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Supply Chain Security Market size exceeded USD 1 billion in 2022 and is set to register more than 5% CAGR between 2023 to 2032, as a result of the growing reliance on third-party logistics solutions providers.
Supply chains have witnessed seismic shifts in recent years, with the COVID-19 pandemic contributing to the optimization of third-party logistics digitization. As supply chain companies turn to advanced technologies to streamline the movement of goods, 3PL is revolutionizing the next phase of progress. The integration of third-party solutions, however, is associated with supply chain security risks, as it involves sharing sensitive data across different platforms. The increased reliance of businesses on third-party solutions will therefore augment the requirement for robust supply chain security measures.
Report Attribute | Details |
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Base Year: | 2022 |
Supply Chain Security Market Size in 2022: | USD 1 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 5% |
2032 Value Projection: | USD 4 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 230 |
Tables, Charts & Figures: | 383 |
Segments covered: | Component, Security, Organization Size, End-use and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Inaccuracies, delays, and other inefficiencies may lead to financial losses and reputational damage for supply chain organizations. To address these challenges, they are increasingly relying on supply chain security frameworks to improve traceability, visibility, and risk management. Furthermore, the advancement in AI, IoT, and blockchain technologies will lead to supply chain optimization and in turn, create lucrative opportunities for supply chain security software developers. However, the lack of skilled professionals to meet the growing security demand may hinder the industry growth.
Supply chain security market value from the data protection security segment is expected to reach USD 2 billion by 2032, on account of the growing emphasis on enhancing business efficiency and maximizing profit. Supply chain cybersecurity risk reports have also revealed that many organizations are experiencing the negative impacts of data breaches in their supply chains in recent years. These challenges will accelerate the usage of supply chain security hardware to deliver an additional security layer to safeguard against attacks that can compromise data integrity and confidentiality.
Based on the end-use, the supply chain security market size from the FMCG segment is anticipated to cross USD 1 billion by 2032, considering the strong focus of departmental shops on stocking up their shelves. FMCG companies are also opting for advanced supply chain management solutions to ensure customer satisfaction through on-time delivery and entire software supply chain security. In addition, the emphasis of retail chains on brick-and-mortar store expansion will stimulate product usage to enhance security across the FMCG supply chain.
North American supply chain security market share will depict an 8% CAGR through 2032, led by the rising initiatives to strengthen critical supply chain security. Government officials have signed executive orders directing all-of-government approaches to assess vulnerabilities and ensure critical supply chain resilience in the U.S.
For instance, freight logistics projects such as the U.S. Government’s Freight Logistics Optimization Works or FLOW are being developed to establish data-sharing initiatives and support supply chain operations by bringing together transportation and logistics industry players. These factors will promote logistics operations and consequently bolster the regional market outlook.
Some of the leading companies involved in the supply chain security market are:
New solution developments and business expansions are some of the key strategies being undertaken by these companies to reinforce their presence and increase their customer base in the industry.
For instance, in March 2022, Checkmarx launched its Checkmarx Supply Chain Security solution, designed to detect harmful open-source packages through the contemporary application development cycle. This initiative was intended to enable the company to develop a strong footprint in the global market.
Despite the slight recovery of businesses from the inflation crisis in recent years, challenges remain. During the inflation surge in early 2021, supply chain shortfalls were a major concern. The price hike was mainly due to the lack of commodities and products, creating an imbalance in demand and supply. These disruptions in supply chain operations may assert a negative impact on the industry players.
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Market, By Component
Market, By Security
Market, By Organization size
Market, By End-use
The above information has been provided for the following regions and countries: