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| 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).
Read More,
https://www.trendingwebwire.com/supply-chain-risk-management-trends-size-and-share-analysis/
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