Supply Chain Security Market Size to Grow USD 6.3 Billion by 2031 at a CAGR of 12.6% | Valuates Reports
BANGALORE, India, Jan. 27, 2024 /PRNewswire/ -- Supply Chain Security Market is Segmented By Component (Hardware, Software, Services), By Security Type (Data Protection, Data Visibility and Governance, Others), By Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), By Industry Vertical (FMCG, Retail and E-commerce , Healthcare, Manufacturing, Transportation and Logistics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.
The Global Supply Chain Security Market Size was valued at USD 2 Billion in 2021 and is projected to reach USD 6.3 Billion by 2031, growing at a CAGR of 12.6% from 2022 to 2031.
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Major Factors Driving the Growth of Supply Chain Security Market:
The market for supply chain security is expanding rapidly due to a mix of growing regulatory demands, compliance needs, and growing cybersecurity concerns. The ongoing risk of cargo theft and the need for real-time visibility and traceability have prompted the use of cutting-edge technology like blockchain, IoT, and artificial intelligence. The necessity for all-encompassing security solutions has been further spurred by the intricacy of international supply chain networks and the emphasis on vendor risk management.
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TRENDS INFLUENCING THE GROWTH OF THE SUPPLY CHAIN SECURITY MARKET
The growing worries that businesses have about cybersecurity are one of the main factors propelling the supply chain security market. The increasing digitalization of supply chain operations has led to a rise in cyber security susceptibilities. In response, the industry offers cutting-edge cybersecurity solutions that guard against ransomware attacks, data breaches, and other nefarious activities that can cause supply chain disruptions. To improve supply chain security, governments, and regulatory agencies throughout the world are putting strict mandates and compliance requirements on enterprises. The industry expands as businesses look to comply with these rules, spending money on services and technology that guarantee standards compliance and shield against penalties.
The supply chain is seriously in danger from the ongoing threat of cargo theft and manipulation. The need for security systems that can track and monitor products in transit and guarantee their safety from theft or unauthorized changes has increased as a result of this. In response, the supply chain security market offers cutting-edge tracking and monitoring solutions to protect the flow of commodities.
Improving the efficiency and security of the supply chain now depends heavily on real-time visibility and traceability. Companies are implementing systems that provide detailed insights into every step of the supply chain, making it possible to quickly spot irregularities and possible security breaches. The demand for thorough monitoring and control systems is driving the market's expansion.
Supply networks become increasingly complex and prone to interruptions as firms continue to grow internationally. The Supply Chain Security Market provides solutions that reduce risks, optimize operations, and increase resilience against natural catastrophes and geopolitical unpredictability in order to tackle the difficulties posed by intricate global networks.
Since supply networks frequently rely on a network of partners and vendors, controlling vendor risks has emerged as a crucial component of supply chain security. The market is expanding as more businesses look for all-inclusive solutions to assess and reduce the risks connected to their broad supply chain network.
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SUPPLY CHAIN SECURITY MARKET SHARE ANALYSIS
When it comes to supply chain security, North America led the world in revenue and market share in 2021. This is because the region is seeing a rise in the use of cutting-edge technologies like blockchain, artificial intelligence (AI), and the Internet of Things (IoT), which help secure supply chains. In addition, government efforts and regulations, the use of cutting-edge technology, and the growing need for dependable and secure supply chains all contribute to the market's expansion in North America.
Nonetheless, during the course of the projection period, Asia-Pacific is anticipated to increase at the quickest rate. This is a result of the growing demand for safe and effective supply chain operations as well as the region's developing economies and rising trade volumes.
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Key Companies:
● Accenture Plc
● IBM Corporation
● NXP Semiconductors
● Cold Chain Technologies
● Check Point Software Technologies Ltd
● Controlant
● Emerson Electric Co
● Omega Compliance
● Sailpoint Technologies Inc
● Tagbox
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