Supply Chain Visibility Software Statistics 2024

In an era characterized by complex global networks, supply chain visibility software has emerged as a crucial tool for businesses navigating the intricacies of modern commerce. As we step into 2024, understanding the evolving landscape of these technologies becomes imperative for organizations aiming to maintain competitiveness and resilience. Supply chain visibility software provides real-time insights into the movement of goods and materials, enhancing transparency and operational efficiency. These statistics not only illustrate the growth and adoption of such technologies but also offer a window into emerging trends and future directions in the supply chain sector.

For stakeholders across the spectrum, from logistics companies and manufacturers to retailers and technology providers, the value of this data cannot be overstated. Supply chain executives and managers will find the insights particularly relevant for improving operational foresight and mitigating risks. Investors and market analysts can leverage the data to identify lucrative opportunities and track market shifts. Furthermore, policy makers and industry regulators can use these statistics to shape frameworks that promote efficiency and innovation within the sector.

In a rapidly evolving industry, staying informed with the latest data on supply chain visibility software is essential for strategic planning and decision-making. By delving into these statistics, companies can better anticipate market demands, optimize resource allocation, and foster more resilient supply chains. This knowledge equips businesses with the foresight needed to navigate the complexities of the global market in 2024 and beyond.

Check our review: Best LLC Services, LegalZoom LLC Reviews, ZenBusiness Reviews, LegalZoom Competitorss

Top Supply Chain Visibility Software Statistics 2024

☰ Use “CTRL+F” to quickly find Supply Chain Visibility Software facts. There are total 83 Supply Chain Visibility Software Statistics on this page 🙂

Supply Chain Disruptions

• The global supply chain has experienced severe disruptions due to COVID-19, political changes, wars in Ukraine and Israel, and an evolving business landscape. ^[?]
• 84.6% of companies report increased working costs as the leading consequence of supply chain disruptions. ^[1]
• 54% of respondents report negative impacts on logistics and reputation due to supply chain disruptions. ^[1]
• 62% of respondents say adverse weather affects logistics costs. ^[1]
• Cybercrime is more likely to cause financial (70%) and reputational (60%) damage. ^[1]
• 68% of respondents report negative financial impact from health and safety incidents. ^[1]
• 68% suffer reputational damage from health and safety incidents. ^[1]
• 64% experience logistical consequences from health and safety incidents. ^[1]
• 75% of companies on the supply chain are changing practices based on lessons learned from the pandemic. ^[1]
• 41% of logistics companies are making moderate changes following the pandemic. ^[1]
• 34% of logistics companies are making extreme changes to their supply chain management procedures. ^[1]
• 58% of companies are intensifying their risk management in response to the pandemic. ^[1]
• 46% of companies are implementing new sourcing strategies in response to the pandemic. ^[1]
• 37% of companies are improving their inventory management due to the pandemic. ^[1]
• 26% of companies are making changes to transportation because of the pandemic. ^[1]

Priority And Business Focus

• Improving supply chain visibility is the top priority for 55% of manufacturing-related businesses. ^[1]
• For smaller organizations with fewer than 2,500 employees, improving customer experience (52%) and reducing operational inefficiencies (45%) are the top priorities. ^[1]
• Speeding up new product innovation is the second-highest priority for 49% of companies in 2023, up from 11% the previous year. ^[1]
• For medium-sized businesses with 2,500 to 5,000 employees, improving supply chain resilience and agility is a focus for 55%, up from 30% the previous year. ^[1]
• For companies with more than 5,000 employees, supply chain visibility remains the top priority at 56%. ^[1]
• 85% of leaders in engineering, supply chain, manufacturing, and product development plan to or have adopted AI. ^[1]

Check our llc formation guides: Florida LLC, California LLC, Texas LLC, New York LLC, North Carolina LLC, New Jersey LLC

Ai And Technology Adoption

• 60% of engineering leaders believe AI will affect quality control inspections. ^[1]
• 47% of respondents in non-engineering roles believe AI will affect quality control inspections. ^[1]
• 51% of non-engineering leaders expect AI to play a part in product design. ^[1]
• 51% of non-engineering leaders see uses for AI in supply chain management. ^[1]
• 78% of companies are looking into technology solutions to increase operational efficiency for new product development. ^[1]

Sustainability And Environmental Impact

• 48% of companies say they are under increasing pressure to improve sustainability in the supply chain. ^[1]
• 54% of companies face challenges in meeting sustainability goals due to limited control over sustainability standards of suppliers and partners. ^[1]
• 40% find it difficult to scale sustainability initiatives that work on a smaller scale. ^[1]
• 36% say a lack of funding is a challenge in meeting sustainability goals. ^[1]
• Sustainability initiatives focus on electrification (40%), natural resource management (29%), water usage (27%), renewable energy (27%), and Scope 3 emissions (23%). ^[1]

Market Growth And Trends

• The global supply chain management market will increase from $25.7 billion in 2022 to $72.1 billion in 2032, with a CAGR of 10.9%. ^[1]
• The expansion of e-commerce, automation, and digital transformation during the COVID-19 pandemic contributes to the growth rate of the supply chain management industry. ^[1]
• The biggest challenges facing supply chain operations are hiring and retainment (57%), talent shortages (56%), disruptions (54%), running out of stock (52%), and consumer demands (52%). ^[1]
• 52% of engineers spend 6 or more hours on supply chain-related work per week. ^[1]
• 43% of small businesses use outdated inventory tracking methods. ^[1]
• 8% of small businesses do not track their inventory at all. ^[1]
• Only 33% of small businesses use inventory management software or do inventory directly in their accounting software. ^[1]

Logistics And Transportation

• 90% of international trade and 76% of all US trade involves maritime traffic. ^[1]
• $1.5 trillion in goods are shipped in and out of American ports each year. ^[1]
• An extra inch of water depth can allow shipping companies to add an extra 58,000 pairs of shoes with a value of $5 million. ^[1]
• Annually, 11 billion tons of goods are shipped across the world’s oceans, representing 1.35 tons of goods per person. ^[1]
• The logistics market size is projected to reach $21.91 trillion by 2033. ^[6]
• By transportation type, the roadways segment captured 39.38% revenue share in 2023. ^[6]
• By logistics type, the second party segment accounted for 36.73% revenue share in 2023. ^[6]
• By end user, the industrial & manufacturing segment generated 31.99% revenue share in 2023. ^[6]
• The Asia Pacific logistics market size was valued at $3.95 billion in 2023 and is expected to reach around $10.67 billion by 2033. ^[6]
• Third-party logistics dominated the market in 2023 and is expected to grow at the fastest rate during the projected period. ^[6]

Supply Chain Visibility And Digital Transformation

• 62% of companies have limited visibility of their supply chain. ^[8]
• Only 6% report full visibility and 17% say they have extended supply chain visibility. ^[8]
• The global supply chain visibility software market size was USD 1205.45 million in 2022 and is projected to touch USD 12600.95 million by 2032, with a CAGR of 26.45%. ^[7]
• 75% of companies are rapidly moving toward the digitalization of supply chains. ^[3]
• 50% cannot track their end-to-end supply chain performance due to lack of real-time data. ^[3]
• 38.25% of executives surveyed used big data analytics and digital platforms. ^[3]

Workforce And Talent Management

• To address supply chain challenges, companies are reskilling and upskilling workers (41%) and hiring new workers with future-facing skill sets (34%). ^[1]
• An alarming 97% of supply chain leaders expect a growing shortage of talent fit for mechanical engineering roles. ^[1]
• 71% of manufacturers want to increase US-based manufacturing. ^[1]
• 51% of manufacturers want to engage in near-shoring to keep manufacturing on the North American continent. ^[1]
• 90% of customers want immediate updates and real-time visibility on their orders. ^[14]

Impact Of Disruptions

• Brexit is affecting the bottom line for businesses on the supply chain, with 28% losing revenue over the course of 12 months at an estimated revenue drop of 18%. ^[1]
• 83% of UK businesses say supply chain disruptions caused by Brexit will get worse. ^[1]
• 80% of UK businesses believe that Brexit has been the greatest disruptor to the supply chain. ^[1]
• 51% of UK respondents believe they might go out of business due to Brexit, and 69% are concerned their suppliers may go out of business. ^[1]

Technological Innovations

• The digital supply chain claimed the number one spot for 2024’s supply chain trends. ^[2]
• ESG regulations are arriving in the U.S. in 2024, requiring public companies to report their greenhouse gas emissions. ^[2]
• The global spend on supply chain solutions by 2026 is projected to amount to $33 billion at a CAGR of 11.2%. ^[3]
• 70% of companies are rapidly moving toward the digitalization of supply chains. ^[3]
• Companies that aggressively digitize their supply chains can experience 3.2% annual growth in earnings before interest and taxes. ^[9]

Key Statistics

• 93% of organizations surveyed in 2023 by IDG’s Foundry unit said they had adopted or planned to adopt a digital-first strategy. ^[11]
• The average supply chain has a digitization level of 43%, the lowest of five business areas. ^[11]
• 67% of supply chain managers still use Excel to manage their inventory. ^[12]
• The global supply chain management market size accounted for USD 25.74 billion in 2022 and is projected to hit around USD 72.1 billion by 2032. ^[3]
• The global logistics market reached a value of almost USD 10.59 trillion in the year 2023. ^[10]
• The logistics market is expected to grow at a CAGR of 6.3% between 2024 and 2032 to reach a value of almost USD 18.35 trillion by 2032. ^[10]
• Global retail eCommerce sales nearly doubled from 2019 to 2023. ^[4]
• Sustainability in all its facets is the most important trend for 2024 and beyond. ^[4]
• The COVID-19 pandemic served as a wake-up call for every manufacturer around the world. ^[5]
• The reliance on manual data collection makes for time-consuming, error-prone activities. ^[5]
• 360-degree supply chain visibility provides the data needed to identify bottlenecks, inefficiencies, and potential risks. ^[5]
• Supply chain visibility focuses on the immediate suppliers or Tier 1 level, neglecting lower tiers. ^[5]
• 83% of businesses are developing customer-centric supply chains by focusing on customer service. ^[3]
• AI-powered supply chains are 67% more efficient than traditional supply chains. ^[3]
• More than 80% of the typical consumer company’s greenhouse gas emissions are embedded in their supply chains. ^[13]

Also Read