The global supply chain analytics market size was USD 4.32 Billion in 2022 and is expected to register a revenue CAGR of 15% over the forecast period, according to the latest report by Reports and Data.
This is especially important in businesses like manufacturing, healthcare, and retail, where supply chain delays may lead to lost sales, disgruntled customers, and legal ramifications. Because of the implementation of sophisticated analytics technologies such as predictive analytics, prescriptive analytics, and descriptive analytics, businesses may now gain real-time visibility into their supply chain processes and identify potential problems before they occur.
Growing corporate globalisation and e-commerce have complicated supply chain operations. Advanced analytics solutions may assist firms in optimising their supply chain operations by increasing communication with suppliers and customers, shortening lead times, and better controlling inventories. This can lead to increased client satisfaction, increased profitability, and fewer expenditures.
Using technologies such as AI, ML, and big data analytics, businesses may analyse massive amounts of data and get insights into the operations of their supply chains. Big data analytics may be used to discover patterns and trends in supply chain data, whilst machine learning algorithms can be utilised to control inventory levels.
As a result of increased supply chain interruptions caused by pandemics, geopolitical turmoil, and natural disasters, risk management and mitigation are garnering more attention. With advanced analytics technologies, businesses may predict potential hazards in their supply chains and develop backup plans to mitigate such risks.
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Some Key Highlights from the Report
•The sales and operations analytics segment held the largest revenue share in the global supply chain analytics market in 2022, owing to the increasing adoption of these analytics tools by organisations to gain data insights that improve their sales and operational efficiency, enabling timely delivery of products to customers. These technologies help businesses with inventory planning, sales forecasting, and spotting trends in customer behaviour. Moreover, sales and operations analytics may help businesses get greater visibility into their supply networks, allowing them to discover and manage supply chain bottlenecks.
•In 2022, the professional services segment represented for a significantly large revenue share of the worldwide supply chain analytics market. This is due to an increase in the usage of professional services to help clients in efficiently using software and maximising its value. Consulting, installation, modification, and training are among the services provided. These services help clients define their business requirements, implement software solutions, adjust them to their specific needs, and train staff members on how to utilise the solutions effectively.
•In 2022, the North American region held the biggest revenue share in the worldwide supply chain analytics market. This is due to the growing need for real-time data analysis, the use of cloud-based technologies, and the presence of key firms such as IBM, Oracle, and SAP. The growing popularity of online shopping and same-day delivery services is driving greater demand for supply chain analytics. Simply put, the North American market leads the way in supply chain analytics due to variables such as improved technology and an increase in e-commerce.
•Some of the prominent players profiled in the global supply chain analytics market include IBM Corporation, SAP SE, Oracle Corporation, SAS Institute Inc., Cisco Systems, Inc., Accenture PLC, Tableau Software, Inc., Microsoft Corporation, Teradata Corporation, Cloudera, Inc., and Qlik Technologies Inc.
•On January 20, 2022, IBM announced the acquisition of MyInvenio, a supplier of process mining software that helps firms enhance their supply chain operations. With this investment, IBM hopes to strengthen its supply chain analytics capabilities and assist clients in improving supply chain efficiency.
•On November 30, 2021, SAP launched a new supply chain planning platform that integrates real-time data and analytics to help businesses optimize their supply chain operations. This platform provides comprehensive visibility throughout the supply chain, allowing organizations to quickly identify and address any issues that may arise. With this tool, businesses can streamline their supply chain processes and improve overall efficiency.
•Oracle Corporation announced the debut of a brand-new supply chain management platform driven by AI on March 1, 2021. Businesses can adapt swiftly to changes in demand and supply because to this platform's usage of advanced analytics and machine learning (ML).
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