As a result, the Supply Chain Security Market is segmented into components (hardware, software, services), by security types (data protection, data visibility and governance, and others), by enterprise size (large, medium and small enterprises), and by industry vertical (FMCG, Retail and E-commerce, Healthcare, Manufacturing, Transportation and Logistics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.
In 2021, the global market size for supply chain security was estimated at USD 2 billion and is expected to reach USD 6.3 billion by 2031, growing at a compound annual growth rate of 12.6% from 2022 to 2031.
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The following are some of the major factors driving the growth of the Supply Chain Security Market:
A combination of growing regulatory demands, compliance needs, and growing concerns about the cybersecurity of supply chains is driving the market for supply chain security to grow rapidly.. There is still a constant risk of cargo theft and the need for real-time visibility and traceability of cargo has led to the use of cutting-edge technology such as blockchain, IoT, and artificial intelligence to combat the problem.. The complexity of international supply chain networks and the increased importance of vendor risk management combined with the intricacy of international supply chain networks have further emphasized the need for all-encompassing security solutions
The complexity of international supply chain networks and the increased importance of vendor risk management combined with the intricacy of international supply chain networks have further emphasized the need for all-encompassing security solutions
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INFLUENCING TRENDS FOR THE GROWTH OF THE SUPPLY CHAIN SECURITY MARKET
The growing concerns businesses have about cybersecurity are one of the main factors that are driving the supply chain security market to grow at a rapid rate. It has been found that the increasing digitalization of supply chain operations has resulted in a rise in cyber security vulnerabilities. As a result, the industry offers cutting-edge cybersecurity solutions that will help protect against ransomware attacks, data breaches, and other nefarious activities that can disrupt the supply chain in the future. Throughout the world, governments and regulatory agencies are putting more and more restrictions on enterprises in order to improve the security of their supply chains. In order to comply with the rules and regulations of this industry, businesses are investing money in services and technology that ensure compliance with the standards and protect them from penalties.
In order to comply with the rules and regulations of this industry, businesses are investing money in services and technology that ensure compliance with the standards and protect them from penalties.
There is a serious threat of cargo theft and manipulation that poses a serious threat to the supply chain. As a result, there has been an increase in the demand for security systems that can track and monitor products in transit and ensure that they are safe from theft or unauthorized changes due to the rise in cargo theft. To protect the flow of commodities in the supply chain, the supply chain security market offers cutting-edge tracking and monitoring solutions.
It is now imperative for supply chains to be visible and traceable in real time in order to improve efficiency and security. Companies are implementing systems that provide detailed insights into every step of the supply chain, allowing them to spot irregularities and possible security breaches at a much faster rate. As a result of the demand for comprehensive monitoring and control systems, the market has been expanding rapidly.
In order for firms to continue to grow internationally, supply networks become more complex and prone to interruptions as they continue to expand internationally. The Supply Chain Security Market provides solutions that reduce risks, optimize operations, and increase resilience against natural disasters and geopolitical unpredictability in order to overcome the difficulties posed by intricate global networks.
The control of vendor risks has emerged as an important component of supply chain security since supply networks are frequently reliant on a network of partners and vendors. A growing number of businesses are looking for all-inclusive solutions in order to assess and reduce the risks associated with their broad supply chain networks as the market expands.
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ANALYSIS OF SUPPLY CHAIN SECURITY MARKET SHARE
In terms of revenue and market share, North America has led the world in terms of supply chain security in the year 2021. The reason for this is that the region is witnessing a rise in the use of cutting-edge technologies like blockchain, artificial intelligence (AI), and the Internet of Things (IoT), which help secure supply chains in the region. Moreover, government efforts and regulations, the use of cutting-edge technology, and the growing need for reliable and secure supply chains all contribute to the market's expansion in North America, in addition to government efforts and regulations.
Moreover, government efforts and regulations, the use of cutting-edge technology, and the growing need for reliable and secure supply chains all contribute to the market's expansion in North America, in addition to government efforts and regulations.
There is no doubt that Asia-Pacific is predicted to grow at the fastest rate during the forecast period, due to the growing demands for safe and efficient supply chain operations as well as the region's developing economies and increasing trade volumes during the period of projection.
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A few of the key companies are:
The Accenture Group plc
The IBM Corporation is a multinational corporation
In the semiconductor industry, NXP Semiconductors is a leading company
Technologies related to the cold chain
There is a company called Check Point Software Technologies Ltd.
A control agent is a substance that controls
It is owned by Emerson Electric Co.
Compliance with Omega Standards
There is a company called Sailpoint Technologies Inc.
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