Global Supply Chain Security Market - 2023-2030

Supply Chain Security The Global Supply Chain Security Market reached USD 2,011.70 million in 2022 and is projected to witness lucrative growth by reaching up to USD 4,483.27 million by 2030. The market is expected to exhibit a CAGR of 10.6% during the forecast period (2024-2031). Supply chain security comes under supply chain management focusing on external suppliers, vendors, logistics and transportation risk management.

The supply chain security market is growing due to increasing investments in discovering, analyzing and mitigating the risks involved in working with other companies as part of a supply chain. Physical product security and cybersecurity for software and services are all part of supply chain security.

Key players responsible for boosting the supply chain security market growth include IBM Corporation, Cisco Systems, Inc., Honeywell International, Inc., Oracle Corporation, and others. These companies are focusing on strategies such as partnerships, collaborations, and mergers and acquisitions to expand their presence in the market. The top five global supply chain security companies hold 71.94% of the total market in 2022, whereas the top three players account for nearly 59.96% of the total market.

Supply Chain Security Market Dynamics

Widespread automation and increased cyber assaults

Companies are digitally upgrading supply chain management by experimenting and applying technologies such as blockchain, machine learning, and artificial intelligence (AI) to traditional supply chain management duties.

When suppliers, workers, and communities access more sophisticated technology, they use it to collect and exchange environmental and social performance data. They will continue to transform the labor force and total sourcing costs, particularly in areas ripe for automation, are regarded as the crux of the global supply chain.

Nonetheless, various threatening agencies/groups know the high cost of downtime and have experimented with extracting the most information possible in a ransom attempt. To complete the ransom transaction, numerous ransomware families have turned to extortion. Ransomware attackers are always looking for new ways to infiltrate a firm. Thus, cybercrime across the globe has encouraged key players to adopt advanced technology such as supply chain security.

Excessive implementation costs

Cybersecurity requirements are expanding faster than the resources available to address them. Most small firms lack the finances and IT security knowledge required to adopt improved cybersecurity solutions to defend IT infrastructures and networks from various threats.

In addition, the cost efficiency of the cyber supply chain (CSC) security should be the first and primary decision to be made when integrating multiple networks in supplier inbound and outbound chains.

CSC systems connect various organizational network system nodes, such as SMEs and third-party vendors, for business processes, information flows and delivery methods. Adversaries use a variety of tactics, including RAT and island-hopping attacks, to enter, infiltrate, control and change delivery channels.

Most firms, however, fail to spend enough on security and do not consider the long-term benefits of monitoring and auditing third-party networks. As a result, cost-benefit analysis is the most important component.

A lack of financial investment might be a major barrier to certain small and medium-sized firms adopting the supply chain security paradigm. Many organizations consider these costs prohibitively expensive, as a result, refrain from establishing supply chain security.

Supply Chain Security Market Segment Analysis

The global supply chain security market is segmented based on component, organization size, application, end user and region.

The growing trend toward globalization and outsourcing

Hardware segment holds the largest market share at the global level. The hardware component in the global supply chain security market refers to the physical devices and equipment used to secure supply chain operations. Its component includes RFID (radio frequency identification) tags, sensors, cameras, biometric scanners, and other monitoring and tracking devices.

The demand for hardware solutions in the global supply chain security market is driven by the increasing need for organizations to secure their supply chain operations against various threats. The growing trend toward globalization and outsourcing has also increased the need for organizations to monitor and manage complex and distributed supply chain networks.

Furthermore, the hardware segment of the supply chain security market is driven by the increasing adoption of Internet of Things (IoT) technology in supply chain operations. IoT devices can provide real-time monitoring and tracking of goods and assets, enabling organizations to optimize their supply chain operations and improve efficiency.

Supply Chain Security Market Geographical Share

Asia-Pacific’s growing investments in security solutions and the presence of key players in the region

Asia-Pacific (APAC) is home to some of the world's largest economies and a significant portion of global trade. The region’s supply chain security market is a critical component of the economy, responsible for transporting goods and materials from manufacturers to consumers.

Moreover, the China supply chain security market is highly competitive, with companies offering various security solutions and services. Major players in the market include security companies, logistics providers, and technology providers. The companies offer various services, including cargo screening, risk assessments, security audits and security training.

The Chinese government is investing in boosting market growth. For instance, in November 2022, China's top economic regulator urged greater international collaboration to improve industrial and supply chain security amid pressure from COVID-19 outbreaks, geopolitical tensions and a gloomy global outlook.

Furthermore, increased efforts will be made to improve cooperation to address supply chain defects and issues in the logistics, energy and agriculture industries. China will collaborate with other Asia-Pacific countries to advance standard-setting, policy research and global collaboration in the green industry.

Supply Chain Security Market Companies

The major global players in this market include Emerson Electric Co., Sensitech ORBCOMM, ELPRO-BUCHS AG, NXP Semiconductors, Haier Biomedical, ROTRONIC AG, Testo SE & Co. KGaA, Monnit Corporation, Berlinger & Co. AG, and IBM.

Key Developments
• On November 7, 2022, ORBCOMM Inc. U.S. based IoT technology-providing company announced that it uses the most recent telematics technology to provide end-to-end monitoring for dry marine containers traveling through intricate supply chains around the globe. The new CT 1000 solution from ORBCOMM, which is anticipated to be commercially available in early 2023, digitalizes international container shipping by giving shipping lines and their client's visibility and traceability so they can use real-time data to make decisions about their maritime operations.
• On October 06, 2021, Berlinger & Co. AG a Swiss-based company specializing in designing, developing and producing advanced monitoring and security solutions for the pharmaceutical and logistics industries announced a partnership with endpoint Clinical. The company specializes in interactive response technology (IRT) for clinical trials to provide complete end-to-end visibility of the entire temperature history of an investigational medicinal product (IMP).
• In November 2021, Monnit Corporation a U.S.-based company developing and manufacturing wireless Internet of Things (IoT) solutions for commercial and industrial applications launched the ALTA range of sensors for usage in explosive environments. The company stated that it had received U.S. IECEx certification for the ALTA temperature sensor, pressure sensor and dry contact sensor.

Why Purchase the Report?
• To visualize the global supply chain security market segmentation based on component, organization size, application, end user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of supply chain security market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available in Excel consisting of key products of all the major players.

The global supply chain security market report would provide approximately 69 tables, 71 figures and 205 Pages.