Supply Chain Security Market Outlook
According to a new report by Expert Market Research titled, “Supply Chain Security Market Size, Share, Analysis, Report and Forecast 2024-2032″, the supply chain security market reached a value of approximately USD 2.09 billion in 2023. Aided by the rising need for secure and transparent supply chain systems and the increasing application of security solutions across various industries, the market is projected to further grow at a CAGR of 11.40% between 2024 and 2032, reaching a value of USD 4 billion by 2032.
Supply chain security encompasses several practices aimed at improving the integrity and security of the supply chain process, from manufacturing to distribution. It has become increasingly important as businesses globally grapple with issues such as theft, fraud, counterfeiting, and terrorism. Secure supply chains also play a crucial role in maintaining and enhancing business reputations, fostering consumer trust, and ensuring compliance with regulations.
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The rising consumer demand for transparent supply chain systems is a key driver of global supply chain security market growth. As consumers increasingly scrutinise the origins and journeys of products, businesses are responding by implementing robust supply chain security measures. This trend is particularly prevalent in industries such as food and beverage, pharmaceuticals, and electronics, where product authenticity and safety are paramount.
Additionally, the advent of advanced technologies has expanded the application of supply chain security across various industries, fuelling the supply chain security market expansion. In the pharmaceutical industry, for example, supply chain security is critical in ensuring the safe transit of medicines and combating the rampant problem of counterfeit drugs. In the electronics industry, it plays a pivotal role in safeguarding intellectual property and preventing the circulation of fake electronic components.
In the logistics and transportation sector, supply chain security helps in minimising the risk of cargo theft and streamlining the delivery process. The adoption of technologies such as blockchain, Internet of Things (IoT), and Artificial Intelligence (AI) has further bolstered supply chain security by enabling real-time tracking, predictive analysis, and immediate resolution of issues, aiding the supply chain security market development.
The escalating threat of cyber-attacks on supply chains has further highlighted the need for robust security measures. As supply chains become increasingly digitised, they are becoming more susceptible to cyber threats. This has prompted companies to invest heavily in advanced security solutions to protect their supply chains, driving the supply chain security market growth.
Moreover, the recent disruptions caused by global events such as the COVID-19 pandemic have underscored the importance of resilient and secure supply chains. As businesses strive to mitigate risks and ensure business continuity, the supply chain security market demand is set to rise significantly.
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Supply Chain Security Market Segmentation
The market can be divided based on component, security type, organisation size, industry vertical, and region.
Market Breakup by Component
- Hardware
- Software
- Services
Market Breakup by Security Type
- Data Locality and Protection
- Data Visibility and Governance
- Others
Market Breakup by Organisation Size
- SMEs
- LargeEnterprises
Market Breakup by Industry Vertical
- Healthcare and Pharmaceuticals
- FMCG
- Chemicals
- Retail and E-commerce
- Automotive
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global supply chain security companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- IBM Corporation
- Emerson Electric Co
- Oracle Corporation
- NXP Semiconductors N.V.
- Orbcomm, Inc.
- Check Point Software Technologies Ltd
- Omega Compliance
- SailPoint Technologies, Inc
- Others
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