Global Supply Chain Security Market Report and Forecast 2024-2032

Global Supply Chain Security Market Size

The global supply chain security market reached a value of approximately USD 2.33  billion in 2023. The market is projected to grow at a CAGR of 11.4 % between 2024 and 2032, reaching a value of around USD 6.16 billion by 2032.

Supply Chain Security Market Outlook

• The NCSC has been focussing on outreach efforts in five key technology sectors including AI, bioeconomy, autonomous systems, quantum, and semiconductors.

• In April 2024, NCSC and its partners in government and industry launched the “National Supply Chain Integrity Month” awareness campaign.

• Eclypsium, a supply chain security firm safeguarding critical hardware and software, has introduced Automata, an AI-enhanced feature for its security platform.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Supply Chain Security Market Growth Rate

Supply chain security market growth is fuelled by government regulations mandating data security and privacy, prompting organizations to adopt compliance-oriented security solutions. The integration of the Internet of Things, blockchain technology, and artificial intelligence ensures data integrity and enhances visibility, thus enabling proactive security measures.

Key Trends and Developments

Blockchain technology advancements, artificial intelligence (AI) and machine learning (ML), Internet of Things (IoT) integration, and regulatory compliance requirements are the major trends impacting global supply chain security market growth.

June 2024

Wiliot, with iFoodDS and Trustwell, introduced an IoT-based food safety initiative. Using ambient IoT tech, it seeks to create transparent food supply chains, in line with the upcoming FDA Food Traceability Final Rule.

May 2024

JFrog and Microsoft's GitHub collaborated to integrate their platforms, enhancing visibility across the software supply chain. This partnership assisted enterprises in managing AI-driven software development advancements while prioritizing critical security measures.

March 2024

To enhance the cybersecurity of supply chains, the NIS2 Directive, set to take effect in October 2024, comprehensively addresses incident management, training, reporting obligations, and business continuity issues.

November 2023

The TIA has launched an updated Supply Chain Security (SCS) Management System. Version 2.0 offers a broader scope, presenting a versatile global cybersecurity and supply chain security standard applicable to various industries and sectors.

Blockchain Technology Advancements

Utilised for secure and transparent transactions across the supply chain, blockchain ensures data integrity and enhances traceability.

Internet of Things (IoT) Integration

IoT devices, such as sensors and RFID tags, are embedded within supply chain processes to gather real-time data on inventory, shipments, and environmental conditions.

Artificial Intelligence (AI) and Machine Learning (ML)

AI and ML algorithms leverage extensive data analysis to identify irregularities and potential risks, empowering the implementation of proactive security measures in various domains.

Regulatory Compliance Requirements

To comply with strict regulations on data security and privacy in supply chains, organisations are investing in strong security solutions to protect sensitive information and maintain regulatory compliance.

Supply Chain Security Market Trends

The increasing frequency of cyberattacks on supply chains compels organizations to prioritize securing their supply chains, aiming to minimize risks and prevent data breaches. As supply chains become more interconnected across borders, the potential for security vulnerabilities increases, driving the need for robust security solutions.

Further, the importance of safeguarding critical assets and sensitive information throughout the supply chain ecosystem is driving the demand for enhanced security measures to mitigate potential threats and disruptions.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Supply Chain Security Industry Segmentation

“Global Supply Chain Security Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Component

• Hardware

• Software

• Services

Market Breakup by Security Type

• Data Locality and Protection

• Data Visibility and Governance

• Others

Market Breakup by Organisation Size

• SMEs

• Large Enterprises

Market Breakup by Industry Vertical

• Healthcare and Pharmaceuticals

• FMCG

• Chemicals

• Retail and E-commerce

• Automotive

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Supply Chain Security Market Share

Software components enhance the supply chain security market by providing visibility into the entire supply chain ecosystem, enabling stakeholders to track the movement of goods, monitor inventory levels, and identify potential bottlenecks or inefficiencies.

Software components incorporate authentication mechanisms and access controls to ensure that only authorised users can access sensitive supply chain data, reducing the risk of unauthorized access or data breaches.

Hardware security modules (HSMs) offer tamper-resistant storage and processing for cryptographic keys and sensitive data, bolstering supply chain security by securing digital identities and transactions against cyber threats.

Data locality and protection security type drive supply chain security growth by enabling secure data sharing, restricting access to authorised parties, and ensuring regulatory compliance while maintaining data locality.

Data Locality and Protection security solutions often incorporate advanced encryption and tokenization techniques to protect sensitive data from unauthorized access and interception.

Data visibility and governance solutions provide real-time insights into data flows across the supply chain, enabling organizations to monitor the movement of goods, inventory levels, and transactional data.

The healthcare and pharmaceutical industries enhance the supply chain security market by implementing track-and-trace technologies, ensuring the integrity of pharmaceutical products throughout the supply chain.

Pharmaceuticals like vaccines need precise temperature control during transport to preserve effectiveness. Supply chain security solutions monitor conditions, crucial for maintaining the cold chain's integrity and preventing product spoilage.

Many automotive manufacturers adopt just-in-time (JIT) manufacturing practices to optimize inventory management and reduce costs. Implementing supply chain security measures ensures continuity of operations and mitigates risks associated with JIT manufacturing.

Leading Manufacturers in the Supply Chain Security Market

The companies are a provider of various solutions including automation, security, data and AI, industry machinery manufacturing, cloud infrastructure, and others.

IBM Corporation: Founded in 1911 and is headquartered in New York, United States. The company offers various solutions including automation, industry, infrastructure, security, data and AI, and sustainability.

Emerson Electric Co: Established in 1890 and is headquartered in Missouri in the United States. The company specialises in industrial machinery manufacturing, with a focus on industrial automation and the Internet of Things (IoT).

Oracle Corporation: Founded in 1977 and is headquartered in Austin, Texas. The company offers various products including Oracle Cloud Infrastructure, Oracle Cloud Applications, Hardware, and Software.

NXP Semiconductors N.V.: Established in 2006 and is headquartered in Eindhoven, Noord-Brabant. NXP, a global leader in secure connectivity solutions for embedded applications, is pioneering advancements in automotive, industrial and IoT, markets.

Other global supply chain security market key players are Orbcomm, Inc., Check Point Software Technologies Ltd, Omega Compliance, and SailPoint Technologies, Inc., among others.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Supply Chain Security Market Analysis by Region

Significant growth is expected in the supply chain security market in the Asia Pacific region in the coming years. This is due to economic advancements in countries like India and China, along with increasing technological innovations. Furthermore, the expanding trade and manufacturing sectors and the growing penetration of e-commerce are contributing to the market's expansion in the region.

According to the Homeland Security Advisory Council, in August 2022, the Department of Homeland Security organised an Intelligence Summit in collaboration with the International Association of Chiefs of Police and other national law enforcement. The Summit focused on strengthening partnerships and enhancing intelligence and information sharing to address evolving threats to public safety and national security.

Further, in the United Kingdom, in 2024, the demand for supply chain security is increasing due to the rise in the cyber security breaches faced in the last 12 months by businesses. It is estimated that 32% of charities and 50% of businesses have faced the issue.

Key Highlights of the Report

Supply Chain Security Market Report Snapshots

Supply Chain Security Market Size

Supply Chain Security Market Growth

Supply Chain Security Market Trends

Supply Chain Security Market Share

Supply Chain Security Manufacturers

Supply Chain Security Market Regional Analysis