The rise in complexity and globalization of supply chains,
the growing demand for transparency and sustainability, a surge in
supply chain attacks and ransoms, demands for better risk
prediction and mitigation, rising number of IoT devices in the
supply chain, and an excessive adoption of automation technology
drive the global supply chain security market.
PORTLAND, Ore., March 29, 2023 /PRNewswire/ -- Allied Market
Research published a report, titled, "Supply Chain Security
Market 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." According to the report, the global supply
chain security industry generated $2
billion in 2021 and is anticipated to generate $6.3 billion by 2031, witnessing a CAGR of 12.6%
from 2022 to 2031. The report offers a detailed analysis of
changing market trends, top segments, key investment pockets, value
chain, regional landscape, and competitive scenario.
Drivers, restraints, and opportunities
The rise in complexity and globalization of supply chains, the
growing demand for transparency and sustainability, a surge in
supply chain attacks and ransoms, the demands for better risk
prediction and mitigation, a rising number of IoT devices in the
supply chain, and an excessive adoption of automation technology
drive the global supply chain security market. However, high
investment cost and complexity of supply chain security restrict
the market growth. On the other hand, as the importance of supply
chain security continues to increase, businesses are looking for
innovative solutions to help them protect their supply chains. This
factor is expected to provide new opportunities for the market
growth in the coming years.
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Covid-19 Scenario
- The COVID-19 outbreak had a moderate impact on the global
supply chain security market. The demand for supply chain security
solutions increased owing to disruptions in the global supply chain
due to lockdowns, travel restrictions, and other pandemic related
factors. This resulted in an increased focus on supply chain
visibility, risk management, and resilience. Many companies
invested in technologies such as IoT sensors, blockchain, and AI to
improve their supply chain security.
- The pandemic had a positive impact on the supply chain security
market owing to increased digitalization of supply chain management
and a growing number of cyberattacks on supply chain
solutions.
- Simultaneously, the pandemic had also led to changes in the
competitive landscape of the supply chain security market. For
example, some established vendors struggled as a result of supply
chain disruptions, whereas others saw an increased demand for their
services. Furthermore, new players entered the market, bringing
innovative solutions to emerging supply chain security
challenges.
- In short, the pandemic highlighted the importance of the supply
chain security market, leading to an increased investment in
solutions that could assist businesses in mitigating risks and
ensuring the continuity of their operations.
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The hardware segment to maintain its lead position during the
forecast period
Based on components, the hardware segment held the highest
market share in 2021, accounting for around half of the global
supply chain security market and is estimated to maintain its
leadership status throughout the forecast period. The segment is
driven by the increase in growth of automation across supply chain
solutions and the rise in use of IoT devices and sensors in the
supply chain, which creates ample opportunities for improving
supply chain security through real-time monitoring and tracking.
However, the services segment is projected to manifest the highest
CAGR of 14.9% from 2022 to 2031. The segment's growth is driven by
the rise in demand for cloud-based solutions, which provide greater
scalability, flexibility, and cost-effectiveness.
The data protection segment to dominate the market during the
forecast period
In terms of security type, the data protection segment
contributed to the largest share of more than three-fifths of the
global supply chain security market in 2021 and is expected to
maintain its dominance during the forecast period. The growth is
attributed to the rise in the adoption of encryption technologies
to safeguard sensitive data during transportation and storage.
However, the data visibility and governance segment is estimated to
witness the fastest CAGR of 15.6% from 2022 to 2031. The growth is
attributed to the increasing use of AI and machine learning to
enhance data visibility and automate governance processes.
The retail and e-commerce segment to maintain its leadership
during the forecast period
Based on industry vertical, the retail and e-commerce segment
grabbed the highest share of nearly one-third of the global supply
chain security market in 2021 and is expected to dominate the
market during the forecast period. An increasing awareness of the
importance of cybersecurity in retail and e-commerce which is
leading to increased investment in solutions to protect against
cyber threats and data breaches drives the growth of segment. The
healthcare segment, on the other hand, is estimated to cite the
fastest CAGR of 17.1% from 2022 to 2031. This is due to the
increasing use of track-and-trace systems that leverage
technologies such as RFID and barcodes to monitor the movement of
pharmaceuticals and medical devices.
Asia-Pacific to achieve the
largest revenue by 2031
Based on region, the market in North
America was the largest in 2021, accounting for nearly
two-fifths of the global supply chain security market. The growth
of the segment is driven by the increasing technological trends and
the presence of key players in the region. The Asia-Pacific on the other hand, is likely to
dominate in terms of revenue and show the fastest CAGR of 16.3%
during the forecast period owing to ongoing digital and economic
transformation of the region.
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Leading Market Players
- IBM Corporation
- Cold Chain Technologies
- Controlant, Emerson Electric Co.
- SailPoint Technologies, Inc.
- Accenture
- NXP Semiconductors
- Check Point Software Technologies Ltd.
- Omega Compliance
- Tagbox
The report analyzes these key players in the global supply chain
security market. These players have adopted various strategies such
as expansion, new product launches, partnerships, and others to
increase their market penetration and strengthen their position in
the industry. The report helps determine the business performance,
operating segments, developments, and product portfolios of every
market player.
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