Pune, 08, Dec, 2022: The Supply Chain Security Market report published by Maximize market Research, the market is expected to grow from USD 903 million in 2021 to USD 1483.27 million in 2029, at a CAGR of 6.4 percent for the forecast period from 2022 to 2029.
Supply Chain Security Market Scope and Research Methodology
The report provides deep insights into the supply chain security market, covering all the major aspects. The Supply Chain Security Market has been analysed locally, regionally, and globally in the study. The research includes profiles and a strategic overview of all significant international Supply Chain Security companies. The study focuses on analysing the drivers, challenges, constraints, and opportunities present in the market in order to understand the underlying factors that have an influence on the supply chain security market. In-depth details on processing and manufacturing needs, manufacturing unit setup costs, returns on investment, and profit margins are also covered in the research. This helps new entrants in gaining and understanding the prospects in the supply chain security market as well as the start-up costs.
The market size in terms of value and volume by various segments was validated using a bottom-up methodology. Both primary and secondary data gathering approaches were used to get the data. The main approaches were surveys, distributing questionnaires, and conducting telephone interviews with experts in the field, market leaders, business owners, and marketers. To make sure that the conclusions were as reliable as possible, secondary data was gathered from a variety of sources, along with paid databases it includes the official websites of various organisations and the government, trade publications, annual reports, white papers, and releases from companies that produce and supply goods to the industry. PESTLE was employed to understand the potential impact of the micro-economic factors affecting the supply chain security market. Thus the report provides a detailed overview of the supply chain security market.
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Supply Chain Security Market Overview:
Supply Chain Security is the control of risk associated with third-party vendors, suppliers, logistics, and transportation. Its goal is to identify, assess, and minimise the risks related to working with other companies in a supply chain. Supply chain security includes both physical security for items and cyber security for software and services. Since supply networks can differ greatly from one organisation to another and may involve a number of different firms, there is no uniform set of accepted supply chain security best practises or recommendations. A supply chain security plan must adapt risk management principles and include a comprehensive cyber defence strategy.
Supply Chain Security Market Dynamics:
The growth of the supply chain security sector is expected to be strongly impacted by the widespread adoption of automation. Supply chain management will likely continue to be influenced by automation, as will all other industries. As the automation elements expand, many supply chain companies are implementing these solutions. These factors will aid in the supply chain security market’s speedy expansion.
The expansion of supply networks reliant on the internet has accelerated the adoption of supply chain security solutions. Attacks by malware and ransom ware have become increasingly common, especially after the COVID-19 outbreak. An infamous example is a cyber-attack that used Apple ransom ware. Similar instances have considerably increased in number. These factors are therefore encouraging the wider use of supply chain security solutions.
Cyber security needs are growing faster than the resources available to handle them. Most small businesses are unable to deploy cutting-edge cyber security solutions that protect networks and IT infrastructures from a range of attacks because they lack the resources and IT security knowledge required. Lack of funding is one of the main restraint preventing some small and medium-sized businesses from implementing the supply chain security paradigm. Many businesses restrict their capacity to implement supply chain security due to their perception that these fees are too expensive.
Supply Chain Security Market Regional Insights:
The largest market for Supply Chain Security is in North America and more than 60% of the world market is accounted for by the US, Mexico, and Canada. A number of variables, including the growing complexity of supply chains, the increase in international trade, and the growth in terrorist threats, are driving the region’s rising demand for Supply Chain Security Market. The requirement to safeguard corporate brands and reputations is another factor driving the demand for supply chain security services. A data breach or product recall can significantly hurt a company’s bottom line in today’s increasingly connected environment. A lot of businesses in North America are searching for specialized suppliers to handle their supply chain security requirements.
Europe is expected to rise at a notable growth rate in forecast period. The market is expanding as a consequence of the early adoption of technology and the substantial presence of several industry participants in the region. The National Cyber Security Centre funded the May 2021 release of a new supply chain help Cyber Security Toolkit (NCSC). This agreement’s goal is to give the ADS supply chain the resources it needs to confront and mitigate the rising cyber security concerns.
Supply Chain Security Market Segmentation
By Component:
- Software
- Hardware
- Services
By Application:
- Data Protection
- Data Visibility
- Others
By Vertical
- FMCG
- Retail and ecommerce
- Healthcare
- Manufacturing
- Automotive
- Transportation and Logistics
- Other vertical
Supply Chain Security Market Key Competitors:
- Sensitech
- ORBCOMM
- ELPRO
- Rotronic
- Emerson
- NXP Semiconductors
- Testo
- Qingdao Haier Biomedical
- Monnit Corporation
- Berlinger & Co. AG
- Signatrol
- IBM
- Cold Chain Technologies
- LogTag Recorders
- Omega Compliance
- Dickson
- Hangzhou Zeda Instruments
- Oceasoft
- Hanwell Solutions
- Controlant
- Tagbox Solutions
- FreshSurety
- Astrona Biotechnologies
- Safetraces
- Tive
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Key questions answered in the Supply Chain Security Market are:
- What is Supply Chain Security?
- What is the growth rate of Supply Chain Security Market for the next five years?
- What is the nature of competition in Supply Chain Security industry in developed and developing economies?
- Which region has the highest market share in the supply chain security market?
- What is the projected market value of the global supply chain security market?
- What is meant by supply chain security?
- Who are the market leaders in Supply Chain Security Market in India, China, Japan and South Korea?
- What is meant by supply chain security?
- What are the key driving factors and challenges in the supply chain security market?
- What are the key driving factors and challenges in the supply chain security market?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Component, Application, Vertical and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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