Global Supply Chain Big Data Analytics Market to grow at a Sensational CAGR of 24.6% by 2022
“The Global Supply Chain Big Data Analytics Market is valued at USD 3.9 billion in 2016 and is expected to reach a value of USD 20.32 billion by the end of 2022, growing at a projected CAGR of 24.6% during the forecast period of 2017 – 2022.
Big data basically means lots of data. It refers to the huge data sets that are produced which cannot be processed by one computer alone. Often the data sets runs into gigabytes or terabytes. When we apply logic, statistics and math to the data, we can come up with a conclusion from the data collected. The data being collected from various fields is being increasingly used by companies to improve various aspects of how their company functions. Supply chain of a company is one of the most important parts of a company.
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Generally, when a company gets accustomed to one type of supply chain which it has been using for some years, it is hard for it to change. This may have been the case in earlier times when big data was not being used by the other companies, but now every vendor must have a flexible supply chain which keeps changing according to the demands of the consumers and the suppliers. Many companies who have tried to remain rigid on their model of supply chain have earned heavy losses. These companies have either changed their model or closed down or acquired by another company. This huge market is growing because of the increased usage by lot of companies.
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Companies which heavily depend on supply chain like Wal-Mart, Zara, Google, eBay etc. use big data to regularly improve their supply chain. E-commerce giants like Amazon stores customers’ information and preferences which creates huge amount of data. This helps the site to be personalized according to the user, have the regular items user searches for or get related products when the user is looking at a product. It also helps them to improve their warehouse storage, inventory management and transportation of goods. The market for big data analytics in supply chains is increasing at a fast pace with more and more companies using this to improve their supply chain.
Companies like Google, IBM, HP, Adobe, Accenture, Cloudera, SAP, TCS, Cisco and Intel are the big players in this market.
Huge growth in big data analytics market and the increasing number of companies making software for big data analytics are the possible drivers for the supply chain big data analytics market.
There are few technical challenges associated with this market and also, highly skilled analysts are required to operate on the same, so the demand for this market might be unsteady.
WHAT THE REPORT OFFERS
Global Supply Chain Big Data Analytics Market Overview with information on drivers and restraints
Supply Chain Big Data Analytics Market Analysis and its applications in the industry
Identification of factors responsible for changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on global and regional scale
Extensively researched competitive landscape with profiles of major companies along with their market shares
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
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