Global Supply Chain Analytics Market to See 15.8% Annual Growth Through 2024
Industry Boosted by Complexity of Supply Chain
WELLESLEY, Mass., October 14, 2019 (Newswire.com) - The complexity of the supply chain and the influence of supply chain management on overall performance of a company are two factors driving growth in the global supply chain analytics market, according to a report by BCC Research, “Global Supply Chain Analytics: Technologies Market.”
The market expects to see a compound annual growth rate (CAGR) of 15.8% through 2024, when it could be worth $9.2 billion.
Major players in the market include: Cloudera Inc., SAS Institute Inc., Accenture PLC and Tata Consultancy Services Ltd.
Research Highlights
- The industrial and manufacturing segment of the global supply chain analytics market is expected to grow from $1.3 billion in 2019 to $2.8 billion in 2024 at a CAGR of 16.4%.
- The retail and consumer goods segment of the global supply chain analytics market is expected to grow from $1.2 billion in 2019 to $2.5 billion in 2024 at a CAGR of 16.2%.
- The U.S. retail industry is expected to report growth in the range of 3.8% to 4.4% by the end of 2019, due to the growing internet penetration and increasing e-commerce sales.
Read the full report here: https://www.bccresearch.com/market-research/consumer/global-supply-chain-analytics-market-report.html
“Supply chain analytics solutions are used across a wide range of industries, including retail and consumer goods, industrial and automation, transportation and logistics, energy and utilities, healthcare, and others,” writes analyst Aneesh Kumar. “Among these industries, the industrial and manufacturing sector is expected to hold the majority share of the market during the forecast period. The revolution of industry 4.0 is characterized by the creation of advanced factories that can implement and integrate various state-of-the-art technologies such as the industrial internet of things (IoT), data analytics, additive manufacturing, 3D printing and cyber-physical systems.”
The Importance of AI in Supply Chain Analytics
The technology of Artificial intelligence (AI) is expected to have the potential to be among one of the most developed technologies of this century. AI is increasing innovation in every sector, but it has major applications in the sector of supply chain management.
Adoption of machine-learning technology has the potential of boosting the market for the supply chain by resolving its issues for time, resources and cost. Most of the companies rely upon machine learning and AI for management of their predictive network for analysis of different parameters of internal data to identify the factors influencing delay in shipment. Machine learning is expected to contribute a lot in improving supply chain management in the coming years.
Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.
Source: BCC Research
