According to the latest report by IMARC Group, titled “Supply Chain Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global supply chain analytics market size reached US$ 5.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 15.6 Billion by 2027, exhibiting a growth rate (CAGR) of 17.89% during 2022-2027.
Supply chain analytics is a tool used by organizations to improve the decision-making capabilities and enhance the overall operational efficiency by enabling data-driven decisions. It involves the use of various solutions and services, such as supply chain procurement and planning tools, demand analysis and forecasting, supplier performance analytics and other professional services. The analytics solutions are also utilized for order, inventory, warehouse and transport management. Supply chain analytics aid in increasing productivity, improving customer relationships and cross-functional collaboration and optimizing production plans. As a result, they find extensive applications across various industries, such as manufacturing, automotive, healthcare, transportation and food and beverage.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The global supply chain analytics market is primarily being driven by the widespread product adoption in the manufacturing industry. Supply chain analytics is widely used to improve operation and supply chain efficiencies, identify opportunities for growth and manage the data generated. Moreover, various technological advancements, such as the integration of artificial intelligence (AI) and machine learning (ML) solutions, are providing a thrust to the market growth. These technologies aid in analyzing and interpreting large datasets quickly, enable enhanced tracking and provide detailed insights regarding consumer behavior. Other factors, including the implementation of various government initiatives to promote business expansion, along with significant growth in the e-commerce industry, are anticipated to drive the market toward growth.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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