SCM market ‘ will be worth $ 19bn by 2028 ’
SCM market ‘ will be worth $ 19bn by 2028 ’
“ Those that had adopted controltower technologies were able to quickly understand which ships , containers and products were impacted , and then evaluate required mitigations . This was not possible for those that managed their supply chains through legacy systems and disparate spreadsheets .”
The positive news , believes Snyder , is that organisations clearly understand the impact of disruption and , as such , are proactively managing concerns by investing time and resources in the supply chain .
A report from market insights company Verified Market Research shows that the supply chain management ( SCM ) market is projected to reach US $ 19.3bn by 2028 . The report says that the demand for enhanced supply chain visibility is the main driver of growth in this market . The report says : “ By using machine learning , AI , and IoT to enhance delivery chain transparency , supply chain leaders can improve time-tomarket and widen their product ranges and services .”
The report also said that companies adopting cloud-based SCM solutions are concerned about privacy and cybersecurity issues , with one concern being that corporate data can be leaked on the internet and viewed by unauthorised users . The report said : “ Businesses with confidential data need to be protected to avoid data breaches and theft , as this can affect a business ' s reputation “ Unauthorised user-data access can threaten a company ' s competitive position . Such security issues are one factor that is hampering the market growth of the SCM Market .” As well as Industry 4.0 tech , the report noted that other growth factors were cloud computing , 5G , blockchain , and 3D printing . supplychaindigital . com 47