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.
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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.
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 2024–2030, 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 2024 to 2030, crossing over US$ 14.5 Bn by the end of the forecast 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.
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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 2024, 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.
Get More Press Release by TMR: https://www.prnewswire.com/news-releases/magnifying-use-in-wearables-and-implantable-devices-to-monitor-health-parameters-of-patients-provides-valuable-growth-opportunities-for-chemical-sensors-market—tmr-301269944.html
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.
