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  April 21st, 2023 | Written by

Supply Chain Security Market is Projected to Reach USD 4 Bn By 2032

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The Supply Chain Security Market is set to grow from its current market value of more than $1 billion to over $4 billion by 2032; as reported in the latest study by Global Market Insights, Inc.

Supply Chain Security Market is anticipated to grow rapidly over 2023-2032 owing to the increasing emphasis on resolving supply chain challenges and overcoming disruptions caused due to various natural and un-natural interventions. Supply chain security is increasingly gaining traction owing to the rising complexity of supply chains, global trade, and the increasing threat of cyber-attacks.

In addition, increasing adoption of cloud-based solutions will also favor the industry outlook. Various companies across the globe are migrating their operations to cloud-based platforms, owing to which the need for secure and reliable cloud-based supply chain solutions has been gaining the utmost importance. Besides, the solutions offer greater flexibility, scalability, and cost-effectiveness, making them an ideal choice for businesses looking to streamline their supply chain operations.

Overall, the supply chain security market is segmented in terms of component, service, security, organization size, end-user, and region.

Based on the component, the software segment will hold a considerable share by 2032. Increasing adoption of cloud-based solutions by several industries as it offers greater flexibility, scalability, and cost-effectiveness than traditional on-premises solutions will favor industry growth.

By service, the integration and deployment service segment will gain strong momentum by 2032 owing to the increasing deployment of security measures to mitigate inefficiencies in business operations. Moreover, the increasing incidences of supply chain cyberattacks will propel the demand for integration and deployment services during the forecast timeline.

Considering security, the data visibility & governance segment will register notable gains by 2032. The segmental growth will come from the surging adoption of various security and compliance-related services and solutions that empower organizations to handle the data carefully and manage the risks associated with supply chain security.

In terms of organization size, the large enterprise segment will be valued at over USD 3 billion by 2032. Increasing adoption of AI and IoT applications across large enterprises is anticipated to favor the industry outlook.

By end-user, the healthcare segment is expected to be influenced during the analysis period 2023-2032. Increasing the deployment of smart devices and automation to combat supply chain issues will help the segment to grow.

Regionally, the Asia Pacific supply chain security market will exhibit 10% CAGR through 2032. Increasing collaborative efforts between market players and government regulators in countries such as India, China, and Japan will increase the regional market share. In addition, countries such as Singapore have introduced different plans and policies to support data privacy; such advancements are anticipated to boost rapid innovation and advancement of supply chain security solutions across the region.