MarketsandMarkets forecasts that the global supply chain security market will grow from an estimated USD 2.0 billion in 2022 to USD 3.5 billion by 2027, at a compound annual growth rate (CAGR) of 11.0%. The growing need for real-time visibility into supply chain assets and rising incidences of cyberattacks across supply chains are expected to fuel market growth.
What is Supply Chain Security?
According to MarketsandMarkets, a supply chain security system combines traditional supply chain management practices with security measures and focuses on the risk management of external suppliers, vendors, logistics, and transportation. Supply chain security activities aim to protect the supply chain from terrorism, piracy, and theft. Supply chain security solutions help businesses identify, analyze, and mitigate risks with real-time supply chain visibility and transparency, thereby helping businesses make faster, more accurate, and informed decisions.
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The supply chain security market is led by some globally established players, such as IBM (US), Emerson (US), Oracle (US), NXP Semiconductors (the Netherlands), Testo (Germany), and others. These players have adopted various growth strategies, such as partnerships, agreements, collaboration, acquisitions, and product developments, to increase their market presence.
Oracle is one of the leading providers of a wide array of technologies. The company operates in three business areas: cloud and license, hardware, and services. It has a broad portfolio of SCM applications that enable organizations to improve outcomes for operational efficiency while ensuring cost savings. Oracle offers a comprehensive portfolio of cloud solutions for business functions, such as enterprise resource planning, human capital management, customer experience, and SCM. The Oracle SCM offerings, including Oracle product lifecycle management cloud, Oracle supply chain planning cloud, Oracle inventory management cloud, Oracle order management cloud, Oracle order manufacturing cloud, and Oracle logistics cloud, enable organizations to organize and improve their supply chains efficiently. Oracle’s geographic operations are spread across Europe, the Middle East and Africa, Asia Pacific, North America, and South America.
Apart from large vendors, some SMEs and startups, such as Tagbox Solutions (India), C2A Security (Israel), SafeTraces (US), Tive (US), and Altana (US) are also evolving in the supply chain security market.
Another important player in the supply chain security market is Testo. Testo is a pioneer in the design, development, and manufacture of portable test and measurement instrumentation and solutions. It is a renowned manufacturer of portable combustion efficiency and air emission analyzers. It caters to chemical, food service and production, pharmaceutical and biotechnology, and residential HVAC supplier markets. The company has 35 subsidiary firms in China, Japan, Korea, the US, France, Spain, Italy, and other countries and employs approximately 3,200 people. In the supply chain security market, its product portfolio comprises sensors (control unit, multifunctional handles, measurement probes, and data loggers modules), HVAC, emission measuring devices (flue gas analyzer, gas analyzer, particle counter, smoke tester, and leak detector), measurement of indoor air quality (CO2, CO, light meter, sound level meter, and air meter), data loggers, electrical measurement, pressure measurement, flow measurement, temperature measurement, thermal imagers, transmitters, smart probes, and software.
According to MarketsandMarkets’s evaluation framework, most companies prefer inorganic growth strategies to maintain their market position. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onward, companies follow organic growth strategies to provide supply chain security solutions and services to end users, which will help them increase their market revenue.
Supply Chain Security Market by Component (Hardware, Software, Services), Security Type (Data Locality & Protection, Data Visibility & Governance), Organization Size, Application (Healthcare & Pharmaceuticals, FMCG) and Region - Global Forecast to 2027
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