Supply Chain Management Market Size, Share, Growth Analysis, By Component(Solution, and Services), By Deployment(On-premises, and Cloud-based), By Enterprise Size(Small and Medium Sized Enterprises, and Large Enterprises), By Vertical(Retail & E-commerce, Healthcare, Automotive, Transportation & Logistics), By Region - Industry Forecast 2024-2031

Global Supply Chain Management Market size was valued at USD 21.13 billion in 2022 and is poised to grow from USD 23.48 billion in 2023 to USD 54.49 billion by 2031, growing at a CAGR of 11.10% during the forecast period (2024-2031).

The growing demand for SCM solutions, such as transport management systems, planning and analytics, forecasting accuracy, warehouse and inventory management, supply chain optimization, procurement and purchasing, waste minimization, manufacturing execution, and relevant synthesis of business data, are projected to aid in expansion of the global supply chain management market's growth. Furthermore, the increase in use of information technology and technological advancements also improved and supported the complete supply chain, thereby contributing to market expansion.

Adoption of the SCM software is expanding across various enterprises and organizations since it enables them to effectively oversee the sourcing of raw materials, manufacturing, and assembly of any items or products, hence boosting market growth. Furthermore, it aids in inventory and warehouse management, order entry, distribution networks, product delivery, demand and supply requirements, and financial information, all of which contribute to market growth. Furthermore, it enables management to collaborate strategically with the company's distribution system, which is driving market expansion. A lack of IT infrastructure in emerging nations, as well as an increase in security and privacy concerns, are impeding worldwide market growth.

SCM solutions and services help businesses improve their decision-making abilities in terms of technology deployment, organizational infrastructure, strategic relationships, and enterprise resource management. Furthermore, by leveraging the gathered insights and data, SCM systems support strategic decision-making and assist businesses in optimizing return on investment, thus, enhancing their market position, and speeding growth. SCM market growth is fueled by advancements in industrial-grade digital technology, a shift towards cloud-based SCM software, and a growing desire for enhanced supply chain visibility.

US Supply Chain Management Market is poised to grow at a sustainable CAGR for the next forecast year.