A new study by Global Market Insights has found that the global supply chain analytics market is set to grow by 16 per cent.
The study predicts that the market’s current value of around $4 billion will grow to more than $10 billion by the end of 2027.
The expected increase in market value has been the result of trends in the market, including increasing developments made on products by some of the industries key players, the study says.
Advancements in products is expected to escalate demand for chain analytics techniques, as well as boost product adoption over the coming years.
Current supply chain analytics tools have seen big growth, particularly across the transport and logistics industry.
The rising demand in supply chain analytics tools is also being attributed to the growth of analytics solutions in the Asia Pacific, increasing adoption of techniques by large enterprises, as well as the preference for inventory analytics solutions.
These solutions aim to increase the efficiency of inventory cost and to assist businesses in the management of key performance indicators.
The aptitude to track inventory turnover as well as transport and warehouse equipment are also reasons why big business is looking to use supply chain analytical solutions, according to the study.