The Supply Chain Risk Management Market is estimated to be valued at US$ 2.9 Bn or Bn in 2022 and is expected to exhibit a CAGR of 9.2% over the forecast period 2022 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Supply Chain Risk Management solutions help companies identify, assess, and mitigate risks across the supply chain. They provide visibility into Tier 1, 2, and 3 suppliers through risk assessments and monitoring of key performance indicators. Modern supply chain risk management platforms leverage technologies such as artificial intelligence and blockchain to gain real-time insights into the global supply network. They empower organizations to make data-driven decisions to build resiliency against disruptions.
Market Dynamics:
The growth of the supply chain risk management market is driven by increasing complexity of global supply chains and stringent regulatory compliance requirements. Escalating international trade and outsourcing of production processes have expanded supply network footprints multi-fold. This has made supply chains highly vulnerable to disruption due to geopolitical risks, natural calamities, and operational issues. At the same time, regulations such as SECURE and CCPA have increased compliance pressures on organizations regarding cybersecurity, data privacy, and responsible sourcing. Supply chain risk management solutions help address these challenges through continuous supplier monitoring, risk scoring, and scenario modeling capabilities. They enable pre-emptive risk mitigation and ensure business continuity. Furthermore, adoption of advanced analytics aids in proactive decision making for building an agile and resilient supply chain.
SWOT Analysis
Strength:
- Supply chain risk management solutions help identify potential issues proactively and prevent disruptions.
- They help improve supply chain visibility and collaboration between partners.
- Data analytics capabilities help organizations make better decisions.
Weakness:
- High initial investment and maintenance costs of supply chain risk management solutions may not be affordable for small businesses.
- Lack of integration with existing systems can increase implementation challenges.
Opportunity:
- Growing e-commerce industry is increasing the demand for robust supply chain management.
- Adoption of blockchain and AI technologies can further enhance the capabilities of supply chain risk solutions.
Threats:
- Cyber threats can potentially exploit any vulnerabilities in supply chain risk management systems.
- Stringent privacy and data protection laws pose compliance challenges.
Key Takeaways
The global Supply Chain Risk Management Market Share is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing complexities in global supply chains. North America dominates the market currently due to early adoption of supply chain risk technologies by organizations in the region. The Asia Pacific market is expected to grow at the fastest pace owing to the expansion of manufacturing industry in China and India.
Regional analysis
The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. This is attributed to rapid industrialization in countries such as China and India. Manufacturers are increasingly focusing on supply chain risk visibility and disruption management to ensure flawless operations.
Key players
Key players operating in the supply chain risk management market are Avetta, LLC, Cura Software Solutions, DHL International GmbH, GEP, LogicManager, Inc., Marsh LLC, MetricStream Inc., SZ DJI Technology Co. Ltd., SAP Ariba Inc., Software AG, and The AnyLogic Company, and others. These players are focusing on developing innovative products and solutions to capture more market share.
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