Supply Chain Analytics Market: Enhancing Efficiency Through Data Insights

Supply Chain Analytics Industry Overview

The global supply chain analytics market size was estimated at USD 6.12 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 17.8% from 2023 to 2030. The supply chain analytics (SCA) market is growing in demand due to increased awareness of the benefits of SCA solutions, such as forecasting accuracy, supply chain optimization, waste minimization, and meaningful synthesis of business data. The increasing number of small & medium enterprises and their increasing expenditure on implementing analytics to hold a strong position in the market and compete against other market players are expected to boost the market growth over the forecast period.

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The COVID-19 pandemic has long-term influenced economies worldwide, forcing corporate leaders to act and continue their operations. The pandemic underscored the importance of supply chain solutions for long-term economic viability. During these uncertain times, supply chain analytics enabled organizations to identify processes that required immediate attention or products/items that were likely to run out soon, allowing them to manage the demand-supply gap better than before. Furthermore, SCA vendors in the market are working actively and offering solutions to minimize the negative impacts of the pandemic on global supply chains.

Supply chain analytics also helps businesses improve their ability to make decisions regarding technology adoption, organizational infrastructure, strategic relationships, and enterprise resource management. For instance, in April 2023, Accenture PLC completed the acquisition of EINR AS, a logistics solution provider. The acquisition would help Accenture enhance SAP capabilities and speed up supply chain reinvention within consumer electronics and retail industries.

SCA helps organizations get a broader view of supply chain activities, allowing them to efficiently manage any issues that may impact the profitability or sustainability of the business. Mobile-based solutions help companies track inefficient supplier networks, elevated warehousing costs, and incorrect forecasts, among others. Analytics solutions also play a pivotal role in analyzing business operations that may help improve inventory management and subsequently help reduce associated cost components that may hinder business growth. In recent times, a surge in the adoption of mobile-based solutions is expected to create avenues for industry growth.

Unethical activities and increasing incidences of cyber threats could raise concerns among businesses and may challenge the adoption of SCA solutions to a certain extent. Although the prospects of tech inclusion in supply chain operations look bright, industry incumbents are still concerned about possible security/data breaches. These concerns may be unfavorable for future growth. However, by selling secure products, SCA solution providers have been working tirelessly to reduce the effect of these breaches. These initiatives may help the market grow at a healthy rate in the coming years.

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Key Companies profiled:

• Accenture PLC

• Aera Technology

• Birst, Inc.

• Capgemini SA

• Genpact Limited

• International Business Machines Corporation

• JDA Software Group, Inc.

• Kinaxis

• Lockheed Martin Corporation

• Maersk Group

• Manhattan Associates, Inc.