The global cloud supply chain management market is anticipated to grow at a 21% CAGR during the forecast period 2021-2027 and is predicted to reach USD 17.3 billion by 2027. Factors attributing to the growth of the cloud SCM market include the adoption of cloud-based business operations which has digitalized the supply chain industry and promoted improved responsiveness to supply chain disruptions. Furthermore, extensive usage of cloud SCM in the transportation industry, escalating demand for B2B management solutions, improved business continuity and eliminate potential failures. Furthermore, less capital investment and optimizing the cost of enterprises will accelerate the growth of the cloud SCM market.
The COVID-19 pandemic has caused worldwide economic turbulence owing to severe lockdown measures. It has also led to shutting down of several public entities, resulting in the decline in the growth of the cloud supply chain management market.
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Demand planning & forecasting, inventory & warehouse management, product life-cycle management, logistics management, sales & operations planning, order management, transportation management, procurement & sourcing, and product master data management are the different types of cloud SCM solutions. The market for demand planning and forecasting solutions is expected to grow at the fastest rate throughout the forecast period. Almost every firm in this technological age is reliant on the internet, which is a major driver of the growing market for cloud SCM demand planning and forecasting solutions. The growing number of internet-dependent businesses is driving up demand for cloud SCM demand planning and forecasting solutions, which let businesses connect and integrate their activities across networks. These enable a business's personnel to work more closely together and respond more quickly to shifting market trends and client demands. Demand planning and forecasting are also a good ways to ensure a positive experience for everyone involved in the value chain.
The selection of GS1 standards meant to increase the safety, efficiency, and visibility of supply chains across physical and digital channels in 25 sectors in the United States may result in the significant market growth in North America.
Leading healthcare distributors and suppliers in the region are working with technology providers to improve their supply chain agility by deploying cloud services for faster responses, shorter lead times, and better service at lower total costs.
In November 2021, Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) customers may now use a new cloud analytics service from Oracle to detect, understand, and fix issues faster throughout the supply chain. Oracle Fusion SCM Analytics, which is based on Oracle Analytics Cloud and Oracle Autonomous Data Warehouse, provides pre-built metrics and dashboards that are ready to use right away, as well as machine learning to assist business and supply chain leaders in controlling costs, reducing risks, ensuring customer satisfaction, and driving revenue.
The prominent players in the cloud SCM industry include Oracle Corporation, SAP SE, JDA Software Group, Inc., Infor, Inc., Manhattan Associates, Inc., Descartes Systems Group, Inc., Kewill, Inc., TECSYS, Inc., Kinaxis, Inc. and Logility, Inc.
Source: VynZ Research
