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Supply Chain Security Market Size, Landscape, Industry Analysis, Business Outlook, Current and Future Growth By 2027

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Supply Chain Security Market Size, Landscape, Industry Analysis, Business Outlook, Current and Future Growth By 2027

January 19
05:15 2023
Supply Chain Security Market Size, Landscape, Industry Analysis, Business Outlook, Current and Future Growth By 2027
IBM (US), Emerson (US), Oracle (US), NXP Semiconductors (the Netherlands), Testo (Germany), ORBCOMM (US), Sensitech (US), ELPRO (Switzerland), Rotronic (Switzerland), Monnit (US), Cold Chain Technologies (US), LogTag Recorders (New Zealand), Dickson (US), Signatrol (UK), Hanwell Solutions (UK), Controlant (Iceland), Roambee (US).
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

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.

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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.

By component, hardware segment to account for the largest market size during forecast period

The supply chain security market, by component, is bifurcated into hardware, software, and services. The hardware segment includes sensors, data loggers, and other devices used to track and trace assets in a supply chain. The supply chain security solutions require sensors and other hardware to monitor products effectively. Hardware devices are used in various applications, such as environmental sensing, data relaying, and centralizing databases for further evaluation. For example, data loggers are used throughout the cold chain to monitor the temperature of food, pharmaceuticals, chemicals, and other temperature-sensitive products. Sensing devices (temperature sensors, pressure sensors, and flow measurement sensors) are used to track shipments, locations, and the visibility of products and transport vehicles in real time. The need for hardware devices for the effective and secure functioning of supply chains is expected to boost the market growth in this segment.

By application, healthcare and pharmaceuticals to grow at highest CAGR during forecast period

The healthcare and pharmaceuticals verticals are rapidly undergoing digital transformation. However, increasing digitalization leads to the risk of fraud and cybercrimes. The healthcare industry faces challenges such as complex and costly data reconciliation and the lack of interoperability between various systems in a healthcare network. Illegal activities, such as producing harmful medicines and counterfeit drugs by criminal enterprises, improper stock control, and the lack of visibility and transparency across the supply chain, occur in this industry. Supply chain security solutions help resolve supply chain challenges with continuous medicine tracking. These solutions powered by AI/blockchain enable manufacturers to track the physical goods from their production to pharmacy and consumers to track the product authenticity in real time.

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Competitive Overview:

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.

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