The global Supply Chain Security Market size is projected to grow from USD 903 million in 2021 to USD 1,227 million by 2026, at a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period. Major driving factors for the supply chain security market include rise in ransom and supply chain attacks, increasing IoT devices in the supply chain, need for enhanced risk prediction and mitigation, and widespread adoption of automation technology across the supply chain.
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By component, the services segment to register a higher growth rate during the forecast period
The services segment includes various services that are required to deploy, execute, and maintain the supply chain security software and hardware in an organization. As the adoption of the supply chain security solution increases, the demand for these services is also expected to increase. Supply chain security can be provided through professional security analysts who provide remote assistance and incident response to clients in case of suspicious activities. Professional services include training and education, and support and maintenance. As the adoption of supply chain security increases, the demand for these services is also expected to soar. Supply chain security services ensure 24/7 protection against increasing sophisticated architectures, SOCs manned by security experts and quick incident response services. Supply chain security vendors offer customized subscriptions and professional services to assist end users in easy planning and deployment of supply chain security solutions.
Based on vertical, the retail and eCommerce segment to grow at the highest CAGR during the forecast period
Online retail and e-commerce businesses are largely the targets of cyberattacks. These attacks can lead to poor website performance, site downtime, exposure of sensitive customer data, and lost revenue. The rise in omnichannel retailing, eCommerce, and mobility has made it necessary for retailers to have improved visibility in the entire supply chain and have real-time management of demand. The demand in this vertical varies as customers make rapid and efficient purchases from various channel options available. To ensure seamless operations, the retailers and wholesalers are upgrading traditional supply chain security systems by embracing retail cloud solutions. By adopting supply chain security solutions and services, retailers can gain useful visibility and track inventory throughout the entire lifecycle, ensuring agility and profitability by catering to the high demands of consumers. These solutions offer numerous benefits to the enterprises, including reduced capital and operational expenditure, scalability, improved efficiency, inventory visibility, systems integration, robust security, and accessibility to data.
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Key and innovative vendors in the supply chain security market include Sensitech (US), ORBCOMM (US), ELPRO (Switzerland), Rotronic (Switzerland), Emerson (US), NXP Semiconductors (Netherlands), Testo (Germany), Qingdao Haier Biomedical (China), Monnit Corporation (US), Berlinger & Co. AG (Switzerland), Signatrol (US), IBM (US), Cold Chain Technologies (US), LogTag Recorders (New Zealand), Omega Compliance (China), Dickson (US), Hangzhou Zeda Instruments (China), Oceasoft (France), Hanwell Solutions (UK), Controlant (Iceland), Tagbox Solutions (India), FreshSurety (US), Astrona Biotechnologies (US), Safetraces (US), MOST (Sweden), and Tive (US).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the supply chain security market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.
Sensitech is one of the leading providers of supply chain security solutions and is a subsidiary of United Technologies (US). The company has a presence in Europe, APAC, and Latin America, with offices located across diverse geographies, including Amsterdam, Bangalore, Hong Kong, Melbourne, Santiago, and Shanghai. The company has over 20 years of experience in offering state-of-the-art products to its customers to facilitate unparalleled visibility of their entire supply chain—from origin to final destination. It supports global monitoring programs and mission-critical applications for more than 12,000 customers annually, including over 7,500 global food suppliers, 150 of the world’s largest foodservice and supermarket establishments, and the world’s leading bio and pharmaceutical manufacturers. The company has been following actionable improvement strategies to identify the potential growth areas of supply chain process improvement and strengthen its customer base. For instance, the company’s Global Command & Control Centers provide real-time monitoring to ensure the security of precious cargo across the global supply chain—on land, at sea, and in the air. Sensitech offers a complete range of supply chain security solutions for monitoring temperature-sensitive products. The company provides a portfolio of end-to-end solutions that fulfills a wide spectrum of temperature and quality monitoring requirements. Its real-time temperature and location monitors, proprietary software for data analysis and reporting, and consulting services help customers analyze, interpret, and utilize collected information.
ORBCOMM offers Machine-to-Machine (M2M) and Internet of Things (IoT) communication solutions that connect businesses to their assets for delivering increased visibility and improving operational efficiency. The company’s industrial IoT products and services are designed to track, monitor, and control a variety of fixed and mobile assets, such as trailers, trucks, sea containers, marine vessels, pipeline monitoring equipment, and utility meters, in industries. The company serves verticals such as transportation and distribution, heavy equipment, maritime, oil & gas, and government. Apart from North America, the company is also present in Europe, APAC, and Africa. Supply chain security solutions provided by the company include CargoWatch Secure, CargoWatch, ReeferConnect (container tracking and monitoring IoT solution). The ORBCOMM Platform (single, unified, next-generation analytics and reporting platform for advanced temperature monitoring), Heavy Equipment and Construction Fleet Management Solution, FleetEdge (a powerful cloud application used by construction and heavy equipment industry); hardware sensors, such as temperature, humidity, pressure, and fuel sensors. ORBCOMM has a diverse customer base, including premier OEMs and solutions providers; channel partners spanning transportation, supply chain, warehousing, and inventory; and industries including heavy equipment, maritime, oil & gas, and government. The key growth strategies adopted by the company majorly include new product launches and contracts. For instance, in 2019, ORBCOMM launched the new ReeferConnect and VesselConnect platforms, which have been extended to manage the intermodal industry, energy-efficient Controlled Atmosphere technology-based containers.
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