PUBLISHER: The Business Research Company | PRODUCT CODE: 1499948
PUBLISHER: The Business Research Company | PRODUCT CODE: 1499948
Supply chain security encompasses safeguarding supply chain assets, processes, and infrastructure from potential risks and threats that could compromise their integrity or reliability. This involves implementing protective measures to ensure the smooth flow of goods, information, and resources across the supply chain, from raw material procurement to final product delivery.
The key elements of supply chain security are categorized into hardware, software, and services. Hardware refers to the physical components of computer systems or electronic devices. Various security measures, such as data protection, visibility, and governance, are essential across enterprises of all sizes, including large corporations and small to medium-sized businesses. This applies to diverse industry verticals, including healthcare, pharmaceuticals, retail, e-commerce, automotive, transportation, logistics, manufacturing, and others.
The supply chain security market research report is one of a series of new reports from The Business Research Company that provides supply chain security market statistics, including supply chain security industry global market size, regional shares, competitors with a supply chain security market share, detailed supply chain security market segments, market trends and opportunities, and any further data you may need to thrive in the supply chain security industry. This supply chain security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 experienced during the historic period can be attributed to several factors, including heightened cybersecurity threats, stricter regulatory demands, disruptions in the supply chain, concerns regarding data protection, and the growing complexity and vulnerabilities within 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 projected growth in the forecast period can be attributed to various factors such as counterfeit prevention, emphasis on sustainability and ethical sourcing, and the implementation of resilience planning strategies. Additionally, the increasing adoption of cloud services and the rapid expansion of E-commerce are expected to contribute to this growth. Key trends anticipated in the forecast period include the rising adoption of blockchain technology for secure and transparent supply chain management, the proliferation of IoT devices and sensors for enhanced monitoring and tracking, and the integration of artificial intelligence and machine learning for improved efficiency and decision-making. Furthermore, collaborative security approaches are expected to gain traction as organizations seek comprehensive solutions to address evolving threats and vulnerabilities in supply chain operations.
The growth of the supply chain security market is anticipated to be driven by the increasing incidences of cargo theft. Cargo theft involves the illegal seizure of products or commodities from commercial trucks, warehouses, or transportation facilities during transit or storage. Supply chain security plays a critical role in preventing cargo theft by identifying vulnerabilities, implementing preventive measures, responding promptly to potential threats, protecting goods, and ensuring supply chain integrity. For instance, in November 2023, the National Insurance Crime Bureau reported 582 recorded cargo theft incidents across the United States and Canada in the second quarter of 2023, marking a 57% increase compared to the same period in 2022. This surge in cargo theft incidents is a key factor propelling the growth of the supply chain security market.
Leading companies in the supply chain security market are focusing on developing innovative solutions like Spectra Assure to gain a competitive advantage. Spectra Assure is a supply chain security solution designed to offer robust protection against software supply chain attacks for software producers and critical risk analysis for enterprise software buyers. For example, in February 2024, ReversingLabs launched Spectra Assure, leveraging advanced binary analysis and AI-driven algorithms to comprehensively dissect and evaluate binary code. This approach provides a deep understanding of software behavior and security threats at the machine level, enabling accurate detection of malware and tampering within software packages from various sources. Spectra Assure offers unparalleled defense against software supply chain attacks, benefiting both producers and buyers.
In February 2023, Zscaler Inc. acquired Canonic Security for $20.3 million to strengthen its data protection services and mitigate SaaS supply chain attack risks. This strategic acquisition integrates Canonic's supply chain security capabilities into Zscaler's cloud access security broker (CASB) and SaaS security posture management (SSPM) offerings. Canonic Security, based in Israel, specializes in application security platforms focused on supply chain security, enhancing Zscaler's ability to address emerging security challenges in the supply chain domain.
Major companies operating in the supply chain security market 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.
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.
The countries covered in the supply chain security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The supply chain security market consists of revenues earned by entities providing services such as risk assessments, security audits, cargo tracking, and physical security solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. The supply chain security market also includes sales of physical security devices such as CCTV cameras and alarms, radio-frequency identification (RFID) and Internet of Things (IoT) devices, biometric devices, such as fingerprint scanners or facial recognition systems, encryption devices and secure hardware modules, such as trusted platform modules (TPMs). Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Supply Chain Security Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on supply chain security market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for supply chain security? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The supply chain security market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.