According to a research report “Supply Chain Management (SCM) Market by Component (Hardware (Barcode and Barcode Scanners, and RFID Tags and Readers), Software, and Services), Deployment Mode (Cloud and On-premises), Organization Size, Vertical and Region — Global Forecast to 2027” published by MarketsandMarkets, the global Supply Chain Management (SCM) market size is projected to grow from USD 28.9 billion in 2022 to USD 45.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 9.4% during the forecast period. The major factors driving the market include the increasing adoption of barcodes and RFID related technologies along with advancement in AI logistical distribution systems.
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Among hardware, Barcodes and barcode scanners to capture a higher market share
Barcodes are used in encoding information related to a product, such as serial numbers, product numbers, and batch numbers. Every product is labeled with a unique barcode. These barcodes enable manufacturers to track and identify products, enhance and optimize the receiving, packing, shipping, and delivery processes, as well as track transport providers, retailers, and hospitals. As the product reaches the destination, a quick scan of the barcode allows instant and automatic reconciliation of the order, and hence, plays an important role in SCM. Advantages of barcodes, such as improved accuracy and speed, low operational and administrative expenses, reduced capital expenditure, enhanced inventory management, product management, and monitoring, are witnessing an increase in popularity and encouraging the adoption of barcodes and barcode scanners across several industries, such as manufacturing, FMCG, retail, and eCommerce.
Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
The increased shift of Asia Pacific enterprises toward leaner and agile supply chains with end-to-end visibility by the adoption of the latest technologies is also one of the biggest drivers of SCM software and services in the region. Increasing number of SME vendors across Asia Pacific region, along with advancement in technology across India, China, Japan and Australia is contributing to the growth of this region.
The report includes the study of the key players offering SCM solutions and services. It profiles Key vendors in the global SCM market, including SAP (Germany), Oracle (US), Infor (US), Descartes (Canada), Manhattan Associates (US), IBM (US), Logility (US), Kinaxis (Canada), Blue Yonder (US), Körber (US), Coupa (US), Epicor (US), BluJay (US), OMP (US), E2open (US), JAGGAER (US), Zycus (US), and GEP (US).
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Overview:Cloud technology has been around for almost 20 years now, but supply chain professionals are still reluctant to adopt cloud and migrate their systems.
Though the industry is in its initial stages, cloud computing will help supply chain managers to closely track a product throughout its lifecycle.
Cloud-based SCM will significantly cut down the product cost as it will locate the shipment during any stage of the transportation.
Moreover, the need for improved business agility, scalability, faster deployment, and reduction in TOC will drive the organizations to deploy cloud model of SCM.Request for Report sample Supply Chain Management (SCM) Software Market: https://www.trendsmarketresearch.com/report/sample/10247Product Analysis:The market study of cloud-based SCM will talk about the types that include supply chain planning, procurement, manufacturing execution system, warehouse management system, and transportation management system.
The procurement software market will grow due to investments from large enterprises in procurement applications and from SMEs in cloud-based procurement software.
The manufacturing execution system will have the highest growth rate with rise in automation, faster ROI, stringent government regulations, reduced lead times, reduction in production cost, and better operational excellence.Regional Analysis:North America is estimated to have the largest market share in 2017 and is expected to maintain the same till 2023.