Global Supply Chain Security Market - 2022-2029
The global supply chain security market reached US$ XX million in 2021 and is expected to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period 2022-2029.
Supply chain security is a type of supply chain management that focuses on risk management for external suppliers, vendors, logistics and transportation. Its purpose is to detect, assess and reduce the risks associated with collaborating with other businesses as part of a supply chain. Supply chain security includes physical product security and cybersecurity for software and services. There is no single set of recognized supply chain security principles or best practices since supply networks can vary considerably from company to group because many diverse organizations may be involved. A comprehensive supply chain security strategy necessitates the application of risk management principles as well as extensive cyber defense.
Previously, supply chain security was largely concerned with physical security and integrity due to internal and external concerns, such as theft, sabotage and terrorism. Cyberthreats have recently come to the top of the concerns list in supply chain security. Cyberthreats include vulnerabilities in IT and software systems, such as virus assaults, piracy, illegal ERP access and unintentional or intentionally introduced backdoors in commercial, open-source, or proprietary software.
Widespread automation and increased cyber assaults are major market drivers for the global supply chain security market. Nevertheless, the extensive expenses required to implement supply chain security restrain the market's growth.
Companies are digitally modernizing supply chain management by piloting and deploying technologies such as blockchain, machine learning and AI to traditional supply chain management tasks. As suppliers, workers and communities have access to increasingly sophisticated technology and use it to collect and share environmental and social performance information. Supply chains are becoming hyper-transparent. Automation and advanced manufacturing are already having a significant impact on supply chains. They will continue to reshape the labor force and total sourcing costs, particularly in industries that lend themselves to automation, are considered the crux of the global supply chain.
However, virus threat actors are aware of the high cost of downtime and have experimented with the maximum amount of information they can extract in a ransom attempt. Extortion has become a side hustle for several ransomware families to complete the ransom transaction. Ransomware attackers are continually looking for new ways to attack a company. According to reports, 929 attacks were reported between July 2019 and May 2020. The report also warns of a 430 percent increase in attacks that directly target open-source components to infiltrate crucial software supply chains. As a result, the growing automation of supply chains and the rising number of global virus attacks could be considered major factors that helped the global supply chain security market experience a market boom.
Cybersecurity requirements are growing faster than expenditures allocated to solve them. Most small businesses do not have the resources or IT security knowledge to implement upgraded cybersecurity solutions to protect IT infrastructures and networks from various threats. Limited capital investment can be a key impediment for certain small and medium-sized businesses adopting the supply chain security paradigm. Many businesses find these fees unreasonably expensive and, as a result, restrict themselves from implementing supply chain security.
Supply chain security is an essential component of management that focuses on risk reduction for supply chain, logistics and transportation management systems. The COVID-19 epidemic has impacted all aspects of society, including individuals and corporations. The internet ecosystem has played a critical role all around the world. Because of the COVID-19 pandemic, people's reliance on internet enterprises has increased, increasing harmful bot traffic. COVID-19 has compelled the need for intelligent procedures to reduce global supply chain vulnerabilities.
Supply chains are extremely complex, with several partners dispersed across multiple locations as part of a previously unseen, linked global commerce ecosystem. Since digital business practices have become the new Business Continuity Plan (BCP) for many firms, businesses are increasingly turning to supply chain security software and services to protect themselves from supply chain assaults. With the introduction of new gadgets, the risk of data breaches in security and access patterns and processes has increased. As a result, supply chain security becomes necessary to manage supply chains securely. As a result, the supply chain security market is expected to grow considerably even after the pandemic.
The global supply chain security market is classified based on component, application, deployment mode, organization size, end-user and region.
Cyberattacks mostly target online retail and e-commerce enterprises. These assaults can cause poor website performance, downtime, the exposure of important client data and financial loss. The advent of omnichannel commerce, eCommerce and mobility has necessitated enhanced visibility throughout the supply chain and real-time demand management for retailers. Customers make quick and efficient purchases from the many channel options available. Hence demand in this vertical varies. Retailers and wholesalers are improving traditional supply chain security systems by embracing retail cloud solutions to ensure flawless operations.
Retailers may obtain good visibility and track inventory throughout the whole lifespan by implementing supply chain security solutions and services, ensuring agility and profitability by catering to consumers' high needs. These solutions provide various advantages to businesses, such as lower capital and operating cost, scalability, enhanced efficiency, inventory visibility, systems integration, robust security and data accessibility.
According to estimates, North America dominates the supply chain security market due to early supply chain security adoption and the existence of multiple suppliers offering supply chain security solutions. Businesses in this region are increasingly employing supply chain security solutions to improve security, risk identification and mitigation, real-time data visibility and improved business operations across the supply chain lifecycle. As a result, the respective market in the region is expected to expand and advance at a very swift pace, continuously.
The supply chain security market is quite active in terms of the number and scope of global and local producers. The industry has been described as fragmented due to multiple manufacturers such as Sensitech, ORBCOMM, ELPRO, Rotronic, Emerson, NXP Semiconductors, Testo, Qingdao Haier Biomedical, Monnit Corporation and Berlinger & Co. AG.
Mergers, acquisitions, product launches, investments and partnerships are common market strategies employed by major market players to obtain a competitive advantage and boost their reputation.
Sensitech, a supply chain visibility provider, increased its range of IoT devices on February 26, 2021, to include air-carrier authorized and non-lithium battery variants for real-time tracking of shipments when cargo is traveling by plane.
Overview: Emerson is a technology and engineering firm headquartered in Missouri, U.S., that provides innovative products to customers in the numerous commercial, industrial and residential markets. The company was founded in 1890 and currently employs over 10,000 employees.
Automation, residential and commercial solutions are the company's major business segments. While Emerson's automation solutions division assists hybrid, process and discrete manufacturers in increasing output, protecting employees and the environment and lowering energy and operating costs, its commercial and residential solutions division contribute to human comfort and health, food quality and safety, energy efficiency and the creation of sustainable infrastructure.
Oversight Cargo Services: Emerson's Oversight cargo services deliver powerful cold chain software and value-added services (VAS) to help safeguard the integrity of shipments, from producers and food retailers to shippers and third-party logistics (3PL) providers.
On January 31, 2022, Emerson, a global technology and engineering company, announced the launch of new premium monitoring services for its Oversight cargo services platform, converting billions of aggregated sensor data points from GO loggers and trackers into insights that customers can use to manage their cold chain better.
The global supply chain security market report would provide approximately 70 tables, 68 figures and almost 200 pages.
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