Supply chain analysis market ‘worth $9.2bn by 2024’

The global supply chain analytics market is forecast to grow 15.8 per cent over the next five years, driven by the adoption of technologies such as artificial intelligence.

According to BCC Research, a predicted compound annual growth rate (CAGR) of 15.8 per cent could see the global supply chain analytics market be worth $9.2 billion (£7.3 billion) by 2024.

BCC also reports that supply chain analytics for the industrial and manufacturing market will grow 16.4 per cent in five years, with the retail and consumer goods sectors expected to grow from $1.2 billion in 2019 to $2.5 billion in 2024 at a CAGR of 16.2 per cent.

Analyst Aneesh Kumar said: “The industrial and manufacturing sector is expected to hold the majority share of the market during the forecast period. The revolution of industry 4.0 is characterised by the creation of advanced factories that can implement and integrate various state-of-the-art technologies such as the industrial internet of things (IoT), data analytics, additive manufacturing, 3D printing and cyber-physical systems.”

BCC also said the adoption of machine-learning technology, or artificial intelligence, had the potential to resolve issues for time, resources and cost throughout the supply chain.

By Michelle Mooney