CHICAGO, July 23, 2021 /PRNewswire/ -- According to the new market research report "Supply Chain Security Market by Component (Hardware, Software, and Services), Application (Data Protection, Data Visibility, and Governance), Organization Size, Vertical (FMCG, Healthcare, Retail, and eCommerce), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Supply Chain Security Market size is projected to grow from USD 903 million in 2021 to USD 1,227 million by 2026, at a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period.
Major driving factors for the Supply Chain Security Market include rise in ransom and supply chain attacks, increasing IoT devices in the supply chain, need for enhanced risk prediction and mitigation, and widespread adoption of automation technology across the supply chain.
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By component, the services segment to register a higher growth rate during the forecast period
The services segment includes various services that are required to deploy, execute, and maintain the supply chain security software and hardware in an organization. As the adoption of the supply chain security solution increases, the demand for these services is also expected to increase. Supply chain security can be provided through professional security analysts who provide remote assistance and incident response to clients in case of suspicious activities. Professional services include training and education, and support and maintenance. As the adoption of supply chain security increases, the demand for these services is also expected to soar. Supply chain security services ensure 24/7 protection against increasing sophisticated architectures, SOCs manned by security experts and quick incident response services. Supply chain security vendors offer customized subscriptions and professional services to assist end users in easy planning and deployment of supply chain security solutions.
Based on vertical, the retail and eCommerce segment to grow at the highest CAGR during the forecast period
Online retail and e-commerce businesses are largely the targets of cyber attacks. These attacks can lead to poor website performance, site downtime, exposure of sensitive customer data, and lost revenue. The rise in omnichannel retailing, ecommerce, and mobility has made it necessary for retailers to have improved visibility in the entire supply chain and have real-time management of demand. The demand in this vertical varies as customers make rapid and efficient purchases from various channel options available. To ensure seamless operations, the retailers and wholesalers are upgrading traditional supply chain security systems by embracing retail cloud solutions. By adopting supply chain security solutions and services, retailers can gain useful visibility and track inventory throughout the entire lifecycle, ensuring agility and profitability by catering to the high demands of consumers. These solutions offer numerous benefits to the enterprises, including reduced capital and operational expenditure, scalability, improved efficiency, inventory visibility, systems integration, robust security, and accessibility to data.
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North America to hold the largest market share during the forecast period.
North America has several prominent market players delivering supply chain security solutions to all end-users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the Supply Chain Security Market's growth. The geographical presence, significant Research and Development (R & D) activities, partnerships, and acquisitions and mergers are the major factors for deploying supply chain security and services.
Key and innovative vendors in the Supply Chain Security Market include Sensitech (US), ORBCOMM (US), ELPRO (Switzerland), Rotronic (Switzerland), Emerson (US), NXP Semiconductors (Netherlands), Testo (Germany), Qingdao Haier Biomedical (China), Monnit Corporation (US), Berlinger & Co. AG (Switzerland), Signatrol (US), IBM (US), Cold Chain Technologies (US), LogTag Recorders (New Zealand), Omega Compliance (China), Dickson (US), Hangzhou Zeda Instruments (China), Oceasoft (France), Hanwell Solutions (UK), Controlant (Iceland), Tagbox Solutions (India), FreshSurety (US), Astrona Biotechnologies (US), Safetraces (US), MOST (Sweden), and Tive (US).
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