Supply chain risk management involves the identification, assessment, and mitigation of potential risks and disruptions across an enterprise's supply chain network. It helps enterprises foresee disruptions and have sufficient mitigation plans in place. They allow real-time visibility into operations, optimize logistics workflows, and ensure business continuity.
The global Supply Chain Risk Management Market is estimated to be valued at US$ 2.22 Bn in 2024 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:
The adoption of advanced technologies such as AI, IoT, blockchain, and cloud computing is accelerating growth in the supply chain risk management market. These technologies provide real-time supply chain visibility, predictive analytics capabilities, and early disruption detection. They help identify vulnerabilities, perform scenario planning for potential risks, and enable automatic response strategies. Advanced technologies minimize disruptions, reduce costs, ensure resilience, and boost supply chain efficiency. With digital transformation gaining rapid traction across industries, investments in emerging technologies in the supply chain space are expected to significantly drive the demand for supply chain risk management solutions over the forecast period.
Segment Analysis
The global supply chain risk management market is segmented on the basis of component, deployed mode, organization size, vertical, and region. Services segment is expected to hold the largest market share of 58.8% in 2024. Within services, professional services such as risk assessment and modeling, distribution strategies are witnessing high demand as companies are realizing the need to properly assess risks and outsource certain critical supply chain functions to managed service providers.
Key Takeaways
The Global Supply Chain Risk Management Market Size is expected to witness high growth in the coming years. Supply chain disruptions due to various macroeconomic and geopolitical factors has pushed companies to take proactive risk mitigation measures. The global Supply Chain Risk Management Market is estimated to be valued at US$ 2.22 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
Regional analysis: North America region dominated the supply chain risk management market in 2024 with a share of over 35%, primarily due to stringent regulations and early adoption of technology solutions in this region. However, Asia Pacific region is expected to witness the highest growth during the forecast period, owing to the presence of emerging economies like India and China that are focusing on digitizing their supply chain functions.
Key players: Key players operating in the supply chain risk management market are Rise, GEP, Avetta, DHL Resilience360, Epicor, Ivalua, Dassault Systèmes, and IBM. Rise in burden of chronic diseasesGrowing geriatric (aging) population have led companies to focus on strategically managing their supply chain risks through solutions like risk assessment and business continuity. Adoption of artificial intelligence and blockchain technologies are also expected to drive automation initiatives across supply chains.
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