbers will be achieved through a compound annual growth rate of 17.9%. The largest region of market share for supply chain analytics is set to be in North America due to the major spending on Big Data analytics and the massive presence of retail companies across the region. In contrast, the region with the largest compound annual growth rate will be the Asia-Pacific region with 20.8% during the time period.
The supply chain analytics market is booming right now. With COVID-19 only proving the market’s absolute value and creating a massive spike for the industry, there is much optimism for the future. The supply chain analytics market is experiencing more information to work with and improve upon, and many companies are seeing the value in its utilization, indicating its continued growth.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.