The technology of cloud has been around for nearly 20 years now, but the supply chain professionals are still reluctant to adopt cloud and voyage their systems. Though the industry is in preliminary stages, cloud computing will support supply chain managers to thoroughly track a product throughout its lifecycle. The cloud-based supply chain management will efficiently cut down the cost of the respective product as it will localize the shipment during any stage of the transportation. With the transforming supply chain environment, the technology of cloud computing will become an advantageous procedure, achieving the more market purchase over the traditional systems. Not only has this, but the players of this market are also playing an important role by doing significant developments in the technology of cloud for enhancing its utilization in the supply chain management which further beneficial for delivering the better consumer satisfaction and increase the traction more significantly. This will to attain the fastest market growth in the forecasted period.
According to the report analysis, ‘Cloud Supply Chain Management (SCM) Software Market: Global Drivers, Trends, and Forecasts to 2023’ it states that there are several key players which are presently functioning in this market more significantly for leading the highest market share around the globe by making effective developments in the existing strategies and policies of doing work includes SAP, Oracle, JDA Software, Epicor, Manhattan Associates, Descartes Systems Group, HighJump Software, IBM, and Kewill Systems. Moreover, the key players of this market are changing the techniques of doing work and adopting the new and innovative technical developments which further enhance the functioning of cloud in the supply chain management and lead the significant market growth in the short span of time. Additionally, the Cloud-based SCM suggests scalability, consistency, cost-effective, integrated design, and immediacy over confined SCM model.
Although, the SCM market is developed, however, the appearance of cloud computing has transformed the industry landscape and has developed customer experience. The cloud-based SCM software market is anticipated to reach USD 7.03 billion by 2023, rising at a significant CAGR of 14.3% during the forecast period of 2017-2023. Moreover, the requirement for developed business agility, scalability, faster deployment, and deduction in TOC will drive the organizations to organize cloud model of SCM. Furthermore, with the effective utilization of cloud in the supply chain management, the market is explored across the globe which majorly includes highly innovated region.
Whereas, North America is anticipated to have the prevalent market share in 2017 and is anticipated to manage the same till 2023. Although, the Asia Pacific region is anticipated to rise at the highest CAGR during the forecast period owing to the growing awareness about cloud-based SCM among enterprises, especially SMEs. Aspects such as the significant growing need for infrastructure management system and shifting of workload to a cloud model will raise the market revenue. Therefore, in the near future, it is expected that the market of cloud-based supply chain management software will increase across the globe more efficiently over the recent few years.
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Ankur Gupta, Head Marketing & Communications