SUPPLY CHAIN INDUSTRY IN NUMBERS
SUPPLY CHAIN INDUSTRY IN NUMBERS
Supply Chain management is a business that will continue to grow exponentially. Much of that growth will take place in Africa and can be attributed to a growing middle class with increased needs, including urbanization and a host of other indicators. Supply chain management is the cog that keeps the wheels turning. Much of the current growth is due to technology and globalization. Here are some insights our research uncovered:
1.??????The global supply chain market is expected to experience a CAGR of 11.2% from 2022 to 2027.
That means a market value increase from $15.85 billion in 2019 to $37.41 billion in 2027. And, this number will continue to grow.
2.??????The Transportation Management System (TMS) is expected to have a CAGR of 11.7% from 2021 to 2028.
That’s an increase from a market value of $120.70 billion in 2021 to a predicted $261.89 billion in 2028.
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3.??????The Global Logistics Automation Market has the highest CAGR of any supply chain market, at a predicted rate of 12.4%.
As of 2020, the Global Logistics Automation Market size was $50.9 billion. However, this size is expected to experience a CAGR of 12.4%, meaning it may grow to $82.3 billion by 2026.
?At a market size value of $15.85 billion, supply chains are an important part of what makes any big or small business tick.?57% of companies agree that supply chain management gives them a competitive edge, and they’re right. Something as simple as reducing supply chain costs from 9% to 4% has the potential to double profits.
However, supply chain management and optimization are low, especially among small businesses. Only 6% of companies report full visibility on their supply chain, while 43% of small businesses don’t track their inventory. This can lead to more supply chain disruptions, costing a massive 62% hit to revenue.
With that in mind, effective supply chain management is a crucial part of?improving business. Companies should work to improve their supply chains for the benefit of their customers and their bottom line.?In conclusion, we would like to point out another important statistic: outsourcing your supply chain to a third party can reduce the cost to business by 40% not to mention safeguarding your reputation.