Overview and Scope
Supply chain security refers to the protection of supply chain assets, processes, and infrastructure from various risks, threats, and vulnerabilities that could compromise their integrity, safety, or reliability. It involves implementing measures and practices to safeguard the flow of goods, information, and resources throughout the supply chain, from raw material sourcing to product delivery to end customers.
Sizing and Forecast
The supply chain security market size has grown rapidly in recent years. It will grow from $1.76 billion in 2023 to $1.95 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to increased cybersecurity threats, stringent regulatory requirements, supply chain disruptions, data protection concerns, increased complexity and vulnerabilities in global supply chains.
The supply chain security market size is expected to see rapid growth in the next few years. It will grow to $2.95 billion in 2028 at a compound annual growth rate (CAGR) of 11%. The growth in the forecast period can be attributed to counterfeit prevention, sustainability and ethical sourcing, and resilience planning, increasing adoption of cloud services, rapid growth of E-commerce. Major trends in the forecast period include increasing adoption of blockchain for secure and transparent supply chain management, growing use of IoT devices and sensors, adoption of artificial intelligence and machine learning and collaborative security approaches.
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Segmentation & Regional Insights
The supply chain security market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Security Type: Data Protection, Data Visibility And Governance, Other Security Types
3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
4) By Vertical: Healthcare And Pharmaceuticals, Retail And E-commerce, Automotive, Transportation And Logistics, Manufacturing, Other Verticals
North America was the largest region in the supply chain security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the supply chain security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising incidences of cargo theft are expected to propel the growth of the supply chain security going forward. Cargo theft is the unlawful taking of products or commodities from a commercial truck, warehouse, or transportation facility while in motion or being stored. Supply chain security prevents cargo thefts by identifying vulnerabilities, implementing preventive measures, responding swiftly to potential threats, safeguarding goods, and maintaining supply chain integrity. For instance, in November 2023, according to the National Insurance Crime Bureau, a US-based non-profit organization, there were 582 recorded cargo theft incidents across the United States and Canada in the second quarter of 2023, which was a 57% rise compared to the corresponding period in 2022. Therefore, the rising incidences of cargo theft are driving the growth of the supply chain security market.
Key Industry Players
Major companies operating in the supply chain security market report are International Business Machines Corporation (IBM); Cisco Systems Inc.; Oracle Corporation; Broadcom Inc.; Google Cloud; NXP Semiconductors N.V.; VMware LLC; Palo Alto Networks Inc.; Fortinet Inc.; F5 Networks Inc.; Check Point Software Technologies Ltd.; CrowdStrike Holdings Inc.; McAfee LLC; Elastic N.V.; Proofpoint Inc.; Zscaler Inc.; SonicWall Inc.; SailPoint Technologies Inc.; Bitdefender S.R.L.; FireEye Inc.; RSA Security LLC; Imperva Inc.; Orbcomm Inc.; Sensitech Inc.; SafeTraces Inc.
The supply chain security market report table of contents includes:
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