Is Estimated To Witness High Growth Owing To Increasing Demand For Supply Chain Visibility and Supply Chain Risk Management

Supply Chain Risk Management market

The Supply Chain Risk Management market is estimated to be valued at US$ 2.22 Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Supply chain risk management includes products and solutions that help enterprises identify, assess, and minimize risks across the supply chain. Key products include risk identification software, risk monitoring solutions, analytics and reporting tools, and vendor management software. These solutions help businesses achieve supply chain visibility, mitigate disruptions, and ensure continuous operations.

Market Dynamics:
Increasing investment in digital transformation initiatives by enterprises is expected to drive the market growth over the forecast period. Digital technologies such as Internet of Things (IoT), analytics, cloud computing are enabling real-time visibility and monitoring of supply chain networks. Furthermore, growing geopolitical tensions and trade wars have increased unpredictability in global supply chains. This has boosted the demand for advanced risk management solutions that help protect supply chains from disruptions. Additionally, the outbreak of COVID-19 pandemic severely impacted global supply chains and highlighted the need for robust risk management.

SWOT Analysis

Strength: Supply chain risk management offers end-to-end visibility across the supply chain. It helps in proactive monitoring of the supply chain and enables early detection of issues. Supply chain risk management solutions provide real-time notifications to resolve issues before they impact business continuity.
Weakness: Implementation of supply chain risk management solutions requires high initial investments and involves additional maintenance costs. Data integration is a challenge for organizations having legacy systems in place across different business units.
Opportunity: Rising disruptions in global supply chains due to geo-political tensions and health pandemics have increased the need for robust supply chain risk management. Growing adoption of IoT, AI and blockchain technologies present an opportunity to develop advanced predictive analytics capabilities in supply chain risk management.
Threats: Stringent government regulations around data privacy and security pose compliance challenges. Significant supply chain disruptions and global economic slowdowns threaten continuity of operations.

Key Takeaways:

The global Supply Chain Risk Management Market Share is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing disruptions in global supply chains. Issues including trade wars, health pandemics and natural calamities have highlighted the need for end-to-end visibility and proactive monitoring of supply chain networks.

Regional analysis: North America dominated the supply chain risk management market in 2023, owing to stringent regulations around supply chain security. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to the expansion of manufacturing industries and establishment of global supply chain hubs in countries including China, India and Southeast Asian nations.

Key players operating in the Supply Chain Risk Management 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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