CHICAGO, Jan. 6, 2023 /PRNewswire/ — The global Supply Chain Security Market will grow from an estimated USD 2.0 billion in 2022 to USD 3.5 billion by 2027, at a compound annual growth rate (CAGR) of 11.0%, according to a new report by MarketsandMarkets™. The increasing demand for enhanced security of supply chain transactions fuel market growth.
Browse in-depth TOC on “Supply Chain Security Market“
289 – Tables
41 – Figures
247 – Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=123703201
By component, hardware segment to account for the largest market size during forecast period
The Supply Chain Security Market, by component, is bifurcated into hardware, software, and services. The hardware segment includes sensors, data loggers, and other devices used to track and trace assets in a supply chain. The supply chain security solutions require sensors and other hardware to monitor products effectively. Hardware devices are used in various applications, such as environmental sensing, data relaying, and centralizing databases for further evaluation. For example, data loggers are used throughout the cold chain to monitor the temperature of food, pharmaceuticals, chemicals, and other temperature-sensitive products. Sensing devices (temperature sensors, pressure sensors, and flow measurement sensors) are used to track shipments, locations, and the visibility of products and transport vehicles in real time. The need for hardware devices for the effective and secure functioning of supply chains is expected to boost the market growth in this segment.
By application, healthcare and pharmaceuticals to grow at highest CAGR during forecast period
The healthcare and pharmaceuticals verticals are rapidly undergoing digital transformation. However, increasing digitalization leads to the risk of fraud and cybercrimes. The healthcare industry faces challenges such as complex and costly data reconciliation and the lack of interoperability between various systems in a healthcare network. Illegal activities, such as producing harmful medicines and counterfeit drugs by criminal enterprises, improper stock control, and the lack of visibility and transparency across the supply chain, occur in this industry. Supply chain security solutions help resolve supply chain challenges with continuous medicine tracking. These solutions powered by AI/blockchain enable manufacturers to track the physical goods from their production to pharmacy and consumers to track the product authenticity in real time.
Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=123703201
By region, North America to account for largest market size during forecast period
North America, considered the most advanced region in terms of advanced supply chain security technologies, is expected to be the largest contributor to the global Supply Chain Security Market size. The wide presence of key industry players in this region fuel market growth in supply chain security solutions. North America includes the US and Canada, among which the US is expected to dominate the market. Pharmaceuticals and healthcare industries have made noteworthy contributions toward the growth of the Supply Chain Security Market in the region. The pharmaceutical industry is subject to stringent regulations to ensure safety and good storage and distribution practices. The regional presence of key industry players offering supply chain security solutions is the key factor driving the growth of the North American supply chain security industry. The key players in this region include Sensitech (US), ORBCOMM (US), Emerson (US), Monnit (US), IBM (US), and Oracle (US). The dominance of supply chain security players in North America is expected to drive overall market growth. The increasing digitalization, presence of key supply chain security vendors, and strict regulations implemented in the region have driven growth in the Supply Chain Security Market.
Key Players
The major vendors in the Supply Chain Security Market are IBM (US), Emerson (US), Oracle (US), NXP Semiconductors (the Netherlands), Testo (Germany), ORBCOMM (US), Sensitech (US), ELPRO (Switzerland), Rotronic (Switzerland), Monnit (US), Cold Chain Technologies (US), LogTag Recorders (New Zealand), Dickson (US), Signatrol (UK), Hanwell Solutions (UK), Controlant (Iceland), Roambee (US), Omega Compliance (Hong Kong), Tagbox Solutions (India), C2A Security (Israel), SafeTraces (US), Tive (US), Altana (US), FourKites (US).
Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting
Related Reports:
Smart Railways Market – Global Forecast to 2026
Citizen Services AI Market – Global Forecast to 2026
Green Technology and Sustainability Market – Global Forecast to 2027
Connected Toys Market – Global Forecast to 2027
Customer Experience Management Market – Global Forecast to 2026
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/supply-chain-security-market.asp
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/supply-chain-security.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
SOURCE MarketsandMarkets