Top Opportunities Forecast In The Supply Chain Management Software Market

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According to The Business Research Company’s research report on the supply chain management software industry, the top opportunities in the global supply chain management software market segmented by product will arise in the procurement software segment, which will gain $1.71 billion of global annual sales by 2023. The top opportunities in the supply chain management software market segmented by industrial vertical will arise in the others segment, which will gain $1.16 billion of global annual sales by 2023, and top opportunities in the market by type of end-user will arise in the large enterprises segment, which will gain $2.73 billion of global annual sales by 2023. The supply chain management software market share that will gain the most is the USA at $1.42 billion.

The global supply chain logistics market size reached a value of nearly $14.65 billion in 2019, having increased at a compound annual growth rate (CAGR) of 10.8% since 2015.  The market is expected to grow from $14.65 billion in 2019 to $19.02 billion in 2023 at a rate of 6.7%. The growth is mainly due to the increasing demand for SCM software fueled by supply chain disruptions caused by the pandemic. The market is expected to grow to $22.15 billion in 2025 at a CAGR of 7.9% and reach $29.02 billion in 2030 with a CAGR of 5.6%. North America was the largest region in the global supply chain management software market, accounting for 44.6% of the total in 2019. It was followed by the Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the supply chain management software market will be South America and the Middle East, where growth will be at CAGRs of 8.9% and 8.3% respectively. These will be followed by Africa and North America, where the markets are expected to register CAGRs of 6.5% and 5.8% respectively.

The Business Research Company’s report titled Supply Chain Management (SCM) Software Global Market Report 2020-30: COVID 19 Impact And Recovery covers major SCM software companies, SCM software market share by company, SCM software manufacturers, SCM software infrastructure market size, and SCM software market forecasts. The report also covers the global SCM software market and its segments.

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Due to lockdowns, there has been an increase in demand for online shopping in several areas, which requires manufacturing, food and beverage, and logistics companies to invest more in automation, including the automation of supply chains. According to several consumer studies in 2020, there has been a 28% increase in online purchases globally fueled by the pandemic and a 60% increase in the trend of buying online and picking up in the store, also known as click and collect. These trends are driving companies to streamline their supply chains through automation, to provide the consumer with an increase in speed and accuracy of order processing and delivery. Increasing demand for SCM software to manage supply chains due to COVID-19 is expected to be a major driver of the market going forward. There has been an increase in the adoption of SCM software in the lockdown stage to allow companies to remain responsive to the changing needs of consumers throughout the volatility. According to a study by Honeywell in July 2020, respondents confirmed that their companies are looking to invest in warehouse execution software, with 48% of respondents confirming it, thus driving the demand for SCM software.

Supply Chain Management (SCM) Software Global Market Report 2020-30: COVID 19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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