Global cloud SCM market size is projected to reach $11 billion by 2023.
Surging adoption in transportation management has been one of the major drivers for the cloud SCM market. As the world’s transportation networks and supply chains become increasingly intertwisted and complex, the systems that support them are advancing and improving at a rapid pace. Software vendors have been integrating more transportation optimization capabilities into their solutions, making it easier for shippers to streamline their supply chains, while also making them more cost- and time-efficient. This has been augmenting the growth of the cloud SCM market.
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Insights on Market Segments
During the course of our analysis, we found that demand planning and forecasting is projected to witness the highest growth, with 20.3% CAGR during the forecast period, among all solutions in the cloud SCM market. Demand management solutions help to predict and manage replenishment effectively, align price and profit margins, better leverage past product performance and maintain a leaner and more profitable supply chain.
Cloud SCM market has been growing at the highest pace in Asia-Pacific on account of surging industrialization in the region, and the growing adoption of automation among enterprises. Growing e-commerce market coupled with increasing focus on reducing the ownership cost are the other factors driving the cloud SCM market in the region. The regional governments have also been supporting the industrial growth, which is being translated into the growth of cloud SCM market in the region.
CLOUD SCM MARET SEGMENTATION
Cloud SCM Market, by Solution
Demand Planning & Forecasting
Inventory & Warehouse Management
Product Life-Cycle Management
Sales & Operations Planning
Procurement & Sourcing
Product Master Data Management
Cloud SCM Market, by Service
Training & Consulting
Support & Maintenance
Some of the companies operating in this market include JDA Software, IBM, Logility, Kinaxis, and Oracle.