Supply Chain Management Market Analysis, Size, Share, Incredible Growth, Detailed Industry Analysis 2023 to 2033

The supply chain management market is predicted to grow at a CAGR of 11.8% over the forecast period, according to FMI’s analysis. The industry's value is anticipated to increase from US$ 25.7 Billion in 2023 to US$ 78.5 Billion by 2033 end.

The market for supply chain management is witnessing an upward market direction as the adoption of this software is surging among multiple firms and organizations. This could be ascribed to the growing cognizance pertaining to efficiency-promoting attributes of SCM software while sourcing raw materials, assembling, and manufacturing of goods or products. Supply chain management solutions also assist with financial information, tracking inventory and warehouse, product delivery, managing order entry, etc. All these benefits of using SCM solutions are projected to push the market forward in the forthcoming years.

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Further on, SCM solution allows strategic management of work with the firm’s distribution network, thus promoting market growth. Supply chain management is witnessing increased adoption among SMEs and startups. The system offers benefits of an IT department via cloud management system sans any employment of additional staff at additional costs. This allows in-house employees to concentrate on daily business operations. The flexibility of cloud-based SCM storage provides scalability, which is significant for SMEs.

Recent Developments:

1. In March 2022, Descartes revealed that the company’s ShipRush less-than-truckload (LTL) and multi-carrier parcel shipping solution has been incorporated with its set of e-commerce Warehouse Management Systems (WMS). With this incorporation, the customers will now be able to enhance their shipping and warehouse performance via a unified solution.
2. In June 2021, at its global SAPPHIRE NOW conference, SAP unveiled the first step toward creating the world’s largest business network with SAP Business Network, which will bring together Ariba Network, SAP Logistics Business Network, and SAP Asset Intelligence Network. To support this central announcement, SAP is also announcing new innovations designed to help companies modernize and digitalize their business processes to become intelligent enterprises.