The global supply chain management software market is projected to record a CAGR of 10.02%, during the forecast period of 2019 to 2028. The rising need for control over the supply chain, requirements for demand management systems, implementation of digitization in businesses, growing e-commerce industry, and increasing demand for cloud solutions are expected to facilitate market growth.
Supply chain management software is a real-time and analytical platform, that administers information and product flow throughout the supply chain network. The software is configured to strengthen and enhance organizational supply chain operations by managing transportation, inventory, production, sourcing, and supervising product demand. Moreover, it also offers enhanced visibility with cross-functional accessibility and exception-based process management platform. As a result, the software enables staff to micro-manage stabilized procedures and operations. The rise in need to improve supply chain visibility and the demand for increased transparency of inventory, order, and shipment details drive market growth. Additionally, it also initiates dependable, data-oriented comprehensions, that can improve business functionality. However, high costs associated with the implementation, and vulnerability to cyber hazards are hindering the global supply chain management software market growth.
The geographical segmentation of the global supply chain management software market growth includes the Asia Pacific, Europe, North America, and the rest of the world. The Asia Pacific region is expected to register the highest CAGR of xx%, due to the rise in demand for supply chain management software in numerous sectors. The regional market growth is further supplemented by swift industrialization and increased government expenditure.
Supply chain management software possesses the capability to reposition industry rivalry, thereby commencing new avenues for diversity and better-quality services. Consequently, the global market is expected to witness intense competition, rising across the forecast period. Some of the prominent market players are HighJump, IBM Corporation, Oracle Corporation, Manhattan Associates Inc, SAP SE, etc.
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