Smart and Mobile Supply Chain Solutions Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 06/11/2018 -- Supply chain management is defined as the management of flow of goods within the supply chain. It majorly includes the storage and movement of raw materials, inventory management, and management of finished goods from point of production to consumption point. Interlinked and interconnected channels, networks, and node business are involved in the management of products and services which are required by the end customers in the supply chains. However, smart supply chain software and services majorly deal with the information generated within the supply chain. Smart supply chain management solutions help in collecting and managing the collected information.
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The product manufacturers and retailers use this information in demand forecasting, studying consumer behavior, and changing preferences of consumers. These solutions help companies or businesses to effectively deal with the risk associated with supply chains. These risks include the level of inventory, asset tracking, supply of goods against demand forecast, and services. These solutions help organizations achieve their business objectives by providing effective and efficient supply chain services. With advances in technology, supply chain solutions are becoming more interconnected, intelligent, and instrumented. The global smart and mobile supply chain solutions market was valued at US$ 7,095.3 Mn in 2013 and is expected to grow at a CAGR of 13.2% during the forecast period 2014 – 2020.
On the basis of component type, software and services are the two major types of smart and mobile supply chain solutions. Software component include software such as connected transportation management systems (TMS), connected warehouse management systems (WMS), connected sourcing and procurement, connected supply chain planning (SCP), connected manufacturing execution systems (MES), and connected analytics. Whereas, consulting, management and integration are the three types of services considered under services segment.
Connected TMS and connected WMS are the two software segments expected to witness significant growth in the forecast period due to factors such as increasing trend for agile warehouse management and volatile fuel prices around the world. Moreover, retail, IT and telecommunication, manufacturing, banking, financial services and insurance (BFSI), government, energy and utility, healthcare, logistics and transportation among others are the different types of end-use application segments of smart and mobile supply chain solutions market. Globalization and rising demand for advanced SCM solutions from emerging markets in the Asia Pacific and Middle East regions are some of the major factors driving the demand for smart supply chain solutions. However, cost volatility of the supply chain entities and low availability of integration solutions are some factors hindering the growth of smart and mobile supply chain solutions.
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In 2013, North America and Europe were the largest markets for smart and mobile supply chain solutions in terms of revenue. These regions have experienced significant adoption of smart supply chain solutions due to the presence of better IT infrastructure and growing organized retail industry. Retail and manufacturing are expected to remain the major end-use application segments over the forecast period. This is mainly attributed to the high demand for efficient supply chain and logistics solutions in these sectors. Furthermore, the Asia Pacific region is anticipated to be the fastest growing geographical segment for the smart and mobile supply chain solutions market. Strong economic growth in the Asian countries such as India, China and Japan, coupled with modernization of the retail and manufacturing industries are expected to drive the demand for smart and mobile supply chain solutions in the forecast period.