The global cloud supply chain management market is expected to grow at 20.0% CAGR during the forecast period with the market size reaching USD 15.3 billion by 2024. The market is driven by factors such as low initial investment level and increasing high demand from the transportation and logistics sector. Industry players are expanding their product portfolio with a focus on easing the complexities of the supply chain by providing inventory & warehouse management, transportation management, demand planning & forecasting, logistics management, and sales and operations planning among others.
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The cloud SCM market is growing significantly due to factors such as a reduction in supply chain management cost by using these cloud services and solutions and also lower chances of potential failures in the supply chain. The technology offers enterprises real-time updates on inbound shipment and quality levels. Real-Time update of quality levels helps enterprises to ensure minimum errors in the supply of goods from production centers to customers. This, in turn, helps them to reduce the overall cost and increases customer satisfaction level.
The key services offered by the cloud SCM industry players include support & maintenance, training & consulting and managed services. The support and maintenance services market is predicted to witness the fastest growth at a CAGR of 24.0% during the forecast period.
Among different industries including retail & wholesale, energy & power, transportation & logistics, food & beverage, manufacturing, hospitality, government, and healthcare & life sciences, the Cloud SCM market generated the largest revenue from the energy & power industry as the cloud SCM solutions help enterprises to make supply chain management resilient and efficient.
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North America is the largest Cloud SCM market, globally as the players in the region are continuously focusing on the research and development and collaborations in the cloud SM industry. Asia-Pacific is observed to witness the fastest growth in the market as different countries in the region are adopting online business practices and investing in the smart manufacturing and distribution of goods.
Key players operating in the cloud SCM industry are 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.