Secondary Macronutrient Fertilizers Market Assessment, By Nutrient Type [Magnesium, Calcium, Sulfur], By Form [Solid, Liquid], By Crop Type [Cereals and Grains, Fruits and Vegetables, Oilseeds and Pulses, Others], By Application [Foliar, Fertigation, Othe

Secondary Macronutrient Fertilizers Market Assessment, By Nutrient Type [Magnesium, Calcium, Sulfur], By Form [Solid, Liquid], By Crop Type [Cereals and Grains, Fruits and Vegetables, Oilseeds and Pulses, Others], By Application [Foliar, Fertigation, Others], By Region, Opportunities and Forecast, 2017-2031F

Global supply chain risk management market is projected to witness a CAGR of 10.01% during the forecast period 2024-2031, growing from USD 3.51 billion in 2023 to USD 7.53 billion in 2031. The increasing supply chain disruption, along with technological advancements is driving growth of the supply chain risk management market. Disruptive events such as the COVID-19 pandemic and natural disasters, coupled with geopolitical tensions and trade conflicts have exposed some critical weaknesses in global supply chains that force companies to invest in risk management solutions to protect against such potential losses and ensure continuity in the normal functioning of operations. At the same time, technological changes including artificial intelligence and machine learning better manage risks in organizations by providing insights that could be more accurate and timelier. Innovations can better help companies predict, monitor, and address disruptions, hence making risk management tools indispensable against the complexities of modern supply chains. The sum effect of all these factors is taking companies to stronger precautions in terms of strong risk management practice and has been prompting significant growth in the supply chain risk management market as they try to stay resilient and competitive in this increasingly uncertain world.

In May 2024, Craft.co. launched a next-generation supplier risk management solution designed for team collaboration and proactive risk mitigation, powered by an expansive data fabric and AI-driven intelligence. The platform offers comprehensive supplier visibility, hyper-relevant risk signals, and a user-friendly workspace, enabling organizations to stay compliant and minimize disruptions. With over 1,300 data streams covering various risk categories and integration with third-party data, it simplifies global supplier management. Highly configurable features prioritize risk monitoring, alerting and event tracking, enhancing proactive risk management. This innovation aids the growth of the supply chain risk management market by providing companies with advanced tools and comprehensive data to proactively manage risks, ensuring operational continuity and competitiveness amid global uncertainties.

Increased Supply Chain to Fuel the Supply Chain Risk Management Market Growth

Increased supply chain disruption from geopolitical tensions, pandemics, and natural disasters are driving the growth of the supply chain risk management market due to increased awareness of potential vulnerabilities. Uncertain delays, increasing costs, and resource shortages force companies to increasingly turn towards a strong risk management strategy that addresses such risks. This demand fuels the adoption of advanced technologies such as predictive analytics, real-time monitoring and artificial intelligence to enhance resilience and agility. As businesses expand their supply chains, they are pushed into total risk management solutions that protect their operational continuity while maintaining customer satisfaction. The disruptions call for proactive identification and mitigation of risks, pushing more businesses to invest in risk-specific management services, further propelling the market's growth.

In May 2024, Marsh McLennan launched Sentrisk, an AI-powered platform designed to transform supply chain risk management by providing comprehensive supply chain mapping, advanced analytics, and risk advisory services. Sentrisk uses artificial intelligence, geospatial satellite imagery, and proprietary analytics to identify and mitigate supply chain vulnerabilities such as natural disasters, geopolitical tensions, climate change, and reputational risks. This innovative decision allows companies to make reasonable decisions, increase stability, and actively manage risks, stimulating growth of the risk management market for supply chains and offering advanced tools and ideas that provide operational continuity and competitiveness in the context of global uncertainty.

Advancements in Technology to Drive Market Growth

Advances in technology have significantly driven the growth of the supply chain risk management market as they enable more efficient, data-driven solution for identification and mitigation of risks. Powered by innovations such as artificial intelligence, machine learning and blockchain, companies achieve deeper visibility through complex supply chains that can predict disruptions, monitor real-time conditions and rapidly respond to unexpected events. Predictive analytics and big data allow businesses to review historical trends and predict future risks, thus giving them resilient and flexible operations. The Internet of Things provides real-time tracking of assets, improving transparency and control over supply chain processes. As companies begin to rely increasingly on these new-age tools to minimize risks, the need for complete risk management solutions rises, accordingly. Indeed, such technological advancement will improve the efficiency and reliability of the operations and advance the development of risk management strategies, thus the market is poised for growth.

In May 2024, Zoho Corporation Pvt. Ltd. integrated its SIEM solution, Log360, with Constella Intelligence to provide 24/7 dark web monitoring and proactively detect and notify organizations of compromised credentials before attackers can exploit them. The integration, announced at the RSA Conference, provides businesses with a critical first line of defense against supply chain attacks by providing real-time alerts, advanced analytics and integrated security response. By continuously scanning the deep and dark web it prevents cyber-attacks protects critical data and provides immediate action to minimize business disruption. This innovation improves supply chain risk management by providing comprehensive protection, building resilience, and enabling businesses to proactively manage risk and maintain continuity in the face of growing cyber threats.

Solutions Segment to Dominate Supply Chain Risk Management Market Share

The Solutions segment is a major player dominating the share of the global supply chain risk management market, providing advanced tools to help businesses identify, assess, and mitigate risks within their supply chains. Faced with increasing global uncertainties and supply chain vulnerabilities, businesses are seeking sustainable solutions to improve resilience and continuity. This segment will meet these needs and provide complete data analysis, actual monitoring tools, and risk evaluation that will enhance the control and understanding of the supply chain. Technology integration, predictive modeling, effective risk management, and decision-making segments allow companies to make rational decisions, minimize disability, and protect against potential threats. This advantage is driven by a proactive approach to identify emerging risks and adapting to regulations and industry standards to meet the growing demand for effective supply chain risk management solutions.

In May 2023, Accenture and Blue Yonder Group, Inc. expanded their strategic relationship to accelerate the development and delivery of new supply chain solutions by leveraging Accenture’s technology and domain expertise, alongside Blue Yonder’s Luminate platform. The collaboration aims to create resilient responsive and sustainable supply chains through innovative solutions and capabilities improved supply chain synchronization and the application of AI and machine learning for better planning and execution. By offering these advanced tools and driving co-innovation the partnership helps companies optimize costs, grow profitably, and stay agile amid global disruptions, thus fostering growth in the supply chain risk management market.

North America to Dominate the Supply Chain Risk Management Market Share

North America leads the share of the supply chain risk management market primarily due to its advanced technological infrastructure, strong economy, and a high adoption rate for digital solutions. Companies based in the United States and Canada consider risk management as the utmost priority by investing heavily in AI, data analytics, and real-time tracking in their effort to mitigate the disturbances of their supply chains. It comprises international technology and consulting companies focused on supply chain solutions, thereby providing companies with innovative tools to detect and mitigate risks. The pressures of trade tensions, regulatory compliance, and the COVID-19 outbreak have forced North American companies to implement strict risk management processes. Therefore, the region has acted to its strengths of resilience and proactively managing expectations to build a prime position in the worldwide supply chain risk management landscape.

In April 2023, Oracle introduced new AI and automation capabilities in its Fusion Cloud Applications Suite to enhance supply chain planning, operational efficiency, and financial accuracy. These updates, including AI-powered lead time estimates, enhanced quote-to-cash processes, and improved rebate management, address the challenges of disconnected systems by providing an integrated platform for better insights and decision-making. The holistic approach, which connects supply chain data with finance, HR, customer experience, allows businesses to drive efficiencies and achieve more with less, thereby fostering the growth of the supply chain risk management market by improving resilience and adaptability amid global disruptions.

Future Market Scenario (2024 – 2031F)

The integration of AI, machine learning, blockchain, and IoT will continue to grow, providing companies with advanced tools for real-time monitoring, predictive analytics, and enhanced visibility across supply chains.

Companies will increasingly incorporate environmental, social, and governance criteria into their supply chain risk management strategies, making sustainability a key component of risk mitigation.

Organizations will invest more in resilience planning and scenario modeling to proactively identify and address potential disruptions, ensuring continuity and agility in the face of unforeseen challenges.

As supply chains become more globalized, companies will focus on diversifying their supplier bases to reduce dependence on any single region or vendor, enhancing overall supply chain resilience.

Key Players Landscape and Outlook

Companies are innovating in these technologies and adopting proactive risk mitigation strategies that help gain a competitive advantage in this supply chain risk management market. Indeed, investment in artificial intelligence, machine learning, and predictive analytics is being sustained across organizations as it provides them with real-time visibility into disruptions like supplier delays, geopolitical issues, and environmental risks so that they can make smart decisions quickly. Also, companies are building diverse supplier bases to decrease dependence on any one region or vendor, making them more resilient. They maintain clear and sustainable practices, which include ESG issues to respond to customer and regulatory demands. Another related approach is collaboration with third-party vendors, and the development of risk-sharing partnerships enables companies to pool resources and data for richer risk analyses. They employ flexible logistics strategies, warehousing, transportation, and inventory management to keep up with the flux demands. There is a growing culture of training staff to be risk-conscious and to handle crises because this would help teams manage the disruption properly. Therefore, supply chain risk management companies focus on multifaceted strategies to make systems more resilient and responsive to market changes.

In January 2024, Sphera acquired SupplyShift Inc. to expand its supply chain resiliency capabilities through advanced supplier mapping, assessment, and monitoring. This integration enables Sphera to provide unparalleled Scope 3 and ESG monitoring and reporting, empowering companies to build transparent and sustainable supply chains. By combining Supply Shift’s data intelligence capabilities with Sphera’s ESG expertise, the acquisition enables companies to meet global regulatory requirements and stakeholder expectations. This strategic move supports the growth of the supply chain risk management market by providing advanced tools for better risk management resilience and compliance, thereby strengthening operational resilience and transparency.