February 25, 2024
Supply Chain Risk Management
Ict

Projected to boost growth of Supply Chain Risk Management Market in 2023

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 aims to identify potential sources of supply chain disruptions, and address vulnerabilities to help ensure uninterrupted operations and delivery schedules are met. Supply chains face several risks such as supply shortages, demand fluctuations, trade restrictions, natural disasters and more. Supply chain risk management solutions help companies gain real-time visibility of inventory levels, transportation conditions, and improve resilience against disruptions. They provide features like risk detection, monitoring, tracking, product authentication and more which help organizations minimize financial losses from unexpected supply issues.

Market key trends:

One of the key trends in the supply chain risk management market is growing adoption of AI and blockchain technology. AI is enabling improved risk analysis and prediction capabilities. Blockchain is being utilized to increase transparency through immutable records of transactions. It allows easy tracing of goods at each stage to quickly identify potential problems. Another major trend is the shift towards cloud-based solutions which offer scalability, flexibility and reduced costs compared to on-premise models. The emergence of Industry 4.0 with technologies like IoT is also supporting real-time visibility and automated risk management across global value chains.

Porter’s Analysis

Threat of new entrants: Low investment requirement and lack of proprietary technologies makes threat of new entrants moderate in this market.

Bargaining power of buyers: Large buyers have moderately high bargaining power due to the availability of substitutes and demand for continuous price reductions.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to lack of product differentiation and availability of substitutes.

Threat of new substitutes: Threat of new substitutes is moderate as other technological solutions can potentially replace supply chain risk management solutions.

Competitive rivalry: High due to presence of many global and regional players offering customized solutions.

Key Takeaways

The global Supply Chain Risk Management Market Share is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing complexities across supply chains.

Regionally, North America dominates the supply chain risk management market currently due to presence of major players and established industries in the region. Asia Pacific is expected to exhibit highest growth during the forecast period supported by rapid industrialization and adoption of new technologies in major economies.

Key players operating in the Supply Chain Risk Management market are IBM, Emerson, Oracle, NXP Semiconductors, Testo, ORBCOMM, Sensitech, ELPRO, Rotronic, Monnit, Cold Chain Technologies, LogTag Recorders, Dickson, Signatrol, Hanwell Solutions, Controlant, Roambee, Omega Compliance, Tagbox Solutions, C2A Security, SafeTraces, Tive, Altana, and FourKites. These players are focusing on product innovation and geographic expansion to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it