The global Supply Chain Management (SCM) Market size is projected to grow from USD 23.2 billion in 2020 to USD 41.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.3% during the forecast period. The major factors driving the market include the demand for greater visibility and transparency in supply chain data and processes, high growth in eCommerce, increasing adoption of cloud supply chain management among SMEs, and enhancing business continuity by minimizing potential failures.
By component, Software segment to hold the largest market size during the forecast period
SCM software helps in proper planning and management of the entire supply chain by automating processes, such as product development, sourcing, production, and logistics that maximizes the efficiency of business activities. SCM software is used to manage supplier relationships, control business processes, and execute value chain transactions. The demand for SCM software is growing due to the increase in shift of enterprises toward SaaS-based technology, rise in online purchases, and improvements in business intelligence. The adoption of SCM software is increasing among enterprises due to benefits, such as increased efficiency, improved scalability, enhanced decision-making, increased productivity and performance, faster deployments, reduced costs, lower infrastructure cost, better control of critical applications, and a decrease in business downtime and losses.
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In deployment mode, cloud deployment to grow at a higher CAGR during the forecast period
The cloud deployment mode is gaining momentum in the SCM market due to the low-cost installation of cloud services, the widespread availability of cloud services, such as SaaS and IaaS models, and the need for effective security controls on the cloud. The increase in demand for improved service and cost-effectiveness and the rise in need by organizations to track the overall SCM activities for operational efficiency is also projected to encourage the need for cloud deployment for SCM.
SAP SE (Germany), Oracle (US), The Descartes Systems Group (Canada), Infor (US), IBM (US), Manhattan Associates (US), Logility (US), Kinaxis (Canada), Blue Yonder (US), Korber (US), Coupa Software (US), Epicor (US), BluJay Solutions (US), Llamasoft (US), E2open (US), JAGGAER (US), Zycus (US), GEP (US), Tive (US), Calista (Singapore), Most (Sweden), FreightBro (India), 4TiGo (India), Trukky (India), Lobb (India).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the SCM market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2020 to innovate their offerings and broaden their customer base.
SAP SE was founded in 1972 and is headquartered in Walldorf, Germany. It is a provider of business application and analytics software across several lines of business, which includes asset management, commerce, finance, human resources, manufacturing, marketing, sales, supply chain, sourcing and procurement, and manufacturing. The company also engages in enterprise cloud computing and digital commerce. It operates through three segments: applications, technology and services, and qualtrics. The company offers a range of comprehensive solutions through a variety of product categories, such as ERP and finance, CRM and customer experience, digital supply chain, network and spend management, business technology platform, and HR and people engagement. The company’s digital supply chain portfolio delivers an integrated suite of software solutions for designing, planning, manufacturing, delivering, and operating products.
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Oracle is one of the leading providers of a wide array of technologies. The company operates in three business areas: cloud and license, hardware, and services. The company offers middleware software, Oracle databases, cloud infrastructure, application software, and hardware systems, including networking products, computer servers, and storage-related services. It has a broad portfolio of SCM applications that enable organizations to improve outcomes for operational efficiency while ensuring cost savings. Oracle offers a comprehensive and broad portfolio of cloud solutions for business functions, such as enterprise resource planning, human capital management, customer experience, and SCM. The Oracle SCM offerings enable organizations to efficiently organize and improve their supply chains. The offerings include Oracle product lifecycle management cloud, Oracle supply chain planning cloud, Oracle inventory management cloud, Oracle order management cloud, Oracle order manufacturing cloud, and Oracle logistics cloud. Oracle’s geographic operations are spread across Europe, the Middle East, Africa, the Asia Pacific, North America, and South America.
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