According to a research report "Supply Chain Analytics Market by Component, Software (Supplier Performance Analytics, Demand Analysis and Forecasting, and Inventory Analytics), Services, Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2025", size is expected to grow from USD 3.5 billion in 2020 to USD 8.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period.
The key factors driving the supply chain industry include increasing volume and velocity of data, need to enhance operation and supply chain efficiencies, and the advent of AI and machine learning into supply chain management.
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Demand Analysis and Forecasting segment constituted the largest market share during the forecast period
The demand analysis and forecasting software is one of the major software in the supply chain analytics market that helps companies forecast the future demands for a product through historical data analysis. Demand forecasting helps the company manage inventory levels during peaks and troughs, thereby ensuring the products are not overstocked or understocked. The demand analysis and forecasting solution facilitate businesses to boost their service levels, shorten cycle times, reduce inventory investment, and minimize obsolescence.
Services segment to grow at a higher CAGR during the forecast period
In component, the services segment is expected to grow at a higher CAGR during the forecast period. Professional services and managed services help enterprises in building successful client relationships by continuously supporting them through business tenure. Furthermore, these services benefit enterprises by maximizing resource usage, improving project execution, and streamlining business operations.
Automotive industry vertical to garner the largest market size during the forecast period
The automotive supply chain industry has seen considerable growth in the past few decades, due to the shifting market conditions, liberalization, cost pressure, and infusion of trending technologies, such as Radio Frequency Identification (RFID) sensors, IoT, built-in test equipment, entertainment systems, and Global Positioning System (GPS) trackers.
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