The global Supply Chain Risk Management Market is estimated to be valued at US$2.9 billion in 2022 and is expected to exhibit a CAGR of 9.2% over the forecast period 2022 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Supply chain risk management involves identifying potential sources of disruption within the supply chain and taking precautionary steps to mitigate risks and ensure business continuity. It helps companies address supply chain disruptions, source better materials/components, and protect brand reputation through diligent monitoring. Market key trends: The market is witnessing growth in adoption of automated and cloud-based supply chain risk management software as it provides real-time monitoring of the supply chain network. It helps track performance, identifies bottlenecks, monitors suppliers and enables scenario modeling to minimize disruptions. Growing complexity of global supply chains and increasing instances of disruptions are encouraging companies to adopt predictive risk analytics solutions to strengthen resilience against uncertainties. Adoption of artificial intelligence and blockchain technology in supply chain risk management is also gaining traction to enable transparency and agility in supply networks. Segment Analysis The global supply chain risk management market is segmented by component, deployment type, organization size, vertical, and geography. By component, the market is divided into software and services. Among these, the software segment dominated in 2021 with a market share of over 60%, as software solutions help identify, assess, and minimize risks in supply chains. By deployment type, the market is bifurcated into on-premises and cloud. The cloud segment is expected to witness higher growth during the forecast period due to the flexibility, scalability, and low upfront costs offered by cloud-based supply chain risk management solutions. Key Takeaways The global Supply Chain Risk Management Market Share size was valued at $2.9 billion in 2021. It is expected to reach $7.3 billion by 2031, exhibiting a CAGR of 9.2% during the forecast period. The increasing complexities and globalization of supply chains have amplified the need to effectively mitigate risks, which is driving the demand for supply chain risk management solutions. Regionally, North America dominated the market with over 35% share in 2021 due to stringent government regulations regarding supply chain transparency. However, Asia Pacific is anticipated to witness the fastest growth over the next few years led by countries like China, India, and Japan. Key players operating in the supply chain risk management market are Avetta, LLC, Cura Software Solutions, DHL International GmbH, GEP, LogicManager, Inc., Marsh LLC, MetricStream Inc., SZ DJI Technology Co. Ltd., SAP Ariba Inc., Software AG, and The AnyLogic Company, and others. Major players are focusing on product launches and enhancements to consolidate their market position. For instance, in 2021, Avetta launched Avetta Connect to help suppliers digitize risk assessments. Read More, https://www.insightprobing.com/supply-chain-risk-management-market-trends-size-and-share-analysis-2/
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