Surge in need for comprehensive supply chain risk management solutions, increased government regulations and standards, an increase in urbanization, rise in traffic congestion, and digital revolution in the transportation sector drive the growth of the global supply chain risk management market.
PORTLAND, Ore., March 1, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Supply Chain Risk Management Market by Component (Solution, Services), by End Use Industry (Retail and Consumer Goods, Healthcare and Pharmaceuticals, Manufacturing, Food and Beverages, Transportation and Logistics, Automotive, Other), by Enterprise Size (Large Enterprise, Small and Medium Enterprise), by Deployment (On Premise, Cloud): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global supply chain risk management industry generated $2.9 billion in 2021, and is estimated to reach $6.9 billion by 2031 witnessing a CAGR of 9.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities:
Surge in need for comprehensive supply chain risk management solutions, increased government regulations and standards, an increase in urbanization, rise in traffic congestion, initiatives and developments by government & industry players across the country, and digital revolution in the transportation sector drive the growth of the global supply chain risk management market. However, data security issues and manual risk management processes restrict the market growth. On the other hand, standardization of risk assessment processes across organizations, as well as the integration of advanced technologies will present new growth opportunities for the global SCRM market in the coming years.
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic significantly impacted the supply chain risk management market, as companies faced a variety of challenges, like reduced capacity, factory closures, and disrupted transportation & logistics.
- In response to the pandemic, demand for supply chain risk management solutions increased as businesses seek to better understand their risk exposure and implement risk-mitigation measures.
- Furthermore, the COVID-19 pandemic highlighted the importance of greater supply chain resilience and flexibility, as well as having contingency plans in place to respond to disruptions. As a result, many businesses are emphasizing risk management and taking a more proactive approach to supply chain risk management in order to better prepare for future challenges.
The solution segment to rule the roost:
By component, the solution segment contributed to the largest share of more than three-fifths of the global supply chain risk management market in 2021 and is expected to maintain progressive growth during the forecast period. The segment is driven by rise in the adoption of supply chain visibility and event management software, as it is an important part of supply chain management. However, the services segment is projected to witness the fastest CAGR of 11.3% from 2022 to 2031. This is due to rise in implementation of supply chain risk management services to ensure effective functioning of the supply chain with transparency and control throughout the process.
The large enterprise segment to retain its dominance by 2031:
Based on enterprise size, the large enterprise segment accounted for around three-fifths of the global supply chain risk management market share in 2021 and is expected to retain its dominance by 2031. This is due to an increase in the use of supply chain risk management software to track data on supply chain operations and make required decisions. On the other hand, small and medium enterprise segment is projected to witness the fastest CAGR of 10.8% from 2022 to 2031, owing to surge in the adoption of supply chain management technologies to gain insights by analyzing real-time data across SMEs.
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The on-premise segment to dominate in terms of revenue during the forecast period:
In terms of deployment, the on-premise segment accounted for more than two-thirds of the global supply chain risk management market share in 2021 and is expected to retain its dominance by 2031. By utilizing the business’s own IT infrastructure, on-premises supply chain risk management software can be utilized to gather, present, and arrange crucial data from customer communications made through calls, emails, and chatbots. This lowers the risk of failure while enabling them to securely maintain customer requirement data, increase customer happiness, and foster long-term engagement. On the other hand, cloud segment is projected to witness the fastest CAGR of 11.5% from 2022 to 2031, owing to the fact that small and medium-sized businesses choose cloud-based supply chain risk management software as it has limited maintenance requirements and does not require any capital expenditure.
North America garnered the major share in 2021:
By region, North America garnered the highest share in 2021, accounting for nearly two-fifths of the global supply chain risk management market revenue, and is expected to rule the roost during the forecast period. This is due to a rise in spending on transportation & logistics, which is boosting the implementation of automation technologies in logistics and supply chain. However, the Asia-Pacific region is projected to witness the fastest CAGR of 11.4% from 2022 to 2031. This is due to rise in cloud deployment among small & medium businesses, and ongoing modernization of manufacturing & construction industries in emerging countries.
Leading Market Players:
- AnyLogistix
- JAGGAER
- Avetta, LLC
- EXIGER, SAP Arbia
- CURA
- Marsh LLC
- DHL International GmbH
- MetricSream
- LogicManager, Inc.
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