Supply Chain Solutions Industry | Forecast 2030
Grand View Research’s supply chain solutions industry data book is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
The supply chain solutions market is expected to grow owing to a rise in the volume of business data across industries and companies seeking logistics and supply chain technology-driven products. For instance, in November 2022, Corbus partnered with GIS International, a procurement service provider to provide their clients with supply chain management that is more effective and efficient. The firms’ complementary supply chain and procurement services will be based on GIS’ integrated supply chain and supplier relationships capabilities in Europe and Corbus’ procurement and sourcing expertise in the U.S. and India.
Supply Chain Analytics Market Insights
The global supply chain analytics market size was estimated at USD 6.12 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 17.8% from 2023 to 2030. The supply chain analytics (SCA) market is growing in demand due to increased awareness of the benefits of SCA solutions, such as forecasting accuracy, supply chain optimization, waste minimization, and meaningful synthesis of business data. The increasing number of small & medium enterprises and their increasing expenditure on implementing analytics to hold a strong position in the market and compete against other market players are expected to boost the market growth over the forecast period.
The COVID-19 pandemic has long-term influenced economies worldwide, forcing corporate leaders to act and continue their operations. The pandemic underscored the importance of supply chain solutions for long-term economic viability. During these uncertain times, supply chain analytics enabled organizations to identify processes that required immediate attention or products/items that were likely to run out soon, allowing them to manage the demand-supply gap better than before. Furthermore, SCA vendors in the market are working actively and offering solutions to minimize the negative impacts of the pandemic on global supply chains.
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Procurement As A Service Market Insights
The global procurement as a service market size was valued at USD 6.15 billion in 2022 and is expected to register a growth of 11.1% from 2023 to 2030. As firms increasingly rely on digitization to carry out their sourcing and procurement tasks while keeping track of company payments and purchases, procurement as a service is gaining popularity throughout the globe. Following the COVID-19 pandemic, the uptake of digitization in automating essential business operations like sourcing and procurement is receiving attention.
This is anticipated to support the procurement growth as a service market throughout the projection period. Sustainable procurement and supplier relationship management can become more proactive and effective with technology integration; this is expected to enable the economy of scale and boost corporate profitability. As a provider of procurement services, it is crucial to ensure that the newest technologies are used to help businesses anticipate greater accuracy regarding procurement and sourcing. Over the projected period, it is expected to maintain market demand for procurement as a service.
Vendor Risk Management Market Insights
The global vendor risk management market size was valued at USD 7.27 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.0% from 2022 to 2030. Enterprises are extensively dependent on a large number of third-party vendors that are located in different geographic locations to achieve their business objectives. Collaborating with these vendors often seems challenging for enterprises as they may bring different risks, which can damage the business objectives and processes. Thus, to mitigate and overcome these risks, enterprises adopt vendor risk management in their business processes.
The market for vendor risk management is majorly driven by the increasing adoption of vendor risk management solutions to efficiently manage complex vendor ecosystems and the growing need among enterprises to reduce the risk associated with managing multiple vendors and enhancing production. Additionally, the growing demand for vendor risk management solutions in the highly regulated industries like manufacturing, healthcare, and banking & finance is expected to offer numerous opportunities for the stakeholders in the forecast period. However, the dependence of organizations on manual and conventional processes to manage risks is hindering market growth.
Supply Chain Solutions Industry, By Type
- Supply Chain Analytics
- Procurement as a Service
- Vendor Risk Management
Supply Chain Solutions Industry, By Deployment
Supply Chain Solutions Industry, By Enterprise size
- Large Enterprise
- Small & Medium Enterprise
Supply Chain Solutions Industry, By End- Use
- Retail & E-commerce
- Transportation & Logistics
- Food & Beverages