Global Supply Chain Management Market Size, Share, Growth Analysis, By Component, By Deployment, By Enterprise Size, By Vertical - Industry Forecast 2024-2031

Global Supply Chain Management Market size was valued at USD 21.13 billion in 2022 and is poised to grow from USD 23.48 billion in 2023 to USD 54.49 billion by 2031, growing at a CAGR of 11.10% during the forecast period (2024-2031).

The global supply chain management (SCM) market is expected to expand due to increasing demand for SCM solutions such as transport management systems, planning and analytics, forecasting accuracy, warehouse and inventory management, supply chain optimization, procurement and purchasing, waste minimization, manufacturing execution, and synthesis of business data. Additionally, the utilization of information technology and technological advancements has further supported the enhancement of the complete supply chain, contributing to market growth. Adoption of SCM software is rising across various enterprises and organizations, facilitating effective oversight of raw material sourcing, manufacturing, and assembly, thereby stimulating market growth. Moreover, SCM software aids in inventory and warehouse management, order entry, distribution networks, product delivery, demand and supply requirements, and financial information management, all of which bolster market expansion. Furthermore, SCM solutions enable strategic collaboration with distribution systems, driving market growth, despite challenges such as inadequate IT infrastructure in emerging nations and escalating security and privacy concerns. These solutions and services empower businesses to enhance decision-making capabilities in technology deployment, organizational infrastructure, strategic relationships, and enterprise resource management. Leveraging insights and data, SCM systems support strategic decision-making, optimizing return on investment, bolstering market position, and accelerating growth. Fueling SCM market growth are advancements in industrial-grade digital technology, a shift towards cloud-based SCM software, and an increasing demand for enhanced supply chain visibility.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Supply Chain Management Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Supply Chain Management Market Segmental Analysis

The global supply chain management Market is segmented based on component, deployment, enterprise size, vertical, and region. In terms of components, the market is segmented into solutions, and services. Based on deployment, the market is segmented into on-premises and cloud-based. With respect to segmentation by enterprise size, the market is bifurcated into small and medium sized enterprises, and large enterprises. By vertical, the market is grouped into retail & e-commerce, healthcare, automotive, transportation & logistics, food & beverages, manufacturing. Regionwise, the global supply chain management market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Supply Chain Management Market

Cloud-based supply chain management solutions are gaining traction for their scalability, adaptability, and cost efficiency, empowering businesses to streamline their supply chain processes without hefty IT infrastructure investments. These solutions offer enhanced flexibility and effectiveness, catering to the evolving needs of organizations seeking efficient supply chain management.

Restraints in the Global Supply Chain Management Market

Another obstacle confronting the supply chain management market is the deficiency of proficient workforce possessing expertise in supply chain management technologies. This shortage poses challenges for organizations in effectively implementing and operating advanced supply chain management solutions.

Market Trends of the Global Supply Chain Management Market

AI and machine learning are increasingly utilized in supply chain management for automating processes, optimizing inventory levels, and enhancing forecasting accuracy, offering organizations opportunities to minimize costs, boost operational efficiency, and elevate customer satisfaction.