Industry

The Procurement and Sourcing segment dominated the supply chain management market share in 2020, and this trend is expected to continue until 2030. Purchasing and sourcing are primarily responsible for obtaining supplies at the lowest possible price. A significant objective of sourcing is to reduce costs, improve quality, and achieve efficiencies on a regional and global level.

Meanwhile, procurement refers to the mechanics of purchasing, including timely payments and order forms. Thus, the transportation management system segment is expected to witness the highest growth. Due to the digital revolution, a number of transportation management system vendors and third-party providers are adopting digitized systems for transportation activities and supply chain management, which is positively impacting the growth of the SCM industry.

Software plays a critical role in modern supply chain management, allowing businesses to do a vast range of tasks such as tracking sudden spikes in demand, automating ordering processes, optimizing stock utilization or rightsizing warehousing.