“Supply Chain Big Data Analytics Market“ offer significant and proficient insights into the current market scenario and the emerging growth dynamics. The report on Supply Chain Big Data Analytics Market provides the market players as well as the new visitors to show complete view of the market landscape. The comprehensive research will enable the well-established as well as the emerging players to establish their business strategies and achieve their short-term and long-term goals. The report also presents a significant evaluation of the scope of the regions and where the key participants might find potential growth opportunities in future.
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The Supply Chain Big Data Analytics Market players influencing the market are profiled in the study along with their SWOT analysis and market strategies. The report also focuses on leading industry players with information such as company profiles, products and services offered financial information of last 3 years, key development in past five years.
The Supply Chain Big Data Analytics Market is expected to register a CAGR of over 17.31 % during the forecast period 2019 – 2024. With advancements in information technology, firms are now able to access, store, and process a massive amount of data. Organizations are analyzing data sets and identifying key insights to apply to their operations, making it evident that big data has an important role to play in any industry. From food and beverage distribution to high tech, companies are incorporating analytics.
The widespread use of digital technologies has led to the emergence of big data analytics (BDA) as a critical business capability to provide companies with better opportunities, to obtain value from an increasingly huge amount of data and gain a commanding competitive advantage.
Big data analytics in Logistics & Supply Chain Management (LSCM) has garnered increasing attention due to its complexity and the prominent role of LSCM in enhancing the overall business performance. According to a survey conducted by Accenture in 2014, more than one-third of the respondents reported being engaged in serious conversations to deploy analytics in LSCM, while three out of ten already have taken an initiative to implement analytics.
LSCM faces the most significant challenges that can potentially result in inefficiencies and wastage in supply chains, such as delayed shipments, rising fuel costs, inconsistent suppliers, and ever-increasing customer expectations, among others.
The power of data is becoming evident to businesses of all shapes and sizes, from financial service to automobile manufacturing, healthcare, NGO, and more. It is increasingly becoming essential to make the best use of big data analytics in a supply chain to generate more profound insights. The retail sector streams a massive amount of data across its supply chains, at diverse customer touch points in many omnichannel operations.
According to a survey by Softweb Solutions, retailers who use predictive analytics have achieved a 73% increase in sales compared to those who did not use it. Therefore, retailers are utilizing big data solutions via customer analytics to multiply profitability and outperform competitors by personalizing their in-store offerings and online product.However, there are few stumbling blocks for supply chain management while executing real-time analytics.
The scope of the Report
Supply chain analytics solutions can aid enterprises achieve growth, enhance profitability, and increase market shares by utilizing derived insights for making strategic decisions. These solutions can also offer a holistic view of supply chain and help in enhancing sustainability, reducing inventory cost, and accelerating time-to-market for products in the long run.
Key Market Trends
Retail is expected to register a Significant Growth
The retail industry currently holds the largest share of the global data analytics market, and is expected to present vast opportunities of growth, owing to the growing number of data sources being generated, with the adoption of IoT solutions, beacons, and RFID technologies across the supply chain. According to the Global Shopping Survey 2015, 96% of the retailers are ready to adopt IoT solutions and devices to analyze customer data, track stock levels, and strengthen customer relationships. All these technological improvisations not only enable better tracking of the products across the supply chain, but also help in gaining a clear understanding of customer behavior.
For instance, retailers have also put in a network of RFID readers into the roof space of their sales floors, allowing them to read all of the stock on display and providing more accurate inventory visibility. Augmenting this trend, the American Apparel is leveraging RFID tags and data analytics tools to improve inventory management, while Walmart employed big data analytics itself to enhance its in-store and supply chain management.
However, massive amounts of this useful information are left to rot, resulting in the overall conversion rates of only 2 to 3%. Thus, the big analytics market has been gaining traction in the retail market, to leverage the data, with its ability to understand, analyze, and generate valuable insights.
The United States is Expected to Hold Major Share
The United States is rigorously looking to strengthen its manufacturing industry, by enhancing its productivity by laying emphasis on improving activities across the supply chain, within the industrial sector in the country. The e-commerce industry in the United States is proliferating, owing to which, the requirement for efficient supply chain management is on the rise. According to the US Commerce Department, the e-commerce industry in the country rose by over 40% in 2017. As a result, big data is expected to rise significantly, thereby, having a positive impact on the supply chain analytics in the country.
The e-retailers in the North American retail market are rigorously trying to enhance the customer experience, by incorporating same-day delivery, which can effectively be achieved through effective supply chain management. Notably, according to Auburn Universityâs Harbert College of Business, in early 2018, the retailers in the United States are expected to foster their investment in the supply chain management, especially in technology upgrade, owing to expansion and rapid growth in the e-commerce industry.
Additionally, startups are trying to venture into the retail space in the region that are raising funds to boost their operational efficiency through big data analytics and other emerging technologies. For instance, A.S. Watson group (ASW) announced a partnership with Rubikloud, a Toronto-based startup, primarily to invest in developing big data capabilities. The former company invested about USD 70 million to enhance the operational efficiency and customer experience through the integration of visualization and machine learning capabilities. As a result, it is projected to propel the supply chain big data analytics market growth in the country.
The Supply Chain Big Data Analytics Market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on Supply Chain Big Data Analytics technologies to strengthen their product capabilities. In July 2018, Deloitte and SAS entered into an agreement to address the complex risk and regulatory calculations at scale, and turn compliance into an opportunity.
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Supply Chain Big Data Analytics Market Analyse according to leading players, Competitive landscape, geographical regions, top manufacturers, types, and applications forecast over a period of 2019 to 2024. Geographically, this report is divided into many key Regions, with production, consumption, revenue (million USD), market share and rate of Supply Chain Big Data Analytics Market 2019 in these regions, from 2018 to 2024 (forecast), covering: North America, China, Europe, Japan, Southeast Asia, India.
The Objectives of this report are:
- To define, describe, and analyze the Supply Chain Big Data Analytics market on the basis of product type, application, and region
- To forecast and analyze the size of the Supply Chain Big Data Analytics market (in terms of value) in six key regions, namely, Asia Pacific, Western Europe, Central & Eastern Europe, North America, the Middle East & Africa, and South America
- To forecast and analyze the Supply Chain Big Data Analytics market at country-level in each region
- To strategically analyze each submarket with respect to individual growth trends and its contribution to the Supply Chain Big Data Analytics market
- To analyze opportunities in the Supply Chain Big Data Analytics market for stakeholders by identifying high-growth segments of the market
Key Questions Answered in Supply Chain Big Data Analytics market report:
- What will the market size be in 2024 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
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Supply Chain Big Data Analytics Market Report Provides Comprehensive Analysis as Following:
Market segments and sub-segments
Market size & shares
Market trends and dynamics
Market Drivers and Opportunities
Market Analysis and Segmentation
Supply and demand
Technological inventions in Supply Chain Big Data Analytics trade
Marketing Channel Development Trend
Supply Chain Big Data Analytics Market Positioning
Distributors/Traders List enclosed in Positioning Supply Chain Big Data Analytics Market
Supply Chain Big Data Analytics Market report provides you a visible, one-stop breakdown of the leading product, submarkets and market leaders revenue forecasts till 2024. In conclusion, Supply Chain Big Data Analytics Market 2019 report presents the descriptive analysis of the Supply Chain Big Data Analytics Market Major Key-players, Types, Application and Forecast Period knowledge which is able to function a profitable guide for all the Supply Chain Big Data Analytics Market competitors.
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