According to the latest research by Global Market Insights, Inc., the size of the supply chain analytics market is estimated to surpass $10 billion (€9.86 billion) by 2027, with the latest trends in this sector being driven by an upsurge in product developments by key industry players.
For example, in August 2020, Barclaycard launched its BPI (Barclaycard Payment Intelligence) offering that uses detailed information analytics for giving procurement departments an extensive view of their supply chains, enabling them to save money.
Similar advancements are set to escalate the demand for various supply chain analytics techniques, boosting product adoption over the forthcoming years.
This escalation is attributed to the extensive usage of numerous supply chain analytics tools across the transport and logistics industry. These tools are increasingly preferred as they enable enterprises to make proactive decisions for ensuring business competences by helping to stimulate the overall efficiency and bringing about a reduction in overhead costs.
Rising Demand In Asia Pacific
The Asia Pacific region is witnessing a rapid expansion of infrastructure, logistics, and retail sectors. Various private and public sector enterprises in the region are also focusing on the development of analytics solutions for effectively mitigating the effects of supply chain disruptions.
The Asia Pacific supply chain analytics market is expected to exhibit a commendable CAGR of more than 20% through the forecasted period, according to Global Market Insights.
Adoption Of Supply Chain Analytics Tools
The share of supply chain analytics tools utilised by large enterprises is expected to record an appreciable CAGR of over 15% through to 2027.
Supply chain analytics are primarily in greater demand from enterprises with geographically dispersed production facilities, as they provide effective remote visibility as well as administration capabilities.
Inventory Analytics Solutions
Inventory analytics solutions are becoming increasingly popular at a global level, as they are equipped with advanced capabilities that help in tracking inventory turnover as well as transport and warehouse equipment.
With this in mind, the inventory analytics solution segment is estimated to exhibit a CAGR of more than 13% during the period to 2027.
These solutions are used by business establishments for the optimisation of inventory costs and the management of key performance indicators.
On the whole, the surging requirement for multi-enterprise engagement and comprehensive visibility across supply chains is set to bolster the outlook for the supply chain analytics industry, stimulating revenue expansion through the estimated period.
© 2022 European Supermarket Magazine – your source for the latest Supply Chain news. Article by Shreya Bhute, Global Market Insights. Click subscribe to sign up to ESM: European Supermarket Magazine.