DUBLIN--(BUSINESS WIRE)--The "Global Supply Chain Security Market by Component (Hardware, Software, and Services), Application (Data Protection, Data Visibility, and Governance), Organization Size, Vertical (FMCG, Healthcare, Retail, and eCommerce), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global supply chain security market size is projected to grow from USD 903 million in 2021 to USD 1,227 million by 2026, at a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period.
By component, the services segment to register the highest growth rate during the forecast period
The services segment includes various services that are required to deploy, execute, and maintain the supply chain security software and hardware in an organization. As the adoption of the supply chain security solution increases, the demand for these services is also expected to increase. Supply chain security can be provided through professional security analysts who provide remote assistance and incident response to clients in case of suspicious activities. Professional services include training and education, and support and maintenance. As the adoption of the supply chain security increases, the demand for these services is also expected to soar. Supply chain security services ensure 24/7 protection against increasing sophisticated architectures, SOCs manned by security experts, and quick incident response services. Supply chain security vendors offer customized subscriptions and professional services to assist end users in easy planning and deployment of supply chain security solutions.
By organization size, the SME segment to register the highest growth rate during the forecast period
SMEs are the fastest-growing segment in the supply chain security market as cloud-based supply chain solutions and services help in improving business performance, enhancing security, and enhance productivity at an affordable cost. Hence, majority of the SMEs deploy cloud-based supply chain security solutions. SMEs tend to suffer from resource constraints, including financial resources and technical expertise, when it comes to the adoption of the supply chain security solutions and services. They are majorly adopting supply chain security solutions to gain real time visibility of all supply chain assets through their lifecycle. Governments are taking ample initiatives to promote the adoption of supply chain security solutions among SMEs. The COVID-19 pandemic is widely exploited by malicious cyber groups using COVID-19 themes, putting SMEs at the risk of cyber-attacks. Even though SMEs have limited budgets, there are many vendors who have curated supply chain security solutions according to the needs of an SME.
Asia Pacific to register the highest growth rate during the forecast period
Asia Pacific (APAC) has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global supply chain security market during the forecast period. The supply chain security market in APAC is projected to grow at the highest CAGR during the forecast period. APAC countries are increasingly investing in supply chain security projects. The region comprises emerging economies, such as China, Japan, India, and rest of APAC countries. With the proliferation of IoT in the APAC region, security and fraud concerns have risen. Enterprises in the APAC region are embracing supply chain security technologies. Companies operating in APAC would benefit from the flexible economic conditions, industrialization-motivated policies, political transformation, and the growing digitalization, which is expected to have a significant impact on the business community and drive the supply chain security market growth.
Market Dynamics
Drivers
- Pandemic Led to Increasing Ransomware and Supply Chain Attacks
- Increasing Need for Healthcare Supply Chain Security
- Increasing IoT Devices in the Supply Chain
Restraints
- Increasing Variants of Cyberattacks Globally
- Budgetary Constraints Among Small and Emerging Startups in Developing Economies
Opportunities
- Improving Risk Prediction and Management
- Widespread Adoption of Automation Technology and Others Across the Value Chain
Challenges
- Shortage of Supply and Demand Shocks During COVID-19
Companies Mentioned
- 12.1.Ibm
- Astrona Biotechnologies
- Berlinger & Co. Ag
- Cold Chain Technologies
- Controlant
- Dickson
- Elpro
- Emerson
- Freshsurety
- Hangzhou Zeda Instruments
- Hanwell Solutions
- Logtag Recorders
- Monnit
- Most
- Nxp Semiconductors
- Oceasoft
- Omega Compliance
- Orbcomm
- Qingdao Haier Biomedical
- Rotronic
- Safetraces
- Sensitech
- Signatrol
- Startup/ Sme Profiles
- Tagbox Solutions
- Testo
- Tive
For more information about this report visit https://www.researchandmarkets.com/r/7ckl8d
