by The global Supply Chain Risk Management Market is estimated to be valued at US$2.9 Bn in 2022 and is expected to exhibit a CAGR of 9.2% over the forecast period of 2022-2031, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Supply chain risk management involves the identification, assessment, and mitigation of risks in the supply chain network. It ensures that organizations have a resilient supply chain that is better prepared to handle disruptions such as natural disasters, geopolitical events, supplier bankruptcy, and product recalls. This market offers solutions that help organizations monitor and manage their supply chain risks effectively.
B) Market Key Trends:
One key trend driving the growth of the global Supply Chain Risk Management Market is the increasing focus on resilient supply chains. Organizations are realizing the importance of building robust supply chains that can withstand various risks and recover quickly from disruptions. They are investing in advanced technologies and solutions that enable real-time monitoring and predictive analytics to identify potential risks and take proactive measures. For example, companies are adopting artificial intelligence (AI) and machine learning (ML) algorithms to analyze vast amounts of supply chain data and identify patterns that can indicate potential risks.
C) PEST Analysis:
– Political: Political factors such as trade wars, tariffs, and changes in government regulations can impact the supply chain. For example, changes in import/export policies can disrupt the flow of goods and increase costs for organizations.
– Economic: Economic factors such as recessions, inflation, and currency fluctuations can have a significant impact on the supply chain. For instance, economic downturns can lead to reduced consumer demand, affecting the procurement and distribution processes.
– Social: Social factors such as changes in consumer preferences, demographics, and labor trends can influence the supply chain. For instance, the rise of e-commerce and changing consumer expectations for faster and more personalized deliveries have driven organizations to adapt their supply chain strategies.
– Technological: Technological factors such as advancements in IoT, AI, ML, and blockchain are revolutionizing the supply chain. These technologies enable better visibility, traceability, and decision-making in supply chain operations, reducing risks and improving efficiency.
D) Key Takeaways:
– The global Supply Chain Risk Management Market is expected to witness high growth, exhibiting a CAGR of 9.2% over the forecast period, due to increasing focus on resilient supply chains. Organizations are investing in advanced technologies and solutions to mitigate risks and ensure business continuity.
– In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the global market. This can be attributed to the presence of major players in the region, stringent regulations, and the increasing adoption of advanced technologies.
– Key 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. These players are focusing on strategic partnerships, acquisitions, and product innovations to strengthen their market position.
In conclusion, the global Supply Chain Risk Management Market is poised for significant growth driven by the increasing focus on resilient supply chains. Organizations are embracing advanced technologies and solutions to proactively manage risks in their supply chain networks. With the potential to minimize disruptions and enhance operational efficiency, supply chain risk management is becoming a crucial aspect for businesses in today’s dynamic market landscape.
