Supply chain market set for double-digit growth

The global supply chain market has been forecast to continue growing through to 2026 due to increased demand for cloud-based technology

23Aug

The global supply chain management software market is expected to grow at a CAGR of 11.2% and has been forecast to be worth approximately $32m by 2026, according to a new report from Transparency Market Research.

The report found that the increased growth would be due to high demand for cloud-based technology, IoT adoption, machine-learning technology and supply chain management technology for the management of supply chain networks, across a range of industry sectors, including supply chain planning, Procurement Software, Transportation Management System, Warehouse Management System.


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The report, which was segmented the market into "cloud based" and "on-premises", had a global reach into the research of the adoption of supply chain solutions in countries across North America, South America, Asia Pacific, Middle East, Africa and Europe. Additionally, took in to account key leaders in the sector such as, IBM, Oracle and Vanguard software.

Another recent report from Report Buyer said growth would be slower than forecast by Transparency Market Research, with its Global Supply Chain Management Software Market stating that by 2024 the market reaching $22.7bn. Both reports pointed to positive growth trends across a range of verticals, including transportation and logistics, food and beverages, healthcare, manufacturing, and retail and consumer goods.

Sources

Written by Innovation Enterprise Digital Content Editor, Simorin Pinto

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