The global supply chain security market is anticipated to grow at a CAGR of 5.9% during the forecast period (2024-2031). The market is driven by the increasing threat of ransomware and cyberattacks across the supply chains. For instance, in February 2022, Nvidia a semiconductor chip company compromised by a ransomware attack. The company stated that the attacker had started leaking employee credentials and proprietary information online. Improving risk prediction and management is presenting growth opportunities to the market.
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The global supply chain security market is segmented based on the component ( into hardware, software, and services), application (into data protection, data visibility and governance, and others), end-users (into FMCG, healthcare, manufacturing, transportation and logistics, retail and e-commerce, and others) and geographies (into North America, Europe, Asia-Pacific, and the Rest of the World).
Market Insights
- The data protection sub-segment is expected to hold a considerable market share during the forecast period, owing to the growing demand for security and control in business transactions.
- Additionally, the retail and e-commerce sub-segment is expected to hold a significant share of the market, attributed to the increasing adoption of online channels. The growth of e-commerce also accelerates cyberattacks targeting retail and e-commerce driving the market growth. According to the State of Malware Report 2021, the most notable web skimming hack exploited the payment checkout page for the e-commerce heavyweight Tupperware.com.
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- The European region is expected to hold a prominent market share during the forecast period. This is attributed to the strong presence of several market players in the region coupled with the early adoption of technologies. For instance, in May 2021, ADS Special Interest Group launched a new Cyber Security Toolkit, namely Guidance for the Supply Chain. The toolkit is supported by the National Cyber Security Centre (NCSC). Through this partnership, ADS and the Digital Information and Systems Integrity Group (DISIG) aim to equip the ADS supply chain to cater to and respond to the increasing cyber security threats.
- Additionally, the North America region is expected to hold a remarkable share in the global supply chain security market over the forecast period due to the presence of well-developed technological infrastructure, which is aiming to grow further during the forecast period.
The major players in the global supply chain security market include Berlinger & Co. AG, Dickson, Inc., International Business Machines Corp., Rotronic AG, Sensitech Inc., TagBox Solutions Pvt. Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, new product launches, and more. For instance, in August 2021, the National Institute of Standards and Technology (NIST) launched a supply chain security framework effort with tech firms. NIST will work on a new framework to improve the security and integrity of the technology supply chain. Microsoft, Google, and IBM, as well as insurance firms Travelers and Coalition, are working with NIST on the project. The NIST project will build and assess secure technology, as well as evaluate other technologies including open-source software.
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