During the projection period, it is estimated that the size of the global Supply Chain Visibility market will increase from USD 28.9 billion in 2022 to USD 45.2 billion by 2027, at a CAGR of 9%.
The market is primarily being driven by the need for more openness and visibility in supply chain data and processes, as well as the rapid expansion of retail and eCommerce. Additionally, the supply chain sector is evolving due to technological advancements, and the incorporation of AI capabilities into Supply Chain Visibility products would present an attractive potential for Supply Chain Visibility vendors.
Having an internal perspective of all the operations and activities taking place from the point of raw material extraction to the point of consumption is referred to as supply chain visibility. The supply chain's movement of goods and information is less unstable and erratic thanks to improved visibility. Global supply networks have been disrupted since the epidemic began in 2020, and these disruptions are still going strong. Business executives are being urged by this wake-up call to concentrate more on enhancing end-to-end supply chain visibility to achieve greater resilience.
Businesses in the US intend to overhaul their supply chain strategy in the wake of the COVID-19 pandemic's significant disruption to become more robust, collaborative, and networked with clients, suppliers, and other stakeholders. To do this, they will retrain employees and expand investment in supply chain technology like AI and robotic process automation. Manufacturers all over the world are being forced to re-evaluate their supply chains as a result of the US-China trade war and the supply and demand shock brought on by the Covid-19 issue. They will be under pressure to boost domestic production, expand employment in their home nations, decrease their reliance on riskier sources, and reconsider techniques like lean inventories and just-in-time replenishment, which may be disastrous when resource shortages occur.
Key Market Insights:
- The Supply Chain Visibility market is divided into major enterprises and SMEs based on organization size. SMEs today deal with a range of IT difficulties because of their tiny employee populations and constrained financial resources. SMEs favor cloud-based solutions because they are more adaptable and affordable. The adoption of Supply Chain Visibility is anticipated to be driven by SMEs' adoption of the pay-as-you-go model to flexibly manage the IT infrastructure as per their requirements. Supply Chain Visibility implementation and acceptance by SMEs will aid in increasing their client base and operational effectiveness.
- In the fast-moving consumer goods (FMCG) sector, it is crucial to offer the proper product in the right quantity at the proper time. Furthermore, delivering perishable goods quickly is a difficult challenge for any distributor of food and drinks. FMCG companies may access real-time supply chain insight, business analytics, and lower operating costs thanks to Supply Chain Visibility systems and services. These features enable them to swiftly execute and enhance requests for efficient transportation cost control, shipping routing, and on-demand product delivery. The need for better inventory optimization is driving growth in the FMCG sector vertical. The FMCG segment is therefore expected to see rising adoption.
- North America leads the world in terms of the presence of Supply Chain Visibility providers because it is a technologically advanced region. North America is the early adopter of Supply Chain Visibility solutions and services across the globe. In terms of revenue, the US dominates the Supply Chain Visibility market in North America. Many industries in this region, including BFSI, healthcare, retail, manufacturing, and retail, are utilizing Supply Chain Visibility services. The demand for Supply Chain Visibility in the area is being pushed by the expanding IoT trend and focus on improving supply chain activities like logistics, warehousing, fulfillment, production, and transportation management.
- The demand for Supply Chain Visibility in the Asia Pacific area is anticipated to be driven by significant infrastructure investments made by the government and business sector, particularly in India and Indonesia, to facilitate transportation and improve infrastructure. The most recent trends of widespread adoption of trucking, containerization, and computerization, which result in scaled shipping and delivery of raw materials, Work In Progress (WIP), and finished goods around the world and significantly improve cost, quality, and delivery of supply chain, are also driving forces behind supply chain visibility software and services.
By Deployment Mode:
By Organization Size:
- Retail and eCommerce
- Transportation and Logistics
- Others (Construction, Oil and Gas, Aerospace and Defence, and Agriculture)
- North America
- Rest of the World