LONDON–(BUSINESS WIRE)–#ApplicationSoftware–The global supply chain management software market size is poised to grow by USD 9.56 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The emergence of supply chain visibility and event management (SCVEM) software is expected to fuel the growth of the market during the forecast period. SCVEM software is an integral part of SCM software. It helps companies manage events in different departments and define important aspects of the entire supply chain. It also enables the management team to make crucial decisions about business strategies to adopt cost-effective measures and improve operational efficiency. SCVEM offers several benefits which include increased labor productivity, improved warehouse space utilization, and reduced operational costs. The SCVEM modules of SCM software control, measure, simulate, notify, and monitor all business processes that are in accordance with the supply chain activity.
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As per Technavio, the implementation of blockchain technology in SCM software will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Supply Chain Management Software Market: Implementation of blockchain technology in SCM software
Blockchain has emerged as an important technology for various applications across several end-user industries. Blockchain technology is being integrated with SCM software as it helps in managing a decentralized record of operations and reducing human error and operational costs. It can also streamline, automate, and create transparency in the sharing of absolute records. Some other advantages of integrating blockchain with SCM software include improved traceability, real-time tracking, increased security, reduced fraud, automated data flow, and reduced paperwork. Hence, the implementation of blockchain technology in SCM software will drive the growth of the market during the forecast period.
“Other factors such as the growing demand for fleet management in logistics service industry, and the increasing adoption of big data analytics and IoT will have a positive impact on the growth of the supply chain management software market during the forecast period,” says a senior analyst at Technavio.
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Supply Chain Management Software Market: Segmentation Analysis
This market research report segments the supply chain management software market by geography (APAC, Europe, MEA, North America, and South America), deployment (on-premises and cloud-based), and application (SCP, procurement, WMS, and TMS).
The North American region held the largest share of the market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, North America is expected to maintain its dominance and register the highest incremental growth owing to the increase in spending on transportation and logistics, which is encouraging the implementation of automation technologies in logistics and supply chain.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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Original Release: Business Wire