Increasing Demand for Demand Planning Solutions to Minimize Production and Delivery Delays to Boost Market Growth
Demand planning solutions have emerged as an imperative aspect of supply chain management, and as technology continues to evolve, the adoption of demand planning solutions continues to grow around the world. Forecasting the demand based on market trends, evolving market landscape, and delivery of products are some of the key areas within an enterprise that are addressed utilizing demand planning solutions– factors that are expected to drive the growth of the global demand planning solutions market during the forecast period. In addition, as more number of companies continue to focus on minimizing production & delivery delays and management of inventory surpluses, the demand for demand planning solutions has witnessed a consistent growth.
Demand planning solutions play a key role in addressing the various challenges across the supply chain due to which customer relationships have improved. This factor is expected to accelerate the demand for demand planning solutions during the assessment period. Demand planning solutions are increasingly being used across a range of industrial domains, including healthcare, BFSI, hospitality, automotive, retail & e-Commerce, and food & beverages. Advancements in software technology coupled with increasing adoption of demand planning solutions for support & maintenance and integration & consultation are likely to provide a considerable boost to the growth of the demand planning solutions market in the upcoming decade.
At the back of these factors, along with the increasing focus on launching new demand planning solutions software, the global demand planning solutions market is expected to cross a market value of US$ 14.5 Bn by the end of 2030.
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Increasing Focus on Improving Efficiency across Supply Chain to Improve Adoption
The predictive analysis landscape has experienced consistent developments over the past few years due to which, a range of demand planning solutions have entered the fray– a factor that has played a key role in boosting the demand for demand planning solutions in the past few years and most likely to influence the future sales. The demand for demand planning solutions is on the rise, as increasing number of business entities across various industrial spheres are increasingly focusing on improving efficiency, improving synchronization, reduce costs, and forecasting. Furthermore, demand planning solutions play an imperative role in improving communication and facilitating the flow of information across the supply chain.
Advancements in the software as a service (SaaS) space, along with consistent development of new demand forecasting tools are likely to play a key role in boosting the growth of the global demand planning solutions market during the assessment period.
As more number of companies continue to make demand forecast improvements, improve in-stock performance, maximize revenue, improve customer satisfaction, minimize inventory investment, and significantly improve the cash flow, the demand for demand planning solutions is on the rise. This factor is anticipated to propel the global demand planning solutions market during the forecast period.
Market Players Focus on Increasing Market Presence by Forging Strategic Alliances and Launching New Products
Sensing the growing interest for demand planning solutions, a number of players involved in the current demand planning solutions market landscape are increasingly focusing on improving their market position by forging new partnerships. For instance, in May 2020, LIXIL, a housing and water product manufacturer across the Americas announced that the company will deploy a cutting-edge AI-enabled demand planning solution to improve the overall supply chain of the company in line with the evolving market landscape. While forging new partnerships is a way forward for several market players across the demand planning solutions market landscape, a notable number of market players is leaning toward launching new demand planning solutions to gain an advantage. For instance, in June 2019, FuturMaster announced the launch of a new AI-powered demand planning solution– a software that will empower retailers and manufacturers launch new products with improved success.
Demand on Rise amid Supply Chain Challenges during COVID-19 Pandemic
Traditional demand forecasting and planning strategies have primarily relied on evaluation of historic data. While technology continues to make inroads into the demand planning solutions market landscape, the outbreak of the novel COVID-19 pandemic is expected to play a key role in replacing traditional demand forecasting strategies with technologically advanced demand planning solutions. Stringent lockdowns, restrictions on trade and transportation, and various other regulatory restrictions have disrupted the supply chains across major core industries due to which, the demand for demand planning solutions is likely to witness considerable growth in the upcoming years.
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Demand Planning Solutions Market: Overview
- According to Transparency Market Research’s latest research report on the global demand planning solutions market for the historical period 2018–2019 and the forecast period 2020–2030, demand planning solutions help to enhance customer planning by using the predictive analytics process to understand future trends and resource requirements for production planning and revenue targets. Demand planning is majorly used in supply chain management and operations for maintaining the demand and supply of the products according to customers changing demands.
- In terms of revenue, the global demand planning solutions market was valued at ~US$ 3 Bn in 2019 and is expected to expand at a CAGR of ~16% from 2020 to 2030, crossing over US$ 14.5 Bn by the end of the forecast period
Increasing Adoption of Planning Platforms and Enterprise Analytics to Improve Supply Chain Management Process: A Key Driver
- Manufacturing industries are increasingly demanding planning platforms and enterprise analytics platforms to enhance the performance of the supply chain management process. Companies are adopting demand planning solutions to understand changing market demands, production capabilities, and distribution network issues by analyzing previous data. Demand planning solutions offer demand forecasting by using clustering algorithms, statistical and mathematical functions, machine learning technology, and automated data forecasting techniques.
- Demand planning solutions help to enhance customer planning by using the predictive analytics process to understand future trends and resource requirements for production planning and revenue targets. Demand planning is majorly used in supply chain management and operation to maintain the demand and supply of the products according to changing demands of customers.
- Increasing adoption of advanced planning and analytics software and tools among different industries is expected to drive the demand for demand planning solutions during the forecast period
Increasing Demand for Solutions in Trade Promotion Planning, Product Portfolio Management, and New Product Launch Planning
- Enterprises are seeking demand planning solutions to improve promotion planning collaboration and accuracy with flexible promotional modeling. It also helps companies to track the return of investment against ineffective promotions.
- Demand planning solutions help to manage product lifecycle stages in real-time that helps to maintain the product and supply chain of specific products. Companies are using planning and forecasting platforms to maintain the production and supply of the products during their seasonal demand.
- Companies are launching new products to fulfill customer demand by analyzing the changing customer behavior and increasing demand for new features and products from customers. The demand planning solution helps to predict future trends and required changes in the product by analyzing previous data and current supply chain records. Thus, increasing demand for product portfolio management and new product launch planning platforms is likely to boost the market growth of demand planning solutions during the forecast period.
- Small- and medium-sized industries have limited budget for new technologies, and are also not aware of new technological products to improve the production process. Lack of awareness about advance demand planning and forecasting solutions among small-scale industries is expected to restrain market growth.
- The demand planning and forecasting solution also faces issues related to low authenticity rate in the predictive analysis process for future demand of the products. Companies are planning their production process based on the analysis of demand planning solutions. Lack of awareness about the utilization of all functions of the solutions also creates issues in generating authentic data regarding customer demand. Therefore, lack of awareness and low authenticity rate of software solutions are expected to restrain the market growth of demand planning solutions during the forecast period.