Supply Chain Security: Market Size. From $849. 29 million in 2020, the global Supply Chain Security market is projected to reach $1,607. 25 million by 2028. Based on our analysis the market is expected to grow at a CAGR of 8.
New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Supply Chain Security Market Analysis & Trends - Industry Forecast to 2028" - https://www.reportlinker.com/p06127628/?utm_source=GNW
3% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include increasing usage of big data in order to ease the supply chain analytics, the emergence of a closed-loop supply chain and rising demand from emerging economics.
Global Supply Chain Security Market: Market Dynamics
Adoption of supply chain security software in various industries drives the market, as this software assist industries in providing equilibrium between supply and demand. Supply chain security is a supply chain management that is focused on minimizing risk for logistics, supply chain as well as transportation management system. The factors driving the market growth are increasing need for healthcare supply chain security, rising IoT devices in the supply chain and increasing awareness about advantages offered by supply chain security across the world.
On the other hand, the increasing variants of cyberattacks globally and budgetary constraints among small and emerging startups are likely to obstruct the profit boundaries. In addition, high adoption of automation technology and others across the value chain will further boost the Supply Chain Security market.
Impact of COVID-19 on Supply Chain Security
COVID-19 has compelled the need to reduce global supply chain vulnerabilities through intelligent workflows. In the midst of the COVID-19 pandemic emergency, various governments and regulatory authorities have mandated both public and private enterprises to accept new practices of teleworking and keeping social distance. From then, digital ways of doing business have become the new Business Continuity Plan (BCP) for various organizations. Organizations are continuously disposed towards the utilization of supply chain security software and services to stay protected from supply chain attacks. The COVID-19 pandemic has negatively affected the supply chain security market. Many renowned supply chain security vendors faced a downfall in their revenues in 2020.
By End User
Transportation and Logistics Segment Dominate the Market in 2020
The transportation and logistics segment made huge revenue in 2020 and growing its prominence during the forecast period owing to the globalization of supply chain and transport networks, which have given rise to supply chain risks such as lack of supplier visibility, extensive sub-contracting, natural disasters conflict and political unrest.
North America Region is Leading in the Global Market Place
North America is likely to have a huge demand in the forecast period due to early adoption of supply chain security, the presence of several vendors that provide supply chain security solutions, approval of new mandatory reliability standards for protection of transportation and logistics equipment and to strengthen supply chain risk management in manufacturing industries.
List of the Key Players Profiled in the Market Include:
• Hangzhou Zeda Instruments
• Qingdao Haier Biomedical
• NXP Semiconductors
• Monnit Corporation
• LogTag Recorders
• Hanwell Solutions
• Tagbox Solutions
• Cold Chain Technologies
• Berlinger & Co. AG
• Astrona Biotechnologies
• Omega Compliance
List of the Regions/Countries Profiled in the Market Include:
• Rest of Europe
• New Zealand
• Rest of Asia Pacific
• Saudi Arabia
• Rest of Middle East
• Rest of Latin America
Rest of the World (RoW)
• South Africa
Read the full report: https://www.reportlinker.com/p06127628/?utm_source=GNW
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