Supply Chain Security Market worth $3.5 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 6, 2023 /PRNewswire/ -- The global Supply Chain Security Market will grow from an estimated USD 2.0 billion in 2022 to USD 3.5 billion by 2027, at a compound annual growth rate (CAGR) of 11.0%, according to a new report by MarketsandMarkets™. The increasing demand for enhanced security of supply chain transactions fuel market growth.

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By component, hardware segment to account for the largest market size during forecast period

The Supply Chain Security Market, by component, is bifurcated into hardware, software, and services. The hardware segment includes sensors, data loggers, and other devices used to track and trace assets in a supply chain. The supply chain security solutions require sensors and other hardware to monitor products effectively. Hardware devices are used in various applications, such as environmental sensing, data relaying, and centralizing databases for further evaluation. For example, data loggers are used throughout the cold chain to monitor the temperature of food, pharmaceuticals, chemicals, and other temperature-sensitive products. Sensing devices (temperature sensors, pressure sensors, and flow measurement sensors) are used to track shipments, locations, and the visibility of products and transport vehicles in real time. The need for hardware devices for the effective and secure functioning of supply chains is expected to boost the market growth in this segment.

By application, healthcare and pharmaceuticals to grow at highest CAGR during forecast period

The healthcare and pharmaceuticals verticals are rapidly undergoing digital transformation. However, increasing digitalization leads to the risk of fraud and cybercrimes. The healthcare industry faces challenges such as complex and costly data reconciliation and the lack of interoperability between various systems in a healthcare network. Illegal activities, such as producing harmful medicines and counterfeit drugs by criminal enterprises, improper stock control, and the lack of visibility and transparency across the supply chain, occur in this industry. Supply chain security solutions help resolve supply chain challenges with continuous medicine tracking. These solutions powered by AI/blockchain enable manufacturers to track the physical goods from their production to pharmacy and consumers to track the product authenticity in real time.

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By region, North America to account for largest market size during forecast period

North America, considered the most advanced region in terms of advanced supply chain security technologies, is expected to be the largest contributor to the global Supply Chain Security Market size. The wide presence of key industry players in this region fuel market growth in supply chain security solutions. North America includes the US and Canada, among which the US is expected to dominate the market. Pharmaceuticals and healthcare industries have made noteworthy contributions toward the growth of the Supply Chain Security Market in the region. The pharmaceutical industry is subject to stringent regulations to ensure safety and good storage and distribution practices. The regional presence of key industry players offering supply chain security solutions is the key factor driving the growth of the North American supply chain security industry. The key players in this region include Sensitech (US), ORBCOMM (US), Emerson (US), Monnit (US), IBM (US), and Oracle (US). The dominance of supply chain security players in North America is expected to drive overall market growth. The increasing digitalization, presence of key supply chain security vendors, and strict regulations implemented in the region have driven growth in the Supply Chain Security Market.

Key Players

The major vendors in the Supply Chain Security Market are IBM (US), Emerson (US), Oracle (US), NXP Semiconductors (the Netherlands), Testo (Germany), ORBCOMM (US), Sensitech (US), ELPRO (Switzerland), Rotronic (Switzerland), Monnit (US), Cold Chain Technologies (US), LogTag Recorders (New Zealand), Dickson (US), Signatrol (UK), Hanwell Solutions (UK), Controlant (Iceland), Roambee (US), Omega Compliance (Hong Kong), Tagbox Solutions (India), C2A Security (Israel), SafeTraces (US), Tive (US), Altana (US), FourKites (US).

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