SaaS-based SCM Market Expected to Reach $9,420 Million by 2023, Explore Report

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PORTLAND, OREGON, UNITED STATES, October 26, 2020 /EINPresswire.com/ — The global SaaS-based SCM market was valued at $2,897 million in 2016 and is projected to reach $9,420 million by 2023, growing at a CAGR of 18.6% from 2017 to 2023. Increase in demand for smart transportation, connected logistics, and surge in ICT expenditure are expected to augment the market penetration. The prominent markets, such as North America, Europe, and Asia-Pacific, provide growth opportunities to the global SaaS-based SCM market. Moreover, growth in adoption of real-time supply chain solutions is projected to fuel the market growth in the near future.

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The retail industry vertical has witnessed high demand in the global SaaS-based SCM market in 2016, owing to shift in consumer assurance and substantial changes in spending behavior and shopping patterns. In addition, reduced investment for new raw material purchase and pay-as-you-go deployment model in cloud deployment are expected to fuel the market growth in the near future. Moreover, the logistics and transportation markets have witnessed increased adoption of SaaS-based SCM across various regions, owing to strong demand for product information management in SaaS-based SCM.

The European SaaS-based SCM market was the largest market in the world in 2016, owing to the growth in demand for real-time information among applications, including information systems, business processes, product movement information, and others. Global players are focused on innovating efficient analytical models to strengthen their product offering. In addition, industry participants have focused on improving their SaaS-based SCM solutions to ensure competence and effectiveness of the SaaS-based SCM platform across other emerging markets such as Latin America, the Middle East, and Africa.

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Europe was the highest revenue contributor in 2016, accounting for around 37.27% share of the overall market. In addition, Asia-Pacific SaaS-based SCM market is projected to grow at the highest CAGR of 19.7% during the forecast period, driven by growth in adoption of IoT devices and platforms in emerging countries such as China, South Korea, and Japan.

The key players profiled in the SaaS-based SCM market are Accenture, HighJump, IBM Corporation, Infor, JDA Software Group, Inc., Kinaxis, Logility, Manhattan Associates, Oracle Corporation, and SAP SE. All these players are involved in the competitive strategies, such as geographical expansion, mergers & acquisitions, product portfolio expansion, and partnership to augment the SaaS-based SCM market growth.

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KEY FINDINGS OF THE STUDY

• The hybrid deployment model accounted for the highest share of the global market in 2016, growing at a CAGR of 19.9% from 2017 to 2023.

• Europe SaaS-based SCM market generated the highest revenue in 2016, valued at $1,080 million.

• The service segment dominated the market, in terms of growth, during the forecast period.

• U.S. dominated the global market in 2016. In addition, Canada, China, UK, Australia, Japan, and the other emerging markets are anticipated to provide significant opportunities for major players.

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Source: EIN Presswire