October 22, 2019 by dheeraj Pawar
According to a new market research report "Supply Chain Analytics Market by Software (Supplier Performance Analytics, Demand Analysis and Forecasting, and Inventory Analytics), Services, Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2023", The supply chain analytics market size is expected to grow from USD 3.6 billion in 2018 to USD 7.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period.
The key factors driving the supply chain market include increasing volume and velocity of data; need to enhance operational and supply chain efficiencies, and advent of AI and machine learning into supply chain management.
Browse and in-depth TOC on “Supply Chain Analytics Market”
71 - Tables
45 - Figures
163 - Pages
Why increasing adoption of cloud-based supply chain analytics is an opportunity?
The use of cloud-based analytics solutions mainly helps in tracking and analyzing the overall supply chain activities across forward and backward supply chain ecosystem. Moreover, features of cloud, such as cost-effectiveness, agility, ease of use and integration, planning, and scalability, are attracting various supply chain management solution providers.
The global supply chain systems need extensive setups or modifications in transportation and incur a secondary cost for enterprises, which, in turn, increases the investment costs. The rise in complexity and extra costs lead the enterprise to adopt end-to-end supply chain visibility, such as cloud-based supply system for transportation management. The cloud-based supply chain analytics solutions in logistics and transportations enable enterprises to connect, engage, and collaborate with customers, business partners, and suppliers. It also helps enterprises build a secure, reliable, and integrated system for the transportation management system, which gives real-time information to consumers. These benefits enhance the growth of cloud-based supply chain analytics solutions across industry verticals.
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How reluctance to adopt advanced analytical technologies remains a challenge?
With the advent of big data, smart cities, and IoT, the growth of data and data sources have increased exponentially. This massive data generation is responsible for providing the business executives an opportunity to gather more relevant customer-centric, as well as supply chain operations-centric insights and further form business strategies based on it. However, companies are still facing numerous challenges in the adoption of supply chain analytics solutions due to numerous factors.
With the growth of humungous data across data sources, most of the data generated are unstructured in nature. Organizations face a strong challenge in handling and managing this unstructured data and getting them in a structured format. Getting the data in a structured format is extremely important to make it more extrapolative for getting better insights. Most of the enterprises have a laid-back attitude toward new technologies and use their intuition rather than adopting advanced technologies to make informed business decisions. Most of the advanced analytics technology is facing the brunt of minimal adoption rate, owing to the stereotyped and conformist organizational culture of taking business decisions based on historical data and business events.