The crises, disasters, globalization, and dynamic market developments have rendered the modern supply chain more fragile than ever due to which the risk management of supply chains has received much attention. Wieland and Wallenburg define supply chain risk management as the adoption of a strategy with the goal of managing routine and unplanned risks within the supply chain. Complex business structures within the supply chain, brought on by shifts in the internal and external business environment, can result in unanticipated events such as inaccurate demand forecasts, product damage or defects, and delivery delays, which can set off unintentional events and increase the supply chain's susceptibility the risk management of supply chains has received much.
Moreover, there is significant transformation in healthcare and pharmaceutical industry at an unprecedented pace due to the impacts of cost pressures, advanced technology, and the rise in influence of the patient. This has generated the need for the adoption of supply chain management software to adapt to the current ways of working and implementing new capabilities, such as digital technology & agility, which is expected to prepare healthcare and pharmaceutical industry for the future. This drives the growth of the market.
The penetration of supply chain risk management software is low in healthcare industry; however, it is expected to rise in the upcoming years due to an increase in awareness regarding the benefits of supply chain risk management software. As it enables hospitals or organizations to improve patient and staff safety with inventory protection against expired and recalled items and removes interruptions in care delivery with web-based inventory management. It also helps to analyze actual data to help with better disruption and supply shortage forecasting and expert-driven risk prioritization to reveal intricate linkages between supply failure causes. This is anticipated to drive the growth of the market during the forecast period.
Furthermore, players in the supply chain are no longer just the producer, dealer, and first-tier supplier. A food product is now considered to have participants when it is grown, harvested, processed, packaged, transported, held, and sold from "farm to fork." A participant may play several roles in a single supply chain. And it is highly possible that one or more substances or raw materials come from sources outside the region. There are risks to food safety at every stage of the farm-to-fork chain. It can be challenging for many businesses - from restaurants and food merchants to manufacturers of food and beverages - to document their entire supply chains. However, to comply with governmental rules, reduce risks, and meet consumer needs for supply chain transparency, it is crucial to comprehend the supply chain. Risks in food safety and quality can harm the reputation of a company's brand and financial performance if there is a lack of comprehensive awareness of all potential dangers. Owing to this, the adoption of supply chain risk management has increased over a period to overcome these challenges, which fuels the growth of the market.
A major industrial business may work with hundreds of third parties or even more, creating a web of intricate relationships. Therefore, as the organization grows, managing supplier risks and keeping watch on their compliance with contractual obligations become essential. Hence, a rise in supply chain in turn boosts the demand for supply chain risk management solutions in the upcoming years, which is opportunistic for the market.
The supply chain risk management market is segmented on the basis of component, end-use industry, enterprise size, deployment, and region. By component, it is bifurcated into solution and services. By end-use industry, it is divided into retail and consumer goods, healthcare and pharmaceutical, manufacturing, food and beverages, transportation, and logistics, automotive, and other. By enterprise size, it is classified into large enterprise and small & medium enterprise. By deployment, it is divided into on premise and cloud. Region-wise, it is analyzed across North America (U.S. Canada, and Mexico), Europe (U.K., Germany, France, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Some major companies operating in the market include AnyLogistix, Avetta LLC, CURA, DHL International GmbH, EXIGER, JAGGAER, LogicManager, Inc., Marsh LLC, MetricSream, and SAP Arbia.
Moreover, there is significant transformation in healthcare and pharmaceutical industry at an unprecedented pace due to the impacts of cost pressures, advanced technology, and the rise in influence of the patient. This has generated the need for the adoption of supply chain management software to adapt to the current ways of working and implementing new capabilities, such as digital technology & agility, which is expected to prepare healthcare and pharmaceutical industry for the future. This drives the growth of the market.
The penetration of supply chain risk management software is low in healthcare industry; however, it is expected to rise in the upcoming years due to an increase in awareness regarding the benefits of supply chain risk management software. As it enables hospitals or organizations to improve patient and staff safety with inventory protection against expired and recalled items and removes interruptions in care delivery with web-based inventory management. It also helps to analyze actual data to help with better disruption and supply shortage forecasting and expert-driven risk prioritization to reveal intricate linkages between supply failure causes. This is anticipated to drive the growth of the market during the forecast period.
Furthermore, players in the supply chain are no longer just the producer, dealer, and first-tier supplier. A food product is now considered to have participants when it is grown, harvested, processed, packaged, transported, held, and sold from "farm to fork." A participant may play several roles in a single supply chain. And it is highly possible that one or more substances or raw materials come from sources outside the region. There are risks to food safety at every stage of the farm-to-fork chain. It can be challenging for many businesses - from restaurants and food merchants to manufacturers of food and beverages - to document their entire supply chains. However, to comply with governmental rules, reduce risks, and meet consumer needs for supply chain transparency, it is crucial to comprehend the supply chain. Risks in food safety and quality can harm the reputation of a company's brand and financial performance if there is a lack of comprehensive awareness of all potential dangers. Owing to this, the adoption of supply chain risk management has increased over a period to overcome these challenges, which fuels the growth of the market.
A major industrial business may work with hundreds of third parties or even more, creating a web of intricate relationships. Therefore, as the organization grows, managing supplier risks and keeping watch on their compliance with contractual obligations become essential. Hence, a rise in supply chain in turn boosts the demand for supply chain risk management solutions in the upcoming years, which is opportunistic for the market.
The supply chain risk management market is segmented on the basis of component, end-use industry, enterprise size, deployment, and region. By component, it is bifurcated into solution and services. By end-use industry, it is divided into retail and consumer goods, healthcare and pharmaceutical, manufacturing, food and beverages, transportation, and logistics, automotive, and other. By enterprise size, it is classified into large enterprise and small & medium enterprise. By deployment, it is divided into on premise and cloud. Region-wise, it is analyzed across North America (U.S. Canada, and Mexico), Europe (U.K., Germany, France, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Some major companies operating in the market include AnyLogistix, Avetta LLC, CURA, DHL International GmbH, EXIGER, JAGGAER, LogicManager, Inc., Marsh LLC, MetricSream, and SAP Arbia.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the supply chain risk management market analysis from 2021 to 2031 to identify the prevailing supply chain risk management market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the supply chain risk management market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global supply chain risk management market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Component
- Solution
- Services
By End Use Industry
- Retail and Consumer Goods
- Healthcare and Pharmaceuticals
- Manufacturing
- Food and Beverages
- Transportation and Logistics
- Automotive
- Other
By Enterprise Size
- Large Enterprise
- Small and Medium Enterprise
By Deployment
- On Premise
- Cloud
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- DHL International GmbH
- AnyLogistix
- EXIGER
- SAP Arbia
- CURA
- JAGGAER
- LogicManager, Inc.
- Avetta, LLC
- Marsh LLC
- MetricSream
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SUPPLY CHAIN RISK MANAGEMENT MARKET, BY COMPONENT
CHAPTER 5: SUPPLY CHAIN RISK MANAGEMENT MARKET, BY END USE INDUSTRY
CHAPTER 6: SUPPLY CHAIN RISK MANAGEMENT MARKET, BY ENTERPRISE SIZE
CHAPTER 7: SUPPLY CHAIN RISK MANAGEMENT MARKET, BY DEPLOYMENT
CHAPTER 8: SUPPLY CHAIN RISK MANAGEMENT MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
The Supply Chain Risk Management Market is likely to experience a significant growth rate of 9.2% from 2021-2031 owing to a rise in demand for sustainable supply chain management solutions and servicesThe main goal of supply chain management services is to increase the entire performance and effectiveness of designing, manufacturing, and distributing electronics products. This is done by applying strategic drivers, business tools, and processes. The process through which companies undertake deliberate actions to detect, evaluate, and reduce risks within their end-to-end supply chain is called supply chain risk management. Its supply chain is susceptible to both internal and external threats.
Key factors driving the growth of the supply chain risk management market include government initiatives in supply chain management. Governments utilize supply chain risk management to control risks in the world's supply chains. In addition, it aids with supplier selection, sourcing, and other tasks. When deciding on transportation and distribution strategies, the government should take security and safety into account. Governments must also take the required actions to implement sustainable procurement practices in order to enhance capability and support environmental protection. For instance, in August 2022, Exiger, a leading global risk and compliance SaaS company, announced that they have been awarded a “first of its kind” contract by the U.S. General Services Administration (GSA) as a trusted partner to deliver a supply chain risk management (SCRM) and third-party risk management (TPRM) enhanced capability made available to the entire U.S. Federal Government. The multi-year, $74.5 million, contract award builds on Exiger’s SCRM work with the Department of Defense (DoD) that has been tested and proven across multiple scenarios. GSA is now expected to expand access to Exiger’s SCRM solutions and allow all government agencies to share risk insights and consistently manage supplier risk and health across the U.S. Federal Government enterprise.
In addition, the growth of supply chain management is a priority for many governments. Owing to the implementation of a government plan, the Indian logistics sector has experienced substantial growth. For instance, in 2020, The Indian government launched the National Logistics Policy to encourage efficient cargo transportation. In addition, as a global pandemic disease has evolved, there is now a demand for supply chain risk management software to reduce supply chain risks in all industries including the healthcare and pharmaceutical sectors this is expected to continue to drive the market during the forecast period.
Initiatives by key players for supply chain risk management solutions are expected to drive the growth of the market during the forecast period. For instance, in March 2022, CURA launched Cura Quants, an updated quantitative modeling solution designed to integrate with its existing Enterprise GRC Platform. It helps in right direction for Supply chain risk management solutions.
In the last few years, the adoption of supply chain management software has notably increased, which has resulted in the adoption of supply chain management services including supply chain risk management services across different industry verticals, as it assures effective functioning of platforms and software. Increase in the adoption of supply & demand centered policies and rapid ongoing advancement in the supply chain risk management software are expected to boost the demand for different services in the upcoming years.
Moreover, there is an increase in the adoption of consulting services among the organizations to create and manage high-performing and resilient supply chains according to their specific requirements, which drive sustained and profitable growth, which fuels the growth of the market. In addition, the adoption of these services in industry verticals facilitates a complete view of business goals, ensures rapid implementation of software, maximizes the value of existing installation by optimizing it, and minimizes the deployment cost & risks, which fuel the growth of the market.
The market segmentation is based on the component, end-use industry, enterprise size, deployment, and region. By component, it is bifurcated into solution and services. By end use industry, it is divided into retail & consumer goods, healthcare & pharmaceutical, manufacturing, food & beverages, transportation & logistics, automotive, and others. By enterprise size, it is classified into large enterprise and small & medium enterprise. By deployment, it is divided into on premise and cloud. Region-wise, it is analyzed across North America (U.S. Canada, and Mexico), Europe (U.K., Germany, France, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Advancements in the transportation & logistics industry are one of the major contributors toward the growth of the supply chain risk management in the LAMEA region attributed to the development of warehouses to meet the growth of the e-commerce market. In addition, many factors such as a surge in internet penetration, rise in smartphone ownership, and increase in middle-class population boost the growth of the e-commerce industry in LAMEA, which will generate the need for supply chain management and related solutions including supply chain risk management to manage complex supply chain networks.
Furthermore, the adoption of supply chain risk management is expected to increase in the upcoming years due to an increase in domestic supply and a rise in the need for better management of supply chain processes. Furthermore, business organizations across LAMEA are increasingly turning toward advanced IT solutions which include the cloud, to transform their processes and minimize operational costs. The key players profiled in the study include AnyLogistix, Avetta LLC, CURA, DHL International GmbH, EXIGER, JAGGAER, LogicManager, Inc., Marsh LLC, MetricSream, SAP Arbia and among others.
Key Market Insights
- By component, the solution segment was the highest revenue contributor to the market in 2021and is estimated to reach $3,814.8 million by 2031, with a CAGR of 7.7%. However, the service segment is estimated to be the fastest growing segment with the CAGR of 11.3% during the forecast period.
- By end use industry, the retail and consumer goods segment dominated the global market in 2021, and is estimated to reach $1,538.7 million by 2031, with a CAGR of 8.3%. However, the transportation and logistics segment is expected to be the fastest growing segment with the CAGR of 10.7% during the forecast period.
- By enterprise size, the large enterprise segment was the highest revenue contributor to the market in 2021 and is estimated to reach $3,767.8 million by 2031, with a CAGR of 8.0%. However, the small and medium enterprise segment is estimated to be the fastest growing segment with the CAGR of 10.8% during the forecast period.
- By deployment, the on-premise segment was the highest revenue contributor to the market in 2021 and is estimated to reach $4,071.2 million by 2031, with a CAGR of 7.8%. However, the cloud segment is estimated to be the fastest growing segment with the CAGR of 11.5% during the forecast period.
- By region, North America was the highest revenue contributor, accounting for $1,079.9 million in 2021, and is estimated to reach $2,260 million by 2031, with a CAGR of 7.8%.
Companies Mentioned
- DHL International GmbH
- AnyLogistix
- EXIGER
- SAP Arbia
- CURA
- JAGGAER
- LogicManager, Inc.
- Avetta, LLC
- Marsh LLC
- MetricSream
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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About the Supply Chain Risk Management Market
Supply Chain Risk Management (SCRM) is a subset of Supply Chain Management (SCM) that focuses on identifying, assessing, and mitigating risks that could disrupt the supply chain. SCRM involves the use of strategies, processes, and tools to identify, assess, and mitigate risks that could disrupt the supply chain. These strategies include risk assessment, risk mitigation, and risk monitoring. Risk assessment involves identifying potential risks and assessing their impact on the supply chain. Risk Read more
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