Home > Pressrelease > Supply Chain Security Market size to surpass $4 Bn by 2032
Supply Chain Security Market size to surpass $4 Bn by 2032
- Published Date: March 28, 2023
Supply Chain Security Market size is predicted to reach USD 4 billion by 2032, according to a new research report by Global Market Insights Inc.
The report indicates that the rising adoption of omnichannel retail approaches and online shopping following the COVID-19 pandemic are key factors driving supply chain security software development. Based on the 2020 Census Bureau’s Annual Retail Trade Survey, in 2020, e-commerce sales surged by 43% or USD 244.2 billion. This trend showcases the rapid rise in requirements for real-time tracking and visibility of supply chains to prevent theft, counterfeiting, and other frauds. As a result, supply chain security frameworks will gain traction as a solution to provide end-to-end control of goods from warehouses to consumers.
Growing cases of cyber breaches will fuel the adoption of supply chain security services
Supply chain security market share from the service component segment is poised to depict over 10% CAGR from 2023 to 2032, owing to the role of integration and deployment services in limiting business operation inefficiencies. Since professional service providers manage all aspects of supply chain security, customers can focus on core businesses. Training and consulting services are also being designed to help organizations address risks and train on regulatory compliance and emerging vulnerabilities. The acceleration of supply chain cyber-attacks will therefore propel the market demand.
Rise in healthcare supply automation to stimulate development of supply chain security solutions
Based on the end-use, the supply chain security market from the healthcare segment will cross USD 700 million by 2032, on account of supply chain automation and smart device penetration. Supply inventory automation can provide healthcare companies with more understanding of the budget and help them reduce waste through the elimination of over-ordering of perishable goods. The growing awareness of the role of supply chain security policy in improving patient safety, complying with regulatory guidelines, and safeguarding against cyber threats will also spur service demand for healthcare applications.
Browse key industry insights spread across 230 pages with 349 market data tables and 34 figures & charts from the report, “Supply Chain Security Market Size By Component (Software, Hardware, Services), By Security (Data Protection, Data Visibility & Governance), By Organization Size, By End-use (FMCG, Retail, Healthcare, Manufacturing, Transportation and logistics, Automotive) & Forecast 2023 – 2032” in detail along with the table of contents:
Digitalization & B2B platform expansions will drive need for supply chain security in Europe
Europe will account for over 20% share of the supply chain security market by 2032, as a result of rapid digitalization and supply chain business expansion. Citing an instance, in November 2022, Inxeption, a B2B supply chain digitalization platform, launched its operations in Germany to increase its reach to customers in Europe. However, weak consumer demand has fueled a wave of retail store closures, especially in the UK. These factors may create roadblocks to the expansion of supply chain security service businesses in the region.
New service development strategies to influence the global industry landscape
Major players involved in supply chain security market include FourKites, Inc., Testo, Signatrol, TagBox Solutions, Sensitech, Roambee, ORBCOMM, Oracle Corporation, Omega Compliance, LogTag Recorders, IBM Corporation, Emerson Electric Co., ELPRO-BUCHS AG (Bosch), Cold Chain Technologies, and Altana AI, among others. These companies are incorporating strategies such as new service developments and collaborations to solidify their presence in the industry.
For instance, in April 2022, Exiger introduced a supply chain risk monitoring service, Supply Chain Explorer, that integrates varied customizable data sources into calculations. This service was designed to serve customers without the need for their own data centers or run on a dedicated appliance. Initiatives such as these are meant to enable the company to reinforce its foothold in the supply chain security industry.