The global Supply Chain Risk Management Market Growth Accelerated by Adoption of Advanced Technologies
Supply chain risk management (SCRM) software helps organizations address supply chain vulnerabilities by identifying potential operational disruptions and developing strategies to mitigate their impact. SCRM solutions enable companies to assess risks across the entire value chain from raw material sourcing to distribution. Risks such as natural disasters, transportation bottlenecks, inventory mismanagement can be predicted and prepared for through stress testing of supply chain scenarios and contingency planning.
The global Supply Chain Risk Management Market is estimated to be valued at US$ 2.22 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing complexity of global supply chains has increased the need for enterprises to effectively address vulnerabilities and ensure business continuity. Supply chain disruptions due to trade wars, pandemic outbreaks have highlighted the importance of risk preparedness. SCRM provides the opportunity for companies to enhance supply chain resilience. By gaining end-to-end visibility of operations and thoroughly assessing risks, preventive steps can be taken to minimize financial losses from unforeseen events. The market is expected to witness significant growth as organizations increasingly adopt SCRM strategies and technologies to build robust and agile supply chain networks.
Porter’s Analysis
Threat of new entrants: The risk management market requires high initial investments and established brand loyalty, limiting entry of new players.
Bargaining power of buyers: Large enterprises have high bargaining power as buyers due to their ability to demand customized solutions at competitive prices.
Bargaining power of suppliers: Leading vendors have significant influence due to their specialized expertise and technologies offered.
Threat of new substitutes: Alternatives like outsourcing risk management functions pose a moderate threat.
Competitive rivalry: Intense competition exists among existing vendors to expand their market shares and customer base.
SWOT Analysis
Strength: Risk management tools provide end-to-end visibility across complex supply chains.Specialized domain expertise helps vendors understand unique industry challenges.
Weakness: High dependence on technical skills leads to talent crunch. Legacy systems of some organizations pose integration challenges.
Opportunity: Growth in global trade and emerging technologies open up new avenues.Increasing stringent regulations worldwide augur opportunities.
Threats: Economic uncertainties and geopolitical issues endanger supply chain resilience.Rising privacy and security threats challenge data protection.
Key Takeaways
The Supply Chain Risk Management Market Size is witnessing strong growth. The global Supply Chain Risk Management Market is estimated to be valued at US$ 2.22 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
North America currently dominates due to early technology adoption and stringent regulations. The region houses headquarters of leading vendors and many large enterprises with diversified supply chains. Asia Pacific is poised to be the fastest growing region supported by rising overseas trade from China, India and other developing economies.
Europe is another major regional market driven by stringent rules from the EU. Growth in the Middle East and Africa is fueled by economic diversification initiatives of Gulf countries. In Latin America, initiatives like Made in Brazil 2027 are spurring focus onto resilient domestic supply chains.
Key players operating in the supply chain risk management market are IBM, Oracle, SAP, DHL International, GEODIS, DeltaTrak, and MetricStream.
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