Published by P&S Market Research, the global cloud SCM market is projected to reach $11,047.2 million by 2023, growing at a CAGR of 19.2% during 2017 – 2023.
Global cloud SCM market worth $3,260 million in 2016
As per the research, the global cloud SCM market is likely to grow from $3,260 million in 2016 to $11,047.2 million by 2023. As the modern supply chain management (SCM) is becoming strategic, adaptive and demand driven, software vendors are developing systems to support the new SCM paradigm. The new supply chain systems will go beyond operating efficiencies to a totally integrated system that improves management, planning and execution at all levels, providing the business organizations key competitive advantages. Insufficient data, lack of standardized processes and inadequate technologies oppose effective risk management.
The supply chain software vendors are enhancing management features to understand risks, the impact of risks and how to mitigate those risks. Cloud SCM helps business enterprises to perform high impact risk management planning with the use of software simulation models. Moreover, the supply chain sub-systems will provide real-time updates on events and facilitate the deployment of contingency plans, to manage common low impact events. For instance, if an overseas container is lost during shipping, the transportation system would get prior notification and the demand management team can recalculate the sales forecast, re-prioritize fulfillment and deploy demand shifting strategies.
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Small & medium enterprises and large enterprises are increasingly turning to cloud SCM offerings because of their close affinity with SaaS and the anticipated greater ease of use, lower costs and faster time-to-integrate compared to traditional supply chain management concept. Cloud SCM helps companies to improve their service levels by collaborating the supply chain partners (retailers, suppliers and distributors) that play a major role in demand forecasting. The cloud based platforms get data from the internet and perform basic operations like analytics and more accurate demand forecast for all supply chain partners. The adoption of inventory management is usually enhanced by many business organizations, since it enables them to use bar coding technologies and wireless services. RFID system integrates with the cloud based centralized data management system to deliver global identification and tracking of any items or goods across the global supply chain management lifecycle.
Insights on market segments
As per the findings of the research, energy & power has been the largest user of cloud SCM systems. Based on solution, demand planning & forecasting has been the largest revenue generating solution in the global cloud SCM market. Among the deployment types, hybrid cloud has been generating the highest revenue for global cloud SCM market. The training & consulting service contributed the highest revenue to the global market in 2015.
North America stands as the largest cloud SCM market
Geographically, North America has been the largest contributor to the global cloud SCM market. According to the research, the business organizations in North America are increasingly using cloud computing for effectively managing their supply chain process. They are using cloud services and SaaS integration with the same rigor and discipline adopted to support data management technology and platform management technology in supply chain information collaboration. The companies in North America are adopting cloud SCM, for its flexible nature and ability to increase or decrease computing power as required by its users. As the supply chain process is highly distributed in nature, the companies notice high scalability issue in their supply chain management system. To overcome this issue, the business enterprises in North America are scaling up IT services of their supply chain at a big level to gain higher productivity.
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Increasing need for demand management solutions among business enterprises escalates the market growth
Demand planning has enabled the companies to forecast the requirement of their industry, market and customers, more accurately. Demand planning enables the business organizations to link and integrate processes across various networks. The increasing number of internet dependent organizations is also accelerating the need for demand planning. Besides, it enables closer collaboration among the employees of the organizations and responds dynamically to market and consumer trends. Moreover, demand planning helps business enterprises to deliver a better and more rewarding experience across the value chain.
Business enterprises remain equipped with advanced tools, technologies and forecasting methodologies, which sharpen their ability to view numbers and predict information. The demand management solutions are the key driving factors bolstering the demand for cloud SCM. These solutions help in predicting information for various contexts, based on independent and dependent demand data provided for various products and channels. Also, these solutions generate statistics based forecasts from the most recent data, causal factors and events. This helps business organizations to fulfill the demands of a more challenging customer base, more effectively predict and manage replenishment, align price and profit margins, better leverage past product performance and maintain a leaner and more profitable supply chain.
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Demand management takes supply chain management to the next level by enabling an automated “ecosystem” that simultaneously maps demand forecasting against factors like financial predictions, supply restrictions, inventory counts and customer commitments as well as patterns of behavior that can affect the demand at any given time.
Top three players account for major market share
The research uncovers that the global cloud SCM market had a consolidated structure in 2015, where the top three competitors accounted for the major share of the market. Some of the key players in the global market include SAP SE, Infor, Inc., Oracle Corporation, The Descartes Systems Group Inc., JDA Software Group, Inc., Manhattan Associates, Inc., Logility, Inc., Kinaxis, Inc., Highjump Inc., Kewill, Inc., Tecsys, Inc. and Cloudlogix, Inc.
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