The supply chain management (SCM) software market, at $15.8 billion in 2022, is expected to reach $33.9 billion by 2030, exhibiting a growth rate (CAGR) of 12.6% during the period between 2022 and 2030, according to a market research study published May 8 by Contrive Datum Insights.
Contrive said the on-premises segment accounted for the largest market share in 2022, but the cloud-based segment is expected to experience significant growth during the forecast period. Companies are adopting cloud-based solutions for greater adaptability and flexibility in the supply chain process. Cloud also offers other benefits, such as increased processing capabilities, storage, cost-effective pricing structures, and a reduction in operational overhead. These benefits are fueling market growth, Contrive said.
Companies are exhibiting increased demand for constant monitoring systems and automation features such as advanced shipment notification management, customizable notifications, in-transit status updates, user-configurable dashboards, and visual supply chain maps in numerous large-sized industries.
SCM software also provides access to precise real-time freight analytics and the flexibility to generate reports enabling large enterprises to make better business decisions such as supply planning, inventory planning, and distribution planning, among others. Contrive said the market is growing especially because of the demand by large enterprises to collect essential business data such as inventory volumes, expected sales data, supplier details, and others.
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