Supply Chain Analytics Market To Reach USD 32.7 Billion By
Fort Collins, Colorado, May 04, 2024 (GLOBE NEWSWIRE) —
The approach for effective management for real-time insights in the logistics industry drives the need for supply chain analytics and measures.
The evolution of logistics and global supply chain operations has made it imperative for companies to maintain visibility and control over their consignments’ whereabouts. This necessitates robust supply chain management practices and tools, with supply chain analytics emerging as a crucial component.
Supply chain analytics enables companies to access real-time data and insights into their ongoing operations, facilitating proactive decision-making and issue resolution. By tracking and analyzing various stages of the supply chain, organizations can identify potential bottlenecks or inefficiencies and take corrective actions promptly.
One of the primary drivers for adopting supply chain analytics is the need to optimize inventory levels. Many companies now operate with lean inventory practices to prevent capital from being tied up unnecessarily. Supply chain analytics plays a vital role by leveraging data analytics and forecasting techniques to predict demand accurately. Analyzing current trends and historical data, these tools help companies anticipate future demand patterns and plan their procurement and manufacturing activities accordingly. This proactive approach minimizes inventory carrying costs while ensuring sufficient inventory is available to meet customer demand.
Furthermore, supply chain analytics enhances overall supply chain efficiency and resilience. By gaining insights into supplier performance, transportation routes, and inventory management, organizations can identify opportunities for optimization and cost reduction. Additionally, analytics-driven supply chain strategies allow companies to adapt quickly to changing market conditions, mitigate risks, and capitalize on new opportunities.
Supply chain analytics has become indispensable for modern businesses seeking to navigate the complexities of global supply chains effectively. By leveraging data-driven insights, companies can optimize inventory levels, improve operational efficiency, and enhance overall supply chain performance, ultimately driving competitive advantage and customer satisfaction.
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Segmentation Overview:
The supply chain analytics market has been segmented into solution, service, deployment, end-use, and region.
Planning & procurement registered a significant market share in 2023
- Based on the solution, the supply chain analytics market is segmented into logistics, manufacturing, planning & procurement, sales & operations analytics, and visualization & reporting. Planning & procurement hold a significant share of the solutions segment of the supply chain analytics market.
Retail & consumer goods will account for a prominent position in the forecast period.
- Based on end-use, the supply chain analytics market is segmented into retail & consumer goods, healthcare, manufacturing, transportation, aerospace & defense, and high technology products. Retail & consumer goods hold a major share in the end-use segment of the supply chain analytics market.
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Supply Chain Analytics Market Report Highlights:
- The supply chain analytics market growth is anticipated at a CAGR of 17.8% by 2032.
- Supply chain analytics involves extracting data from all transactions and entries to obtain real-time insights.
- North America holds a dominant share in the supply chain analytics market, with the United States having a substantial share in this region.
- Some prominent players in the supply chain analytics market report include Accenture Plc, Genpact Limited, A.P Moller-Maersk A/S, IBM, Manhattan Associates Inc., Aera Technology, Blue Yonder Group Inc., Capgemini SE, Kinaxis, Sigmoid Analytics.
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