PUBLISHER: Grand View Research | PRODUCT CODE: 1170906
PUBLISHER: Grand View Research | PRODUCT CODE: 1170906
The global demand planning solutions market size is anticipated to reach USD 8.68 billion by 2030, registering a CAGR of 10.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. Demand planning software provides businesses with forecasting solutions for a product or service, helping them prepare for future customer demand. Demand planning tools are used by businesses to organize and control their future inventories and production. By anticipating their long-term requirements, these solutions aid companies in providing for their clients. Predictive analysis is a significant component of demand planning systems, frequently included in supply chain management solutions. Demand planning tools use machine learning algorithms to improve forecasts by analyzing past data.
Demand planning solutions have become a significant component of supply chain management, and as technology develops, people across the globe are increasingly adopting these solutions. Demand sensing and forecasting based on market trends, growing market landscape, and delivery of products are some of the significant areas within an enterprise addressed by demand planning solutions. These factors will propel the market's growth during the forecast period. Additionally, as more businesses focus on reducing production and delivery delays and managing inventory surpluses, the demand for these solutions has been steadily increasing. Further, the pricing and promotion analysis solution uses ML (Machine Learning) algorithms and price elasticity models to create promotion-influenced forecasts. Pricing and promotion analysis will benefit the companies by providing a systematic way to product price change and accurately predict the revenue.
Demand planning solutions play a significant role in addressing the several challenges related to the quality of customer service, supplier relationships, and demand forecasting. This factor is anticipated to accelerate the demand for these solutions during the forecast period. Industry sectors, including healthcare, BFSI, automotive, retail & e-Commerce, and food & beverages, increasingly use demand planning solutions. Further, in coming years, the demand planning solutions market is projected to have significant expansion due to advancements in software technology and the rising need for support, maintenance, integration, and advisory services.