Top Three Technology Trends In The SCM Software Market That Companies Are Adopting - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, April 12, 2023 /PRNewswire/ -- As per The Business Research Company's SCM Software Global Market Report 2023, the global supply chain management software market size will grow from $31.9 billion in 2022 to $37.8 billion in 2023 at a compound annual growth rate (CAGR) of more than 18%. The global SCM software market size is then expected to grow to $73.9 billion in 2027 at a CAGR of more than 18%.
The SCM software market is moderately fragmented, with a large number of players. SAP SE was the largest competitor with 12.4% SCM software market share, followed by Oracle Corporation, Panasonic Corporation, Koch Industries, Coupa Software Inc., Kinaxis Inc., Manhattan Associates., E2open LLC, WiseTech Global and Epicor Software Corporation.
Learn More On The SCM Software Market Report – https://www.thebusinessresearchcompany.com/report/scm-software-global-market-report
Major SCM software market companies are adopting the following top three technology trends to optimize their offerings:
- Use of Blockchain In Supply Chain Management
The latest trend in the SCM software market is the use of blockchain technology. Some supply chains are already using the technology and experts suggest that blockchain could become a universal supply chain operating system very soon. There are a few supply chain management blockchains for various uses in the market, some of which include Waltonchain (Clothing Supply Chain), Ambrosus (Food & Medicine Supply Chain) and Modum (Pharma Supply Chain). - Use Of 5G Technology
The use of 5G networks is among the latest SCM software market trends. The use of 5G is a major step towards improving data speeds and processing capabilities. The unique nature of 5G networks boosts its potential for use in supply chains. For example, Tech Mahindra, an India-based information technology company, uses 5G networks in its supply chain to improve logistics in terms of better monitoring for consignment temperatures and to maintain light, humidity and pressure at the required levels. - Digital Supply Chain Twin (DSCT)
One of the trends in the SCM software market has been the implementation of a digital supply chain twin (DSCT). DSCT is useful for making local and end-to-end decision making. DSCT can play a role in short-term planning and execution, sales and operations planning and long-term planning. Some of the companies that use DSCT technology include Datumix, Cognition Factory, SenSat and Logivations.
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The global SCM software market is segmented -
- By Product: Transportation Management System, Warehouse Management System, Supply Chain Planning, Procurement Software, Manufacturing Execution System
- By Industry Vertical: Consumer Goods, Healthcare & Pharmaceuticals, Manufacturing, Food & Beverages, Transportation & Logistics, Other Industrial Verticals
- By User Type: Small & Medium Sized Enterprises (SMEs), Large Enterprises
As per the supply chain management software market overview, the top opportunities in the SCM software market segmented by product will arise in the procurement software segment, by industrial vertical will arise in the consumer goods segment, by user type will arise in the large enterprises segment. The SCM software market size will gain the most in USA at $24.4 billion.
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