Maximize Market research, a leading Electronics business consultancy and research firm has published a report on the “Supply Chain Security Market”. The total market opportunity for Supply Chain Security Market was USD 1022.18 Million in 2023 and is expected to grow at a CAGR 6.4 percent through the forecast period, reaching USD 1578.05 Million by 2030. As per the Maximize Market Research report, the global Supply Chain Security Market is expected to be dominated by the North America region to grow at a significant growth rate over the forecast period. With the digitization of supply chain processes, cyber threats such as data breaches, ransomware attacks, and supply chain disruptions have become prevalent, driving the demand for cyber security solutions, which significantly boost the Supply Chain Security Market growth.
Supply Chain Security Market Scope and Research Methodology
Market Size in 2023: USD 1022.18 Million
Market Size in 2030: USD 1578.05 Million
CAGR: 6.4 Percent
Forecast Period: 2024-2030
Base Year: 2023
Number of Pages: 220
No. of Tables: 138
No. of Charts and Figures: 191
Segment Covered: By Component, Application, Vertical, Enterprise Size, and Security Type
Regional Scope: North America, Europe, Asia Pacific, and Africa, South America
Report Coverage: Market Share, Size and Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.
The report on Supply Chain Security Market provides a thorough analysis of the market structure and the nature of competition in the market. The Supply Chain Security Market size was estimated meticulously by using a bottom-up approach to get an understanding of the market growth. Key insights covered in the report include the major drivers of the market at global and regional level, challenges for future growth and various opportunities due to technical advancements in the market. Regional analysis is conducted to provide information on the market leaders in various regions, market penetration and demographic factors affecting the regional Supply Chain Security industry. The market is broken down into two major segments by Component, Application, Vertical, Enterprise Size, and Security Type.
For the competitive analysis of the Supply Chain Security Market, a competitive matrix is made covering market leaders and new entrants. The report presents an overview of each company along with important takeaways based on the revenue generated, financial health, technological advancements, recent developments, mergers and acquisitions, joint ventures, alliances and marketing tactics. Data for the analysis was collected using primary and secondary research methods. A mix of qualitative and quantitative analysis was used in the report. Primary research was used to validate the findings from the secondary research. Research tools such as SWOT, PESTLE and Porter’s Five Force analysis was used to grasp the factors affecting the growth of the Supply Chain Security Market. Such analysis makes the report an investor’s guide, thereby helping clients take investment and marketing decisions.
Supply Chain Security Market Overview
Supply chain security is management of the supply chain that focuses on risk management of external suppliers, vendors, logistics, and transportation. It identifies, analyzes, and mitigates risks associated with working with outside organizations as part of your supply chain. It include both physical security and cyber security for software and devices. Though there are no established one-size-fits-all guidelines for supply chain security, a complete strategy requires combining risk management principles with cyber defence while also taking governmental protocols into account.
The Supply Chain Security Market encompasses a range of solutions and services aimed at ensuring the safety and integrity of supply chain operations across various industries. Stringent regulations and compliance requirements imposed by governments and industry bodies mandate organizations to implement security measures to protect sensitive data and ensure supply chain integrity.
Supply Chain Security Market Dynamics
Increase in cyber-attacks to boost Supply Chain Security Market growth
With the surge in cyber-attacks targeting supply chains, organizations are actively pursuing solutions to fortify their defenses, ensure data integrity, and enhance supply chain transparency. According to cyber security firm BlueVoyant, a staggering 93% of global enterprises have indirectly experienced data breaches stemming from vulnerabilities within their supply chains over the past two years. In 2022 alone, supply chain data breaches have surged by almost 37%. These statistics underscore the urgent need for organizations to prioritize supply chain security. As highlighted by Yahoo Business, an increasing number of entities confess to lacking mechanisms for detecting supply chain data breaches, indicating a growing vulnerability across industries.
Over the past year, there has been a surge in both ransomware and supply chain attacks, posing significant threats to organizations. Supply chain attacks involve infiltrating an organization by compromising its suppliers or partners. Ransomware attacks are increasingly favored by cybercriminals due to their ease of execution and potential for lucrative gains. Compounding this issue is the lack of adequate preparation among many organizations to address ransomware threats, rendering them more susceptible to attacks.
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Complexity and Fragmentation to restrain Supply Chain Security Market growth
Supply chains are complex and fragmented, involving multiple stakeholders, processes, and technologies. This complexity makes it challenging to implement standardized security measures across the entire supply chain, leading to vulnerabilities and gaps in security. Implementing robust supply chain security measures incur significant costs, including investments in technology, personnel, and training. Small and medium-sized enterprises (SMEs) face financial constraints that limit their ability to adopt comprehensive security solutions, leaving them more vulnerable to cyber threats.
Supply Chain Security Market Regional Insight
The rising frequency and sophistication of cyber-attacks targeting supply chains have heightened awareness among organizations about the importance of implementing robust security measures. This increased threat landscape drives the demand for supply chain security solutions and services. North America is subject to various regulations and compliance standards, such as the NIST Cybersecurity Framework, HIPAA, and GDPR (for organizations doing business with European partners). Compliance with these regulations necessitates the adoption of comprehensive supply chain security measures, driving Supply Chain Security market growth.
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 verticals
Healthcare segment dominated the market 2023 and is expected to hold the largest Supply Chain Security Market share over the forecast period. The healthcare sector has invaluable data, encompassing patient health records, personal identification details, and payment information. The risk of data loss escalates when third-party vendors, with whom information is shared, are factored into the risk equation. Disruptions in hospital supply chains have dire consequences beyond delayed shipments, especially when patient lives hang in the balance. A missed delivery prove fatal, as healthcare supply chains play a critical role in delivering life-saving medications and treatments to those in need.
Tracking medications throughout the pharmaceutical supply chain empowers healthcare supply chains to furnish patients with genuine medications, which significantly boosts the North America Supply Chain Security Market growth. Many countries and regions have enacted hospital supply chain regulations to safeguard the integrity of medical and pharmaceutical products. For instance, the European Union’s Falsified Medicines Directive (FMD) and the US’s Drug Supply Chain Security Act (DSCSA) mandate verification and transparency of pharmaceuticals imported and distributed within their respective jurisdictions.
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Security Type
- Data Locality
- Data Governance
- Other Security Type
Supply Chain Security service provider includes:
- Sensitech
- ORBCOMM
- ELPRO
- Rotronic
- Emerson
- NXP Semiconductors
- Testo
- Qingdao Haier Biomedical
- Monnit Corporation
- Signatrol
- IBM
- Cold Chain Technologies
- Dickson
- Tagbox Solutions
- Safetraces
- Tive
Key questions answered in the Supply Chain Security Market are:
- What is Supply Chain Security?
- What is the current growth rate of the Supply Chain Security Market?
- Who are the key players in the Supply Chain Security Market?
- What are the factors affecting growth in the Supply Chain Security Market?
- Which segment largest market share in Supply Chain Security Market?
- What is the demand pattern for the Supply Chain Security Market?
- What are the key trends in Supply Chain Security?
- What are the strategies used by competitors in the Supply Chain Security Market?
- What are the growth prospects in developing countries for the Supply Chain Security Market?
- Which segment is expected to witness the fastest growth and why in the Supply Chain Security Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2023−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Type, Source, Application, Distribution and Region
- Competitive Landscape – Profiles of selected key players by region in a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Information Technology & Telecommunication research firm, has also published the following reports:
Next-Generation Supply Chain Market: Next-Generation Supply Chain Market size is expected to reach US$ 182.86 Bn in year 2029, at a CAGR of 13.22 percent during the forecast period. Innovations in businesses, uncertainties together with shorter and tougher business cycles, expanding and demanding consumer base, converging wages and increasing costs; and the evolution of big data.
Supply Chain Finance Market: Supply Chain Finance Market was valued at USD 45.62 Billion in 2023 and is expected to reach USD 112.01 Billion by 2030, exhibiting a CAGR of 13.69 percents during the forecast period (2024-2030). The new era demands for a reverse operational cycle, whereas the previous few years saw a trend of firms introducing automation solutions before assessing the compliance demands.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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