Supply Chain Solutions Industry - Leveraging Technology to Drive Growth and Sustainability

 

 

Supply chain solutions industry data book covers supply chain analytics, procurement as a service and vendor risk management market. 

 

Global supply chain solutions industry data book is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

 

Access the Global Supply Chain Solutions Industry Data Book from 2023 to 2030, compiled with details by Grand View Research

 

Supply Chain Analytics Market Insights

 

The global supply chain analytics market size was estimated at USD 6.13 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 17.8% from 2023 to 2030. Supply chain analytics (SCA) is becoming popular as the demand for managing vast volumes of company data and its insights for strategic applications grows. As the demand for automation technologies and investment from technology developers increases, so does the demand for cognitive computing and AI. The growing awareness among businesses of the advantages of SCA 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 (SMEs) 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.

 

The supply chain industry is evolving rapidly. Even in challenging circumstances, modern technology and tools such as blockchain and Artificial Intelligence (AI) generative tools can assist business owners to improve their supply chain cycle and compete better in the market. To rapidly discover problems and identify errors, several organizations use blockchain technology to consolidate all operations and data onto a single platform. For instance, in June 2023, International Business Machines Corporation partnered with Adobe, a computer software company, to provide brands with an improved content supply chain using the capabilities of next-generation AI. Adobe clients will benefit from a streamlined generative AI landscape due to the integration of Adobe's generative AI models with the comprehensive technical experience of IBM consulting services, including technology innovation, design, and strategy. 

 

Procurement as a Service Market Insights

The global procurement as a service market size was valued at USD 6.15 billion in 2022 and is expected to register a growth of 11.1% from 2023 to 2030. 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.

 

Owing to the need to manage complex procurement contracts, the demand for procurement services is gaining traction among small and medium-sized businesses. Deals involving contracts require expertise and time to deliver; hence, procurement as a service is a popular choice among SMEs. These services help companies focus on core competencies while outsourcing time-consuming and intricate tasks. For instance, in October 2021, Accenture acquired Xoomworks Group, a procurement technology provider. Accenture's capacity to assist clients in accelerating technology-led business and procurement transformation increased through this acquisition. Accenture's Closed Loop Spend Management capabilities have been strengthened by the integration of Xoomworks Procurement, which aids clients with end-to-end changes that provide unparalleled insight across direct and indirect cost categories.

 

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 insights

The global vendor risk management market size was valued at USD 8.18 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 15.1% from 2023 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.

 

The key vendors in the global VRM market are focusing on introducing new solutions and services while upgrading their existing product portfolio to strengthen their foothold. For instance, in November 2017, LockPath, one of the solution providers, introduced its Keylight Platform with Security Scorecard's security rating platform. This product was aimed to support enterprises with practical vendor assessment and management while strengthening security programs. Thus, numerous developments in terms of new product launches, mergers & acquisitions, and partnerships are observed in this market, contributing to the market growth.

 

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.

 

Key players operating in the supply chain solutions industry are –

• Genpact
• Accenture
• International Business Machines Corporation
• HCL Technologies Ltd.
• WNS (Holdings) Ltd.
• Optive Security, Inc.
• Infor
• Kinaxis
• JDA Software Group, Inc.
• Aera Technology