Increased demand for industrial automation and a rapid increase in e-commerce activities means the global smart and mobile supply chain solutions market should grow at a CAGR of nearly 10% between now and 2024. Progressive growth means its market value will be around $23.8 billion within four years, according to a new report from Research and Markets.
Moreover, increasing storage demand coupled with the need to cut order backlog and miss-ships is further propelling the smart and mobile supply chain solutions market globally. However, factors like lack of infrastructure and system scalability are likely to hamper the growth of the market in the coming years.
The global smart and mobile supply chain solutions market can be segmented based on Component, Enterprise Size, Industry and regional analysis. Based on component, the market can be segmented into Software and Services. In terms of software, the market has been classified into Transportation Management Systems (TMS), Warehouse Management Systems (WMS), sourcing and procurement, supply chain planning, and Manufacturing Execution System (MES).
Among them, Transportation Management Systems and Warehouse Management Systems are anticipated to witness significant growth during the forecast period due to increasing trend for agile warehouse management and fluctuating fuel prices worldwide. Based on region, the market is segregated into North America, Europe, South America, Asia-Pacific and Middle East and Africa.
Among them, North America accounts for a significant share in the market owing to rapid digitization. Moreover, Asia-Pacific and Europe are anticipated to witness swift growth during the forecast period on account of increasing awareness regarding the benefits of intelligent solutions.
Major companies are developing advanced technologies in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions.
Source: Research and Markets