32+ Supply Chain Statistics & Numbers (Must Know in 2024)
Supply chains are the foundation of global trade and are critical for businesses of all sizes. But how much do you really know about the numbers that make up this complicated network?
With that in mind, we will go over the key supply chain statistics that demonstrate the importance and challenges of today’s supply chains.
Supply Chain Statistics: Key Numbers
Here are some important supply chain statistics you need to be aware of right away.
- The global supply chain management market was $21.95 billion in 2023 and is expected to reach $30.91 billion by 2026.
- The global supply chain management market will grow by 98.45% from 2020 to 2026.
- AI in the supply chain will reduce 20–50% prediction errors, 65% sales losses, and 20–50% inventory overstocking.
- By 2028, the market for AI in supply chains is expected to be worth $20 billion, growing at a CAGR of 20.5%.
- 62% of organizations have limited supply chain visibility, while 17% have extended visibility, 15% focus visibility only on production, and just 6% achieve full visibility.
Sources: (Statista)
Global Supply Chain Management Market Size Statistics
The global supply chain market is seeing some serious growth, with the market size jumping every year. Here’s a quick rundown of the numbers fueling this growth:
| Year | Market Size (Billion USD) |
|---|---|
| 2020 | $15.58 |
| 2021 | $17.47 |
| 2022 | $19.58 |
| 2023 | $21.95 |
| 2024 | $24.6 |
| 2025 | $27.58 |
| 2026 | $30.91 |
Source: Statista
Global Supply Chain Management Market Growth Rate
The global supply chain management market is growing consistently with some small changes each year. Here’s how the growth rates stack up:
| Year | Supply Chain Management Market Growth Rate (%) |
|---|---|
| 2021 | 12.13% |
| 2022 | 12.07% |
| 2023 | 12.10% |
| 2024 | 12.07% |
| 2025 | 12.11% |
| 2026 | 12.07% |
Source: (Contimod, Statista)
AI in Supply Chain Statistics
AI is really taking supply chain management to the next level by making it more efficient and reducing the number of mistakes that happen. Here’s what businesses can expect with AI:
- AI can boost supply chain management efficiency by 40% by processing data, forecasting trends, and automating tasks.
- AI in the supply chain will reduce future prediction errors by 20–50%, sales losses by 65%, and inventory overstocking by 20–50%.
- Early AI supply chain management adopters reported 15% lower logistics costs, 35% higher inventory levels, and 65% higher service levels.
- By 2028, the market for AI in supply chains is expected to reach $20 billion and grow at a CAGR of 20.5%.
- AI can lead to a 50% reduction in forecasting errors.
- 40% of high-performing companies use AI for demand forecasting, vs. 19% of low-performing ones.
Source: (McKinsey, BlueWeave Consulting and Research, Hypersonix AI, Gartner)
Retail Supply Chain Statistics
Due to e-commerce and the effects of the pandemic, retail supply chains are changing quickly and in big ways. Here are some of the most important changes and trends that will shape the future:
- The retail supply chain management market is projected to grow from $31.11 billion in 2023 to $58.87 billion by 2030, with a CAGR of 9.54%.
- 64% of retailers adapted their supply chains for e-commerce due to the COVID-19 pandemic in 2020.
- 56% of retailers re-negotiated contracts as a result of the pandemic’s impact on supply chains.
- 28% of retailers explored alternative sourcing options during the pandemic.
- 28% of retailers faced shortages and out-of-stocks in their supply chains due to COVID-19.
Source: (Virtue Market Research, Statista)
Supply Chain Visibility Statistics
Most organizations continue to struggle to gain complete visibility into their supply chains. Here’s what statistics show about where businesses stand:
- 62% of organizations have limited visibility in their supply chains.
- 17% of organizations have extended visibility in their supply chains.
- 15% of organizations have visibility only in production.
- Only 6% of organizations have full visibility in their supply chains.
Source: (FinanceOnline)
Number of Supply Chain Disruptions Worldwide
Global supply chain disruptions have increased dramatically in recent years, resulting in widespread impact. Here’s a closer look at the numbers behind these disruptions:
| Year | Number of Supply Chain Disruptions |
|---|---|
| 2019 | 3,700 |
| 2020 | 6,192 |
| 2021 | 11,642 |
Source: Statista
Supply Chain Challenges Statistics
Supply chain issues are causing serious problems for businesses, ranging from disruptions to workforce challenges and beyond. Here’s a breakdown of the main obstacles that businesses faced in 2021:
- 64% faced supply chain disruptions and shortages in 2021.
- 61% struggled with hiring and retaining qualified workers.
- 56% were pressured by customer demand for faster response times.
- 51% encountered out-of-stock situations.
- 50% faced challenges with forecasting.
- 48% dealt with customer demands focused on cost control.
- 47% had difficulties synchronizing the supply chain.
Source: Statista
Action Taken as a Result of Supply Chain Challenges Statistics
Supply chain problems have pushed companies to make some big changes to keep things running. Here’s how they’re handling the pressure:
- 67% spent more time on procurement and supply chain management.
- 65% optimized the life of existing resources.
- 46% incurred skyrocketing costs to get needed equipment as soon as possible.
- 45% cobbled together a temporary strategy to meet immediate needs.
- 33% migrated more storage to the cloud than initially planned.
- 27% delayed responses to business requests due to supply chain challenges.
Source: Enterprise Apps Today