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Cloud Supply Chain Management Market Size Analysed to Grow at a CAGR of 11.1% During the Forecast 2022-2027

Cloud Supply Chain Management Market size is analysed to grow at a CAGR of 11.1% during the forecast 2022-2027 to reach $8.61 billion by 2027. Cloud Supply Chain Management is the process of managing an organization’s decision-making and analytics processes through the use of technology such as the internet of things (IOTs) and cloud-based services. An order management software (OMS) is a computer software system used for order entry and processing in a variety of industries. Factors such as increased enterprise awareness of the benefits of Software as a Service, cloud-based SCM, lower operational costs, and improved operational visibility are fueling the global growth of the cloud supply chain management market. A warehouse management system (WMS) is an important component of the supply chain that controls the movement and storage of materials within a warehouse as well as the associated transactions such as shipping, receiving, putaway, and picking. Based on real-time information about bin utilisation, the systems also direct and optimise stock putaway. The growing use of cloud-based supply chain management in transportation management, the growing demand for business-to-business management solutions, and the improvement of business continuity by minimising potential failures are all factors driving the growth of the cloud supply chain management market. The factors restraining the cloud supply chain management market are the rapid increase in privacy and security concerns among enterprises, which is causing issues with data segregation among enterprises.

Cloud Supply Chain Management Market Segment Analysis – By Service

By Service, Cloud Supply Chain Management Market has been segmented into Training & Consulting, Support & Maintenance, Managed Services. The global cloud supply chain management market is expected to be dominated by the training and consulting segment. Training & Consulting segment is analysed to grow at highest CAGR of 11.2% during the forecast period 2022-2027. Training and consulting services assist organizations in understanding how cloud solutions can help them optimise their operations. The demand for these resources has grown significantly in recent years as people become more aware of the benefits of using cloud-based operations, such as scalability, elasticity, flexibility, speed of implementation, and lower operating costs with pay-per-use pricing models, among other things.

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Cloud Supply Chain Management Market Segment Analysis – By Vertical

By Vertical, Cloud Supply Chain Management Market has been segmented into Food & Beverage, Healthcare and Life Sciences, Manufacturing, Retail, Transportation & Logistics, Automotive, Oil & Gas, Others. The retail industry is expected to grow significantly as most key players adopt cloud-based technologies to transform their supply chains with unprecedented visibility and data insights. Technology integrations are aimed at better understanding the customer journey and providing a significant improvement. A sluggish economy, declining in-store sales and margins, and rising labor costs are all posing challenges to the retail industry. To remain competitive, players require tools that enable organizations to manage paper documents as well as structured and unstructured data more effectively. As a result, the majority of the key players are embracing cloud-based technologies to transform their supply chains with unprecedented visibility and data insights. Technology integrations are aimed at better understanding the customer journey and providing a significant improvement. Furthermore, Buy online, Pick up in-store (BOPIS) is a trend for a mass-market breakout in 2019 that several large retailers are implementing in order to increase foot traffic in their stores. Walmart, the largest retailer in the United States, has also installed pick-up towers in its stores and made use of BOPIS-supporting technologies such as cloud computing software, devices, and mobile architectures linked to inventory and supply chain data.

Cloud Supply Chain Management Market Segment Analysis – Geography

By geography, Cloud Supply Chain Management Market has been segmented into North America, Europe, APAC, South America and RoW. North America is analysed to be the major region with a share of 35% in 2021 for the Cloud Supply Chain Management Market. Customers in the United States benefit from the variety of transportation modes available in their increasingly connected environment. Supply chain management software, packaging, material handling, warehousing, forwarding, returned goods management, and brokerage are all services provided by logistics companies. North America may see significant market growth, owing primarily to the adoption of GS1 standards designed to improve the safety, efficiency, and visibility of supply chains across physical and digital channels in 25 US industries. Leading healthcare distributors and suppliers in the region are collaborating with technology providers to increase the agility of their supply chain capabilities by implementing cloud services for faster responses via shorter lead times and improving service with lower total costs. UPS Supply Chain Solutions was named the best logistics company in the United States in 2019. The Georgia-based forwarder made over USD 4.6 billion in revenue from North American activities, with customers including Pratt Whitney, Philips Healthcare, and Triumph Motorcycles. North America is expected to drive the market during the forecast period due to the shifting workload to the cloud environment and the growing need for modified infrastructure management.

Cloud Supply Chain Management Market Drivers

The growing adoption of cloud-based solutions among travel and transportation enterprises is expected to drive growth in the cloud SCM market:

The global transportation network and supply chains are becoming increasingly complex as a result of fragmented channels, increased product variations, and customer demand for customised solutions. Furthermore, the global supply systems necessitate too many setups or modifications in transportation, incurring secondary costs for enterprises, which raises the investment cost. The increase in complexity and extra costs forces businesses to adopt end-to-end supply chain visibility, such as a cloud-based supply system for transportation management. The cloud-based SCM system in transportation enables enterprises to connect, engage, and collaborate with customers, business partners, and suppliers. It also assists businesses in developing a secure, dependable, and integrated transportation management system that provides real-time information to customers. These advantages boost the growth of cloud-based SCM systems in transportation management and will drive the global cloud supply chain management market in the future. In March 2021, Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) offering, which connects shippers’ supply networks with an integrated suite of cloud business applications, has received new updates.

Cloud Supply Chain Management is cost effective and this is expected to boost market growth:

Even as transactions move online, businesses remain acutely aware of the laws of supply and demand. Indeed, the increasing competition in the online markets provided by Cloud-based supply chain management technology now adds a broader range of features and pricing benefits for service users. Through the sheer scale of the Cloud, businesses are able to cut costs while expanding capabilities and expanding their customer base. Maintaining full-scale data storage network management software and integrating it with local systems, including the hiring of system administrators, consumes a sizable portion of company’s budget in the form of hours, wages, and equipment. The Cloud solution spreads costs across all users, whether small or large corporations or sole proprietorships, and broadens market capabilities to everyone, regardless of size.

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Cloud Supply Chain Management Market Challenges

The factors restraining the cloud supply chain management market are the rapid increase in privacy and security concerns among enterprises, which is causing issues with data segregation among enterprises:

The factors restraining the cloud supply chain management market are the rapid rise in privacy and security concerns among enterprises, which is causing issues with data segregation. Unauthorized use, which can be intentional or unintentional. The most common cause is that employees may use untested or unauthorised cloud services, causing the entire SCM system to fail. If the cloud system is accessed via an API, the interface is insecure (application programming interface). Today, the API can automate almost all intercompany transactions that can be exposed to the outside world. Inadequate access management can manifest itself in two ways. The first is due to an insufficient credentials policy, which does not require strong passwords or frequent updating. The second way is through a risk known as Shadow IT, which is a rogue IT system.

Cloud Supply Chain Industry Outlook

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Cloud Supply Chain Management market. In 2021, the market of Cloud Supply Chain Management has been fragmented by several companies. Cloud Supply Chain Management top 10 companies include

Cloudlogix, Inc.
Highjump
Infor
JDA Software Group, Inc.
Kinaxis Inc.
Logility, Inc.
Manhattan Associates, Inc.
Oracle Corporation
SAP SE
TECSYS, Inc.
The Descartes Systems Group Inc

Acquisitions/Technology Launches/Partnerships

In March 2021, Oracle Corporation released new updates to its Cloud Supply Chain and Manufacturing Offering, which, along with an integrated suite of cloud business applications, will aid in connecting shippers’ supply networks.

In October 2020, SAP SE signed an agreement to acquire Emarsys, a leading omnichannel customer engagement platform provider, with the goal of strengthening SAP Customers’ experiences and enabling businesses to effectively engage with customers.

In July 2020, Oracle Corporation introduced the Oracle Logistics Digital Assistant, an AI-powered virtual assistant for Oracle Cloud Logistics. Customers and employees can now easily access order status and shipment tracking while on the go, without having to navigate through the Oracle Transportation Management (OTM) application or understand complicated data mappings.

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Key Takeaways

The retail industry is expected to expand significantly as the majority of key players adopt cloud-based technologies to transform their supply chains with unprecedented visibility and data insights. Technology integrations aim to provide a better understanding of the customer journey and a significant improvement.

North America is the largest market. Key factors such as the high adoption rate among enterprises in this region due to a relatively mature IT infrastructure, as well as rising demand from small-to-medium-sized businesses, are driving growth in the regional market. Furthermore, countries such as the United States, Canada, and Mexico have developed sophisticated regulatory frameworks for cloud computing, which has increased organisations’ confidence in the deployment of strategic cloud initiatives.

Cloud computing is rapidly expanding to support collaborative transportation management systems (TMS) and other aspects of transportation management, such as network capacity sourcing, robust visibility and event management, and ancillary functions such as freight pay and audit.

Relevant Reports:

Supply Chain Management Software Market

https://www.industryarc.com/Research/Supply-Chain-Management-Software-Market-Research-502576

Supply Chain Risk Management Software Market

https://www.industryarc.com/Report/19327/supply-chain-risk-management-software-market.html

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Tags:
Reportedtimes, PR-Wirein, Extended Distribution, Research Newswire, English

Contact Information:

Venkat Reddy
Sales Director
Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677

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