(MENAFN- EIN Presswire)
Supply Chain Risk Management Market
Surge in need for comprehensive supply chain risk management solutions, increased government regulations and standards
WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 15, 2024 /EINPresswire / -- The global Supply Chain Risk Management
market size was valued at $2.9 billion in 2021, and is projected to reach $6.9 billion by 2031, growing at a CAGR of 9.2% from 2022 to 2031. Surge in need for comprehensive supply chain risk management solutions, increased government regulations and standards, an increase in urbanization, rise in traffic congestion, initiatives and developments by government & industry players across the country, and digital revolution in the transportation sector drive the growth of the global supply chain risk management market. However, data security issues and manual risk management processes restrict the market growth. On the other hand, standardization of risk assessment processes across organizations, as well as the integration of advanced technologies will present new growth opportunities for the global SCRM market in the coming years.
Download Sample Report (Get Full Insights in PDF - 279 Pages) at:
Growth in the adoption of supply chain visibility and event management software, which is an important part of supply chain management , is expected to create lucrative opportunities for the SCRM market to mitigate supply chain management risks and threats. Supply chain visibility and event management helps organizations in managing events in different departments and define important aspects of the entire supply chain. In addition, it helps the management team to make crucial decisions about business strategies to adopt cost-effective measures and improve operational efficiency. Furthermore, number of vendors operating in the market are integrating blockchain technology in the supply chain management solutions to manage decentralized records of operations to reduce human error as well as to minimize operational costs, which is opportunistic for the market.
Based on enterprise size, the large enterprise segment accounted for around three-fifths of the global supply chain risk management market share in 2021 and is expected to retain its dominance by 2031. This is due to an increase in the use of supply chain risk management software to track data on supply chain operations and make required decisions. On the other hand, small and medium enterprise segment is projected to witness the fastest CAGR of 10.8% from 2022 to 2031, owing to surge in the adoption of supply chain management technologies to gain insights by analyzing real-time data across SMEs.
North America dominated the global supply chain risk management market in 2021. This is primarily due to a rise in spending on transportation & logistics, which is boosting the implementation of automation technologies in logistics and supply chain. The transportation & logistics industry is large & competitive in this region and includes distinct industries such as shipping, railroads, and air services. An increase in the adoption of SCM solutions in transportation management is expected to drive the expansion of the market in this region due to factors such as digital revolution in the transportation sector, an increase in urbanization, and a rise in traffic congestion.
Buy Now & Get Exclusive Discount on this Report :
Furthermore, companies serving the U.S. marketplace are expected to continue to benefit from strong incentives to firms relocating their operations or production to Mexico over the next five years, however labor issues and security-related dangers could linger. In response to recent supply chain shocks such as the Russia-Ukraine conflict and China's dynamic COVID-19 containment policy, businesses are increasingly looking to nearshore, or relocating their operations closer to their primary destination markets. These businesses are well-positioned to profit from this trend, which favors Mexico.
In terms of deployment, the on-premise segment accounted for more than two-thirds of the global supply chain risk management market share in 2021 and is expected to retain its dominance by 2031. By utilizing the business's own IT infrastructure, on-premises supply chain risk management software can be utilized to gather, present, and arrange crucial data from customer communications made through calls, emails, and chatbots. This lowers the risk of failure while enabling them to securely maintain customer requirement data, increase customer happiness, and foster long-term engagement. On the other hand, cloud segment is projected to witness the fastest CAGR of 11.5% from 2022 to 2031, owing to the fact that small and medium-sized businesses choose cloud-based supply chain risk management software as it has limited maintenance requirements and does not require any capital expenditure.
The key players profiled in this report include
Key players operating in the global supply chain risk management market include AnyLogistix, Avetta LLC, CURA, DHL International GmbH, EXIGER, JAGGAER, LogicManager, Inc., Marsh LLC, MetricSream, and SAP Arbia.
Get Customized Reports with you're Requirements:
By component, the solution segment contributed to the largest share of more than three-fifths of the global supply chain risk management market in 2021 and is expected to maintain progressive growth during the forecast period. The segment is driven by rise in the adoption of supply chain visibility and event management software, as it is an important part of supply chain management. However, the services segment is projected to witness the fastest CAGR of 11.3% from 2022 to 2031. This is due to rise in implementation of supply chain risk management services to ensure effective functioning of the supply chain with transparency and control throughout the process.
Inquiry Before Buying:
KEY FINDINGS OF THE STUDY
By component, the services segment is anticipated to exhibit significant growth in during the forecast period.
By end use industry, the Transportation and logistics segment is anticipated to exhibit significant growth during the forecast period.
By enterprise size, the Small and Medium Enterprise segment is anticipated to exhibit significant growth during the forecast period.
By deployment, the Cloud segment is anticipated to exhibit significant growth during the forecast period.
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Other Trending Reports:
Shipping Container Market -
Reefer Container Market -
Dropshipping Market -
David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability
for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this
article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
MENAFN15102024003118003196ID1108779881
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.