Supply Chain Security Market Size

Supply Chain Security Market Size

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.

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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.

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.