Supply chain risk management solutions help organizations identify, assess, control, and monitor risks associated with supply chain disruptions. Supply chain management becomes more complex with globalization and outsourcing of operations. Supply chain risk management solutions provide real-time monitoring of supply chain networks, identify potential issues and vulnerabilities, and enable organizations to take preventive actions to ensure business continuity. Supply chain disruptions can occur due to natural disasters, geopolitical instability, economic uncertainties, trade policies, and public health emergencies. These solutions aid large enterprises in risk assessment and develop strategic solutions to build resilience in supply chains.
The global Supply Chain Risk Management Market is estimated to be valued at US$ 2.22 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth in adoption of artificial intelligence and machine learning technologies by supply chain risk management solution providers is one of the key trends in the market. These technologies help organizations better analyze supply chain networks and identify vulnerabilities. Predictive analytics integrated with AI/ML technologies allow solution providers to forecast potential supply chain disruptions and interruptions. Suppliers and logistics providers are increasingly adopting digital technologies to gather real-time data on inventory levels, order statuses and deliveries. AI and machine learning algorithms can process huge volumes of data from networked supply chain systems and sensors to provide actionable insights to managers. This enables enterprises to respond proactively and strategically handle supply chain challenges.
Segment Analysis
Supply chain risk management market is segmented into software, services, solutions, and professional services. Software segment dominated the market in 2023 due to the benefits offered such hardware independence, easy updation and deployment, effective tracking of risks, and simulation of risks. Software helps effectively manage risk identification, monitoring, and mitigation across complex global supply chains.
Key Takeaways
The Global Supply Chain Risk Management Market Demand is expected to witness high growth. The global Supply Chain Risk Management Market is estimated to be valued at US$ 2.22 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
Regional analysis related content comprises the North America region dominated the market in 2023 due to stringent regulations regarding supply chain transparency and resilience. Europe and Asia Pacific are expected to witness fastest growth during the forecast period due to increase in adoption of supply chain risk management solutions by manufacturers and logistics companies across countries like Germany, China, and India.
Key players related content comprises Key players operating in the supply chain risk management market are IBM Corporation, SAP SE, Oracle Corporation, Avetta, LLC, Cura Software Solutions, DHL International GmbH, GEP, LogicManager, Inc., Marsh LLC, and MetricStream Inc. Rising burden of chronic diseasesGrowing geriatric (aging) population is fueling the demand for supply chain risk management. Key players are focusing on new product launches and partnerships to remain competitive in the market.
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