The global demand planning software market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The increasing developments in demand planning software technology, along with the rising need to reduce business costs and maximize profitability, are expected to fuel the progress of this market. Apart from this, the growing incorporation of artificial intelligence and machine learning techniques in demand planning software is expected to contribute towards market growth in the upcoming years. The growth of the market can also be attributed to factors such as the rising competition across different market players and the surge in consumer demand for the product as a result of the increase in disposable incomes. According to the data collected from the European Commission, the global consumer population is projected to reach 5 billion by 2030. Additionally, the expenditure by the middle-class population is evaluated to rise from USD 37 trillion in 2017 to USD 64 trillion by 2030, which would account for one-third of the global GDP growth.
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The market is segmented on the basis of deployment into on premise and cloud-based, out of which, the cloud-based segment is anticipated to grab the largest share by the end of 2030 on account of the growing adoption of cloud-based solutions by businesses worldwide. In addition, cloud-based demand planning software provides real-time and exact analysis of demand with the elimination of software management costs, which is also projected to contribute to the growth of the segment during the forecast period. Furthermore, based on end-user, the retail segment in the global demand planning software market is predicted to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the growing necessity to fast-track product delivery to the consumer while maintaining adequate profitability amidst the constantly changing market conditions.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Geographically, the global demand planning software market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing awareness about demand planning software technologies in the countries of the region and rising number of government initiatives to promote digitalization among organizations. Furthermore, the market in North America is evaluated to occupy the largest share in terms of revenue during the forecast period, ascribing to the presence of leading technology providers in the region. Along with this, North America also leads in the early adoption of demand management software technologies, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the demand planning software market on the back of increasing household expenditure and significant investment in research associated with demand planning software. As per the Eurostat statistics of the European Union, in 2019, the total expenditure incurred by European Union households constituted 52.6% of the GDP.
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The global demand planning software market is further classified on the basis of region as follows:
Our in-depth analysis of the global demand planning software market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The advancement in demand planning software technology and the need to reduce business costs and maximize profitability are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Lack of awareness about the software in low and middle-income regions and the high adoption costs of demand planning software are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing awareness about demand planning software technologies in the countries of the region.
The major players dominating the demand planning software market are Blue Ridge, Oracle Corporation, American Software Inc., and Infor, among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by deployment, end-user, and by region.
With respect to end-user, the retail segment is anticipated to hold the largest market share owing to the growing need to fast-track product delivery to the consumer.
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