Supply Chain Management (SCM) Market size is projected to grow from USD 28.9 billion in 2022 to USD 45.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 9.4% during the forecast period. The government regulations pertaining to supply chain and logistics industry are the key factors driving market growth.
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Supply chain management facilitates the activities of the entire supply chain. The solution is used in supply chain transactions and helps manage supplier relationships and business processes. In addition, it provides accurate information and an end-to-end view of supply chain processes. It incorporates the organization and supply chain together into a single system and helps end users oversee areas, such as warehousing, purchasing, marketing, sales, shipping, and others, which helps enterprises create effective business decisions. The progress of the SCM market is driven by the development of industrial-grade digital technology, a surge in need for improved supply chain visibility, and an increase in inclination toward cloud-based supply chain management software.
By region, the SCM market in the Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period. Countries in the region have been witnessing a significant rise in the adoption of SCM solutions and services. This growth can be attributed to the increase in technological innovations, rapid urbanization, digitalization, and enterprises moving towards automation and digitization of supply chain processes, the SCM market is witnessing high growth opportunities in this region.
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The surge in need for demand management solutions among enterprises and an increase in the adoption of SCM software in FMCG, retail, eCommerce, healthcare, and pharmaceutical companies are expected to boost the growth of the SCM market. Additionally, the rise in cloud computing technologies brought innovations in SCM solutions, which brought a transformational impact on the business operations and the SCM systems. Cloud-based SCM manages the supply chain process and activities with cloud-based applications, which upgrades the traditional supply chain network of an enterprise. The cloud supply chain network facilitates a digital supply network to unite and streamline the flow of products and services, and further gives real-time information about the end-to-end visibility on the status of the product. Cloud-based SCM system transforms the supply chain system by offering more value, simplified access, and affordability to organizations of various sizes.
In addition to this, cloud-based SCM solutions are proving to be very effective during the COVID-19 pandemic. Enterprises are adopting cloud SCM witness benefits, such as better visibility, real-time information, scalability, and reduced delays. These benefits of cloud SCM enhance the business processes of enterprises by reducing the Total Cost of Ownership (TCO) and operational costs.
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Content Source: https://www.globenewswire.com/news-release/2022/08/29/2506106/0/en/Supply-Chain-Management-SCM-Market-Worth-45-2-Billion-By-2027-Report-by-MarketsandMarkets.html