The value of the Cloud Supply Chain Management (SCM) market is projected to reach $11bn by 2023, according to new figures.
Surging adoption in transportation management has been one of the major drivers for the cloud SCM market, research published by P&S Market Research found.
As the world’s transportation networks and supply chains become increasingly intertwisted and complex, the systems that support them are advancing and improving at a rapid pace.
The systems that support them are advancing and improving at a rapid pace
Software vendors have been integrating more transportation optimization capabilities into their solutions, making it easier for shippers to streamline their supply chains, while also making them more cost- and time-efficient. This has been augmenting the growth of the cloud SCM market.
During the course of the analysis, P&S found that demand planning and forecasting is projected to witness the highest growth, with 20.3% CAGR during the forecast period, among all solutions in the cloud SCM market.
Demand management solutions help to predict and manage replenishment effectively, align price and profit margins, better leverage past product performance and maintain a leaner and more profitable supply chain.
In a statement, P&S said: “Demand management solutions takes supply chain management to the next level by enabling an automated ecosystem that simultaneously maps demand forecasting against factors like financial predictions, supply restrictions, inventory counts and customer commitments, as well as patterns of behaviour that can affect demand at any given time.