The Supply Chain Risk Management Market is Estimated To Witness High Growth Owing To Increased Adoption of AI and Blockchain Technologies

The 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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Supply chain risk management includes identification and management of risks that can disrupt business operations within supply chain. It helps organizations to identify threats, vulnerabilities and determine impact of disruptions. Supply chain risk management offers end-to-end visibility and helps improve supply chain resilience, better decision making and revenue protection.

Market key trends:
One of the major trends driving the market growth is increased adoption of AI and blockchain technologies. Supply chain risk management companies are investing in AI and machine learning technologies to gain real-time visibility and insights into operations. AI helps in identifying anomalies and risks early on. Blockchain ensures security, transparency and traceability of transactions across supply chain network. It helps track goods efficiently and detects counterfeits. Adoption of AI and blockchain is expected to optimize processes, reduce losses and improve supply chain efficiency over the forecast period.

Porter’s Analysis
Threat of new entrants: The supply chain risk management market has moderate barriers to entry due to high research and development costs involved in setting up technologies such as asset tracking and logistics management.
Bargaining power of buyers: Large customers have significant bargaining power as they can negotiate costs downwards. However, switching costs are high for buyers which limits their bargaining power.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the presence of a large number of component providers and service partners. However, differentiated offerings provide some bargaining power to suppliers.
Threat of new substitutes: The threat of substitutes is low as there are limited alternatives to supply chain risk management capabilities.
Competitive rivalry: Supply chain risk management solutions are a key differentiating factor for competitors.

SWOT Analysis
Strength: The supply chain risk management market benefits from rapid adoption of technologies across industries to gain visibility and resilience. It helps mitigate disruptions and optimize costs.
Weakness: Lack of data integration across supply chain partners can limit end-to-end visibility. High initial investment and change management costs pose implementation challenges for SMEs.
Opportunity: Growth in trade volumes and increasing geopolitical tensions will drive demand for mitigating disruption risks. Adoption of IoT and analytics provides opportunities to improve decision making.
Threats: Stringent data security and privacy regulations increase compliance costs. Trade conflicts and declining outsourcing threatens optimized global supply chains.

Key Takeaways

The global Supply Chain Risk Management Market Share is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing demand for end-to-end visibility and resilience across industries. Asia Pacific dominates the market with over 30 percent share currently due to rapid growth of Chinese manufacturing and presence of global sourcing hubs in countries such as India. North America is the second largest market supported by large scale adoption of automation and analytics solutions by US companies to optimize costs. Europe is expected to grow at a high rate over the next few years as policy pushes for sustainability and traceability gain traction.

Key players operating in the Supply Chain Risk Management 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

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