The global Supply Chain Risk Management Market is estimated to be valued at US$ 2.22 Bn or Mn 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 solutions help companies identify potential disruptions and vulnerabilities across their global supply chain network. They monitor risk events, assess impacts, and provide visibility & alerts to mitigate issues. This ensures business continuity and stable operations.
Market key trends:
One of the key trends in the supply chain risk management market is the growing adoption of AI and machine learning technologies. Several leading players are focusing on developing AI-powered predictive analytics tools to help organizations evaluate potential risks and its impact on their supply chains. These tools can analyze huge volumes of structured and unstructured data in real-time to identify patterns and future risks. They can also recommend mitigation strategies to minimize disruption. Other technologies like IoT, cloud computing and blockchain are also being integrated to develop more comprehensive supply chain risk management solutions.
Market key trends:
The supply chain risk management market is witnessing increased adoption of AI and IoT-based solutions to gain real-time visibility and insights into supply chain operations. AI helps predict potential disruptions and recommend actions through advanced analytics of huge volumes of multivariable supply chain data. IoT devices deployed across supply chain assets, facilities, fleets etc. enable continuous monitoring of environmental and operational conditions to minimize losses from damages or non-compliance issues.
SWOT Analysis
Strength: Ability to reduce disruptions, gain efficiencies and ensure regulatory & compliance through end-to-end visibility of supply chain operations.
Weakness: High initial investment and complexity of implementation & integration with existing legacy systems.
Opportunity: Emerging technologies like blockchain can further enhance transparency, data sharing and mitigate risks.
Threats: Data security challenges due to growing cyber threats and reliance of solutions on telecom & cloud infrastructure.
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 complexities in global supply chains and rising import-export trade volumes.
Regional analysis:
North America dominates currently due to stringent regulations and early adoption by key industries like pharmaceuticals. Asia Pacific is expected to witness fastest growth due to expanding manufacturing industry and growing foreign trade in countries like China and India.
Key players operating in the supply chain risk management market include 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).
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it