The global Supply chain security market frequent cyberattacks and data exploits along with the demand for better visibility across the supply chain is aiding growth. Organizations across the globe are looking for supply chain solutions that are secure, maintain data integrity, and enhance the visibility across their supply chain. With the increased availability of counterfeit products in the market, consumers are looking for more thorough proof of authenticity and credibility
As counterfeiting can also affect brand value and goodwill, organizations are looking to secure their supply chain against all kinds of threats. The cumulative force of these factors is expected to create favorable opportunities in the global supply chain security market. In the coming years, key manufacturers in the supply chain security market are expected to drive the market to sound expansion through strategic alliances, intense innovation, and novel R&D endeavors.
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Growing Demand for Blockchain Solutions Set to Create Sound Business Outcomes
Globally, organizations are looking to cut costs and streamline their supply chain which is leading to the adoption of blockchain technology. Blockchain enables organizations to quickly create a decentralized and permanent record of transactions stored in an immutable ledger with the features enabling the user to share these records with stakeholders for transparency. According to IBM, blockchain’s security, traceability and anti-counterfeit properties have incentivized organizations to invest in the technology. During the forecast period, the rising demand for advanced blockchain solutions, combined with robust innovation in blockchain technology, is poised to create promising outcomes in the supply chain security market.
eCommerce and Retail Sector Set to Maintain Market Dominance
Major eCommerce players such as Amazon and Alibaba have greatly simplified customers’ buying behavior and incentivized them to buy more commodities online. This has attracted the interest of hackers who wish to exploit the platforms to access sensitive user data such as payment information and contact details. As the number of retailers on the platforms is huge, the cybersecurity of all suppliers might not be up to the standard and this can be used as an exploit by the hackers. Lack of visibility and verifiability makes the system more vulnerable. Supply chain security solutions help organizations by enhancing visibility of their entire supply chain. Consequently, the ecommerce and retail sector are projected to garner higher demand for supply chain security solutions.
North America Continues to be the Biggest Supply Chain Security Market
North America is the world’s largest supply chain security market. High demand in this region is mainly due to the complexity of the supply chain, presence of key market players, and increased cybersecurity threats. The need to protect corporate brand and reputation is also a factor contributing to the growth of North America’s supply chain security market. In a world driven by interconnectivity, data breaches can significantly impact businesses’ bottom line, this has led many organizations in North America to outsource their supply chain security solutions to specialist providers, creating a market for solutions that specialize in securing complex supply chains, enabling robust expansion across supply chain security market.
Vendor Landscape of Supply Chain Security Market :
Sensitech, ORBCOMM, ELPRO, Berlinger & Co. AG, Emerson, Rotronic, Testo, Qingdao Haier Biomedical, NXP Semiconductors, Signatrol, Monnit Corporation, IBM, Omega Compliance, LogTag Recorders, Cold Chain Technologies, Dickson, and Oceasoft are some of the key players in the global supply chain security market.
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