Supply Chain Security Market Size, Share & Trends Analysis growing at a CAGR of 11.1% from 2024 to 2030

Supply chain security solution enables customers to focus on managing external vendors, transportation, suppliers, and logistics risks. The increasing need for transparency and sustainability is further boosting market growth. However, high cost associated with deploying security solutions can hamper market growth, majorly across Small- And Medium-Sized Enterprises (SMEs). Supply chain cyberattacks refer to the vulnerabilities in software systems, such as piracy, malware attacks, unauthorized access across software, and malicious backdoor attacks.

Market Dynamics

The increasing adoption of advanced solutions and growing focus of businesses on digitization initiatives are leading to the generation of a vast amount of data in industrial sector. Industry 4.0 is gaining traction and companies across several industries are incorporating latest solutions and technologies that provide real-time insights across their operations. Moreover, the increasing need to reduce complexity in supply chain, save operational costs, increase productivity, and ensure fast and safe delivery of goods is compelling companies to deploy supply chain security solutions. The rising implementation of advanced technologies across industries is leading to the accumulation of vast volumes of rich business data that can offer a wide range of insights.

Companies’ focus on data-driven decision-making has also encouraged the use of Big Data and data analytics in the supply chain management process. Governments of several countries have announced multiple projects aimed at improving supply chain management through implementation of latest technologies. Due to the increasing adoption of such technologies, demand for supply chain analytics has spiked in recent years. At the same time, cyberattacks are getting more sophisticated, and losses stemming from cyberattacks are also increasing. While new networks are being rolled out and existing networks are being expanded, these networks are increasingly becoming vulnerable to cyber threats. These factors are contributing to the growth of supply chain security market.

The growing vulnerabilities across the supply chain process could lead to inefficient delivery timelines, uncontrolled expenses, and loss of intellectual assets. These growing system breaches can disrupt, damage, and destroy multiple-level operations. Various SMEs and large enterprises have increased the adoption of security solutions to avoid such system breaches and help protect the process in a more efficient & secure way to overcome any rapid event of a disruption. In addition, many large enterprises are investing heavily in adopting technologies, such as Internet of Things (IoT), blockchain, and Artificial Intelligence (AI), to enhance transparency of supply chain activities. The data collected through IoT devices helps end users enhance efficiency, make accurate resource allocations, and reduce data waste.