San Francisco, March 8, 2023 /PRNewswire/ — Global Supply Chain Solutions Expands Industry Scale US$20.42 billion According to “Supply Chain Solutions Industry Databook, 2023-2030” published by Grand View Research, 2022 will see a healthy CAGR of 15.0% during the forecast period of 2023-2030. The increasing adoption of cloud and the prevalence of digital platforms for smart manufacturing operations play a key role in streamlining the supply chain. The emergence of Industry 4.0, cloud computing, IoT connectivity, AI, and analytics has improved the operational efficiency of products and factories. Stakeholders may seek an organic approach to harness the potential for increased supply chain agility.
Innovators have been driving automation, AI, and analytics to overcome supply chain uncertainties such as inflation, geopolitical events, parts shortages, unexpected demand surges, and climate change. Cutting-edge technology can spark innovation and investment. AI is now in demand to harness predictability and help track and monitor performance.
The growing footprint of predictive, descriptive, and prescriptive analytics is accelerating the adoption of supply chain analytics. Organizations may turn to analytics to improve planning accuracy, increase profit margins, minimize costs, and enable lean supply chains. Advanced analytics can be a game changer for reducing sustainability impact, delivering alerts on time and reducing risk while controlling costs.What is the size of the market for supply chain analytics? US$6.13 billion Companies are expected to forecast and predict events using software products (with the help of AI) and blockchain technology. Firms are likely to seek analytics to drive real-time decision-making, encouraging stakeholders to enhance their portfolios.
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Vendor risk management has emerged as a promising portfolio to help companies monitor, assess, and manage their risk exposure from third-party suppliers. In particular, fintech companies are using virtual risk management programs to enhance outsourced services and protect sensitive data processing. As cyber threats proliferate, vigilance and transparency inspire risk managers. Companies are poised to minimize time-consuming tasks and assessments with bespoke solutions that include cognitive technology. Risk management programs that can reduce costs, increase efficiency, identify risks and increase return on equity will gain traction.How big is the market for vendor risk management? US$8.18 billion A robust CAGR of 15.1% is observed during the forecast period in 2022.
Here are some trends to watch out for in the next few years:
Smart glasses applications are set to increase to drive productivity and efficiency across vertical businesses. Additionally, smart sensors are on the horizon to highlight asset efficiency, minimize operating costs, and provide insight into customer behavior.
Procurement-as-a-Service comes to prominence for facilitating business processes and using technology to automate mundane tasks. This service helps address risk management and enhance spend control.
North America As the penetration of IoT and advanced technology increases across healthcare, BFSI, manufacturing and retail sectors, it will capture a large share of the global market.
Explore the Supply Chain Solutions Industry Data Book Table of Contents to better understand the scope and scope of the study.
Asia Pacific The supply chain solutions industry share will witness a significant increase, in part due to the strong penetration of solution vendors. China, Japan, Australia and IndiaAdditionally, the exponential use of data and the cloud to track and analyze supply chain activity strengthens the company’s position. Asia Pacific in the global market. Stakeholders expect fast-moving consumer goods and SMEs to invest in robust supply chain solutions. The need to streamline inventory and manage material and merchandise flows, including delivery, ordering and forecasting, will underscore growth in the region.
With supply chain disruptions imminently affecting the global outlook, leaders are expected to rely on cloud-based digital solutions for resilient and agile supply chains. In doing so, organic and inorganic strategies such as technological advancements, product offerings, innovations, mergers and acquisitions, and collaborations can stand out. To explain, November 2022, Amazon Web Services announced the launch of AWS Supply Chain to facilitate supply chain visibility and provide actionable insights. The company expects new cloud applications to improve customer experience, reduce costs, and reduce supply chain risks.
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About Grandview Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and customized research reports and consulting services.registered with California headquartered in San Francisco, the company is made up of over 425 analysts and consultants, adding over 1200 market research reports to its vast database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Grand View Research utilizes an interactive market intelligence platform to help Fortune 500 companies and renowned academic institutions understand the global and regional business environment and assess upcoming opportunities.
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SOURCE Grandview Research Co., Ltd.