Supply Chain Security Market to be Worth $4.9 Billion by 2030: Grand View Research, Inc.
The global supply chain security market size is estimated to reach USD 4.9 billion by 2030, growing at a CAGR of 11.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the rising public and private investments in the transport & logistics sector owing to the growing demand for goods fueled by the growing population and globalization. For instance, according to SITA's 2021 study on Air Transportation IT Insights, 100% of the airlines have invested in cybersecurity services, thereby achieving enhanced efficiency through digitalization. Furthermore, shifting end-user firms' focus on supply chain traceability & transparency and advancements in digital security solutions is creating robust growth opportunities for the market.
Key Industry Insights & Findings from the report:
- The services segment is expected to register a CAGR of 12.2% from 2023 to 2030. The growing complexities in the supply chain and increased concerns about overcoming risks & vulnerabilities boost the segment demand.
- The data locality & protection segment is anticipated to grow at a CAGR of 11.9% from 2023 to 2030. The engagement of various suppliers, vendors, logistics, and customers in the supply chain process forms a huge set of databases that needs to be arranged and stored securely. This has emerged the need for data locality & protection security solutions.
- The Small- & Medium-sized Enterprises(SMEs) segment is anticipated to grow at a CAGR of 11.6% from 2023 to 2030. SMEs are increasingly becoming more vulnerable to cyber threats, such as data breaches, ransomware, and phishing scams, disrupting the supply chain process. This has augmented the need for supply chain security solutions.
- The retail & e-commerce segment is anticipated to grow at a CAGR of 13.2% from 2023 to 2030. Retailers & e-commerce sector involve complex and large supply chain processes, which need to be secured and protected from cyberattacks to avoid any disruptions during the transportation of goods. Furthermore, huge online money transactions in e-commerce websites bode well for the growth of software & hardware security solutions in the market.
- Asia Pacific is anticipated to grow at a CAGR of 13.1% from 2023 to 2030. The growing public & private investment in digitalization and various countries' government emphasis on strengthening security across the country are driving the regional market.
- Key market players have an extended operating history, a large customer base, and significant competitive strengths. In addition to the inorganic growth strategies, vendors emphasize enhancing service offerings to ensure the safety of the operation.
Read full market research report with ToC, "Supply Chain Security Market Size, Share & Trends Analysis Report By Enterprise Size, By Component (Software), By Vertical (Retail & E-commerce), By Security Type, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Supply Chain Security Market Growth & Trends
The increase in cyber threats on the supply chain has been a growing issue among large-, medium-, and small-sized enterprises. For instance, the recently exposed supply chain attack of SolarWinds, a leading software development company based in the U.S., is one of the biggest cybersecurity incidents in the past few years. The Network Management System (NMS) delivered by the company, which enabled customers to examine and monitor their networks with efficiency, was found vulnerable to software supply chain attacks. This attack enabled the hacker to access various companies' data, including FireEye, one of the leading cybersecurity firms. This incident emerged the need for high-end supply chain security solutions among enterprises operating across different sectors, such as transportation, manufacturing, healthcare, and retail.
Supply chain security solutions enable enterprises to identify potential vendors, suppliers, customers, logistics, and other transportation services risks. It enables businesses to effectively address and analyze the threats and mitigate risks that arise with the involvement of other organizations within the supply chain. The use of risk management concepts, along with extensive cyber defense capabilities, form a comprehensive set of security solutions for the supply chain model. Security solutions help enterprises maintain track of criticalities associated with the engagement of other organizations, devise a pre-emptive risk mitigation strategy, and identify the core liabilities, assets, future threats, and breaches with nominal downtime. These functions and benefits associated with the deployment of supply chain security solutions have fueled market growth across different regions.
Supply Chain Security Market Segmentation
Grand View Research has segmented the global supply chain security market based on component, security type, enterprise size, vertical, and region:
Supply Chain Security Market - Component Outlook (Revenue, USD Billion, 2018 - 2030)
Supply Chain Security Market - Type Outlook (Revenue, USD Billion, 2018 - 2030)
- Data Locality & Protection
- Data Visibility & Governance
Supply Chain Security Market - Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)
- Small & Medium-sized Enterprises
- Large Enterprises
Supply Chain Security Market - Vertical Outlook (Revenue, USD Billion, 2018 - 2030)
- Healthcare & Pharmaceuticals
- Retail & E-commerce
- Transportation & Logistics
Supply Chain Security Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players in the Supply Chain Security Market
- Dickson, Inc.
- ELPRO-BUCHS AG
- Emerson Electric Co.
- International Business Machines Corporation
- Hanwell Solutions
- Monnit Corporation
- NXP Semiconductors N.V.
- Oracle Corporation
- Rotronic Instrument Corp.
- Sensitech Inc.
- Tagbox Solutions
- Testo SE & Co. KGaA
Check out more related studies published by Grand View Research:
- Managed Security Services Market - The global managed security services market size is expected to reach USD 87.5 billion by 2030, growing at a CAGR of 15.4% from 2023 to 2030, according to a recent report from Grand View Research, Inc. Factors such as the growing demand for outsourcing services across various BFSI, healthcare, manufacturing, IT & telecommunication industries, and the enterprises focus on their key competencies are expected to drive the market's growth.
- Security Analytics Market - The global security analytics market size is expected to reach USD 21.52 billion by 2027, registering a CAGR of 14.6% from 2020 to 2027, according to the new study conducted by Grand View Research, Inc. Increasing demand to accelerate the investigation process for detecting advanced threats in the network layers is a key factor contributing to the market growth. Detecting advanced level threats helps enterprises to reduce the impact of cyberattacks and provides the ability to the security and risk professionals to respond to the threats at a faster rate.
- Firewall As A Service Market - The global firewall as a service market size is anticipated to reach USD 12.27 billion by 2030, registering a CAGR of 22.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The surge in data breaches in the cloud environment and the proliferation of NGFW are expected to drive demand for the firewall as a service solution and services among industries.
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