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(IT-NEWSWIRE.COM, September 28, 2019 ) The cloud Supply Chain Management (SCM) is a cloud suite that regulates supply chain operations and governance, in the most optimal form. Factors such as increasing adoption of cloud-based SCM in transportation management and the increasing need of demand management solutions among enterprises are creating a huge demand for the cloud SCM market, across the globe. The cloud SCM market size is estimated to grow from USD 3.26 billion in 2016 to USD 8.07 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period.
Browse 64 market data tables and 55 figures spread through 146 pages and in-depth TOC on “Cloud Supply Chain Management Market by Solution (Transportation Management, Procurement & Sourcing, Sales & Operation Planning, and Inventory & Warehouse Management), Service, Deployment, Organization Size, Vertical, and Region - Global Forecast to 2021"
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The major vendors providing cloud SCM are SAP SE (Walldorf, Germany), Oracle Corporation(California, U.S.), Infor, Inc.(New York, U.S.), JDA Software Group, Inc. (Arizona, U.S.), Descartes Systems Group, Inc. (Ontario, Canada), Manhattan Associates, Inc. (Atlanta, Georgia, U.S.), Logility, Inc.(Atlanta, Georgia U.S.), Kewill, Inc. (Massachusetts, U.S.), Kinaxis, Inc. (Ontario, Canada), HighJump (Minnesota, U.S.), TECSYS, Inc. (Montreal, Canada), and CloudLogix (Colorado, U.S.).
The inventory and warehouse management solution among cloud SCM solutions is projected to grow at the highest rate during the forecast period, as it enables daily operations in a warehouse and the centralized management of tasks, such as inventory control, tracking, and the location of stock items. The demand for inventory and warehouse management solutions is increasing due to benefits offered, such as faster inventory movement, efficient use of warehouse space, and reduced inventory paperwork.
The Small and Medium Enterprises (SMEs) segment is expected to grow at the highest CAGR in the cloud SCM market during the forecast period. SMEs face many challenges, such as limited budgets, technical expertise, and scalability. Thus, to overcome these challenges, SMEs are rapidly adopting cloud SCM services, as they offer increased agility and improved efficiency.
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The hybrid cloud deployment model is expected to gain the highest traction in the cloud SCM market during the forecast period. Hybrid cloud provides enterprises with more control, reduced risk, cost efficiency, and better performance. Additionally, it provides an ideal combination of public cloud and private cloud features, such as usage-friendly, versatility, & cost-effectiveness of the former, and greater control & security of the latter. Given this huge advantage, organizations are rapidly shifting their focus towards hybrid cloud adoption.
The retail and wholesale sector is expected to grow at the highest CAGR in the cloud SCM market during the forecast period. To ensure seamless operations, the retailers and wholesalers are upgrading the traditional SCM systems by embracing cloud SCM solutions. With the help of this adoption, retailers can gain useful visibility & track inventory throughout the entire lifecycle, ensuring agility and profitability, by serving the increasingly demanding consumers.
Asia-Pacific (APAC) is expected to be the fastest growing region in the cloud SCM market during the forecast period. This region offers potential growth opportunities, due to improvement in infrastructure, business strategic moves, and emergence of new technologies, combined with the growing business needs.
North America is expected to contribute the largest market share, Asia-Pacific (APAC) to grow the fastest
North America is expected to hold the largest market share and dominate the cloud SCM market from 2016 to 2021, owing to the availability of proficient technical expertise, large investments in Research & Development (R&D), early adoption of new & emerging technologies, and presence of large number of players in this region. The APAC region is in the initial growth phase; however, it is the fastest-growing region in the global cloud SCM market. The key reasons for the high growth rate in APAC include increased spending on IT infrastructure, rising cloud-based applications, and growing demand for automation of processes in this region.
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