AI, machine learning boosting supply chain analytics market
NORTHBROOK, Ill. MarketsandMarkets officials released the report titled: "Supply Chain Analytics Market by Software (Supplier Performance Analytics, Demand Analysis and Forecasting, and Inventory Analytics), Services, Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2023."
Market researches expect the supply chain analytics market size to grow from $3.6 billion in 2018 to $7.1 billion by 2023, at a compound annual growth rate (CAGR) of 14.6 percent during the forecast period. The key factors driving the supply chain market include increasing volume and velocity of data, need to enhance operational and supply chain efficiencies, and advent of artificial intelligence (AI) and machine learning into supply chain management.
Key parts of the study pointed out that inventory analytics segment constituted the largest market share in 2018. Researchers also found that the supply chain analytics market is segmented into software and services. The services segment is expected to grow at a higher CAGR during the forecast period. Professional services and managed services help enterprises in building successful client relationships by continuously supporting them through the business tenure. Furthermore, these services benefit enterprises by maximizing resource usage, improving project execution, and streamlining business operations. The need for services, such as support and maintenance, would also grow, as the adoption of supply chain analytics software increases.
North America is also expected to account for the largest market size in the overall supply chain analytics market during the forecast period. This region houses some of the major vendors of data analytics specialized in offering supply chain analytics solutions, such as SAS Institute, IBM, Oracle, and Tableau.
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