SEATTLE, April 26, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global supply chain risk management market was valued at US$ 1078.9 million in 2017, and is projected to exhibit a CAGR of 13.4% over the forecast period (2018 – 2026)
Key Trends and Analysis of the Supply Chain Risk Management Market:
Increasing usage and adoption of supply chain risk management platform for managing risks associated in the manufacturing sector, transportation and logistics sector, pharmaceuticals, oil, and gas sector, and food & beverages sector is boosting growth of the supply chain risk management market. For instance, according to India Brand Equity Foundation (IBEF), Indian logistics sector is expected to reach US$ 215 billion by 2020, witnessing a CAGR of 10.5%. Furthermore, several governments are focused on adopting supply chain risk management solution to identify, assess, and prioritizing risks to national critical functions. For instance, the Government of India is undertaking significant steps to support the logistics sector. Indian Commerce and Industry Ministry announced to grant US$ 0.011 million in funding to the logistics sector for building initial infrastructure and US$ 0.046 million till 2022. Furthermore, the government is focusing on bringing down the cost of logistics to 10% of India’s GDP by 2022, from 14.4% in 2018.
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The global supply chain risk management market is segmented on the basis of solutions, services, platform, end-use industry, and region. Among solutions, the supplier risk management segment held dominant position in the market in 2017, and it is expected to retain its dominance over the forecast period. This is owing to increasing adoption of supply chain risk management solution by the manufacturing industry for managing procurement risk.
Among end-use industries, the manufacturing segment held dominant position in market in 2017, and is expected to retain its dominance over the forecast period. This is owing to increasing adoption of supply chain risk management solutions by manufacturing companies to manage, plan, and forecast risks, future demand of products based on past production and supply. Supply risks are caused due to interruptions in supply or flow of products, while the procurement risks and business risks are caused due to supplier’s financial or management stability, or purchase and sale of supplier companies.
In 2017, North America held dominant position in supply chain risk management market and is expected to retain its dominance over the forecast period, owing to increasing adoption of supply chain risk management solution in major economies across the region. For instance, in 2018, The Federal Energy Regulatory Commission (FERC) of U.S., approved new mandatory Reliability Standards to bolster supply chain risk management protections for bulk electric systems in the U.S. Moreover, North America is expected to be the third fastest growing market for supply chain risk management.
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Key Market Takeaways:
- The market is expected to witness a CAGR of 13.4% during the forecast period (2018–2026), owing to increasing adoption of supply chain risk management solution across all the industries
- Increasing demand for supply chain risk management solution from several governments is a major factor driving growth of the supply chain risk management market over the forecast period. For Instance, Cyber Security and Infrastructure Security Agency (CISA) is collaborating with government and industry partners to make supply chain risk management an integrated component of cybersecurity efforts.
- However, supply chain risk management platform is not always considered as an effective solution for assessing supply chain risks, which in turn is restraining growth of the market
- Some of the major players operating in the global supply chain risk management market include, 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
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.