Supply Chain Solutions Sector growth is boosted by Surge in The Adoption of Mobile-Based Solutions

Posted on 2023-08-04 by researchinsights in Industrial, Technology // 0 Comments

Supply Chain Solutions Industry Data Book Covers Supply Chain Analytics, Procurement as a Service and Vendor Risk Management Market

The global Supply Chain Solutions Industry generated over USD 20.45 billion in 2022 and is expected to grow at a CAGR of 15.0% over the forecast period.

Access the Global Supply Chain Solutions Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Supply Chain Analytics Market Growth and Trends

The global supply chain analytics market size is anticipated to be valued at USD 22.46 billion by 2030, with a CAGR of 17.8% from 2023 to 2030, according to a new study by Grand View Research, Inc. Supply chain analytics is becoming popular as the demand for managing vast volumes of company data and its insights for strategic applications grows (SCA). As the demand for automation technologies and investment from technology developers grows, so does the demand for cognitive computing and AI. The growing awareness among businesses of the advantages of supply chain analytics in terms of improved visibility across the whole supply chain is fueling demand for analytics solutions.

The increased availability of cloud-based SCA solutions has triggered their demand among small & medium enterprises owing to benefits such as easy deployment, shorter implementation window, effective use of IT resources, and flexibility & mobility offered by these solutions. Another notable trend in the market is the increased demand for risk analytics solutions across all industries. Risk analytics solutions address multiple issues associated with the supply chain by analyzing scenarios and sensitivity, stochastic optimization, and risk mitigation.

Procurement As A Service Market Growth and Trends

The global procurement as a service market size is expected to reach USD 13.58 billion by 2030 and is anticipated to expand at a CAGR of 11.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rise in demand for efficient inventory management and supply chain optimization to lower expenses and boost profitability from the business has contributed to market growth. Furthermore, the pandemic outbreak played a decisive role in driving the market’s growth. By assisting small businesses in running their companies normally despite the COVID-19 pandemic, procurement as a service provider helped them keep up with the evolving trends in digital transformation. This is attributed to the demand for procurement as a service market during the forecast period.

The emphasis on digital transformation has shifted to the cloud, where procurement service providers are updating their apps to be web-based. Cloud computing provides convenience and flexibility, which helps service providers reduce data storage costs, and these further support enhancing business operations and giving end markets specialized solutions. Along with the cloud, Artificial Intelligence (AI) is also gaining traction in the procurement service industry, delivering data analyses while increasing operations as a distinct competitive advantage. These features and benefits clubbed together create lucrative opportunities for industry incumbents to expand their customer base and bode well for market growth.

Order your copy of the Free Sample of “Supply Chain Solutions Industry Data Book – Supply Chain Analytics, Procurement as a Service and Vendor Risk Management Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research

Vendor Risk Management Market Growth and Trends

The global vendor risk management market size is expected to reach USD 24.95 billion by 2030, according to a new study conducted by Grand View Research, Inc. It is expected to expand at a CAGR of 15.0% from 2022 to 2030. Enterprises have been outsourcing critical tasks to their vendors, which considerably brings benefits and risks. Many events such as the COVID-19 pandemic, the Colonial Pipeline attack, SolarWinds cyber-attack, and other ransomware breaches have further increased the scope of risks associated with vendors. Thus, enterprises are exceedingly opting for advanced vendor risk management solutions to identify, understand, mitigate, and reduce the impact of hazards. As a result, the global market is anticipated to progress significantly through the forecast period.

The outbreak of the COVID-19 pandemic is likely to impact businesses drastically, stifling innovation, suppressing profitability, and drying up cash flow and financial reserves. The IT and software development industries have also faced challenges due to this unforeseen outbreak. A significant portion of global supply chains was disturbed due to the outburst of the pandemic, which also affected the market. Organizations from highly impacted industries such as manufacturing, BFSI, retail, and government showed less adoption of the solutions due to financial losses, interrupted business operations, and lack of visibility. However, healthcare, IT and telecom, and energy and utility industries, which presented some business opportunities amidst the pandemic, showed slight growth in vendor risk management solutions adoption. Thus, the global market is estimated to be moderately impacted by the COVID-19 crisis.

According to statistics, nearly two-thirds of the security breaches originate from vendors and third-party suppliers. Breaches like cyber security threats, intrusion of ransomware, growing disinformation campaigns, and other data privacy concerns are engaging companies to opt for risk mitigation solutions, including vendor risk management, which drives the market. Moreover, managing multiple vendors’ activities seems like a tedious job for several organizations across the world. As a result, the implementation of vendor risk management solutions allows them to evaluate risks associated with vendors, identify critical issues, and enhance production rate significantly.

Go through the table of content of Supply Chain Solutions Industry Data Book to get a better understanding of the Coverage & Scope of the study

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Competitive Landscape

Key players operating in the Supply Chain Solutions industry are –

Genpact
Accenture plc
International Business Machines Corporation
HCL Technologies Ltd.
WNS (Holdings) Ltd.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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