How Has the Supply Chain Security Market Size Evolved in Recent Years?
The supply chain security market has seen considerable growth due to a variety of factors.
• In recent times, there has been rapid growth observed in the size of the supply chain security market. This market is anticipated to expand from $1.95 billion in 2024 to a substantial $2.16 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 11.3%.
Factors such as escalated cybersecurity threats, strict regulatory demands, interruptions of the supply chain, concerns over data protection, along with enhanced complexities and susceptibilities in the global supply chains have contributed to the historic growth rate.
What Are The Predictions for The Supply Chain Security Market in the Coming Years?
The supply chain security market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the size of the supply chain security market is predicted to experience substantial growth, escalating to $3.27 billion in 2029 with a compound annual growth rate (CAGR) of 10.9%.
This upsurge during the forecast period is due to factors such as counterfeit prevention, sustainable and ethical sourcing, resilience planning, the increased use of cloud services, and the swift expansion of E-commerce. Key trends that will be prevalent during the forecast period include rising incorporation of blockchain for secure and clear supply chain management, the expanding utilization of IoT devices and sensors, the adoption of artificial intelligence and machine learning, as well as team-orientated security methods.
Which Drivers Are Accelerating Growth In The Supply Chain Security Market?
The escalating cases of cargo theft have been identified as a significant factor promoting the advancement of supply chain security. Precisely, cargo theft involves the illegal acquisition of goods or commodities from a commercial vehicle, storage facility, or transportation center, whether in action or at rest. Conducting supply chain security aids in warding off instances of cargo theft. This is achieved through the identification of weak points, being proactive in employing preventive tactics, acting promptly towards possible threats, safeguarding commodities, and upholding the integrity of the supply chain. To illustrate, the National Insurance Crime Bureau, a non-profit organization based in the U.S., revealed that there were 582 cases of cargo theft documented across the United States and Canada in the second quarter of 2023. This represents a remarkable 57% increment as compared to the equivalent period in 2022. Consequently, the surge in cargo theft occurrences is serving as a driver for the expansion of the supply chain security market.
What Are The Core Segments Of The Global Supply Chain Security Market?
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
Subsegments:
1) By Hardware: Security Cameras, RFID And Barcode Scanners, Access Control Systems, GPS Tracking Devices, Alarm Systems
2) By Software: Security Management Software, Risk And Compliance Management Software, Tracking And Monitoring Software, Data Encryption Software, Threat Detection And Response Software
3) By Services: Consulting Services, Integration Services, Managed Security Services, Training And Support Services, Incident Response Services
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How Are New Trends Impacting The Size Of The Supply Chain Security Market?
Leading firms active in the supply chain security industry are creating groundbreaking products like Spectra Assure to maintain a competitive advantage. Spectra Assure is a unique security solution for the supply chain, giving unparalleled protection against attacks on the software supply chain for software manufacturers and detailed risk assessment for corporate software purchasers. For example, ReversingLabs, a company based in the US that specializes in computer and network security, introduced Spectra Assure in February 2024. Spectra Assure utilizes sophisticated binary analysis and AI-driven algorithms to meticulously dissect and assess binary code, thereby providing an in-depth insight into the conduct of the software and the various machine-level security threats. This inclusive approach precisely identifies malware and tampering inside software packets, covers components from the primary, secondary, and tertiary parties, and offers unparalleled protection against software supply chain attacks for both manufacturers and purchasers.
Who Are the Key Players In The Supply Chain Security Market?
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.
What Are The Regional Insights Into The Supply Chain Security Market?
North America was the largest region in the supply chain security market in 2024. 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.
