Global Cloud SCM market is expected to grow at 20.0% CAGR during the forecast period with the market size reaching USD 15.3 billion by 2024. Different solutions including product life-cycle management, demand planning & forecasting, logistics management, and inventory & warehouse management are together hold the majority of the cloud SCM market size. The market has witnessed significant growth over the last few years due to the reduction in cost incurred by enterprises with the usage of these SCM solutions and reduction in chances of potential failures.
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The key factors driving the growth of the cloud SCM market are low initial investment, increasing adoption in transportation and logistics sector and increasing awareness among enterprises regarding the benefits of these solutions and services. Cloud SCM solutions are developed for providing robust transportation planning and execution. It helps to track and mange transportation activities across the dynamic transportation supply chain. It also helps to reduce freight cost, automate business activities and optimize service levels. The platform provides collaboration between multiple parties or enterprises involved in order to run the business activities and logistics operations with enhanced efficiency.
Geographically, North America is the largest cloud SCM market and Asia- market is expected to grow at the fastest CAGR during the forecast period. North America has been at the forefront of adopting and investing in the latest information and communication technologies. This leads to the huge demand for cloud SCM solutions and services across the industry verticals. U.S. remains the larger market in North America and also predicted to grow at the faster CAGR during the forecast period.
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Countries in Asia-Pacific are promoting innovation for digital technology. It involves investing in Internet-based economy including digital transformation and cloud-based technologies. Different industry verticals in the region are adopting smart manufacturing practices which involve smart procurement, which drives the Asia-Pacific cloud SCM market.
Market players in the Cloud SCM industry are expanding their product portfolio with focus on easing the complexities of supply chain. 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., are some of the key players offering solutions and services for Cloud SCM.
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