Supply Chain Risk Management Software Market size was valued at $2.64 billion in 2019, and it is estimated to grow at around CAGR 9% during 2020-2025. Adoption of supply chain risk management software in various industries such as manufacturing, transportation and logistics, pharmaceuticals, and food & beverages sectors is analyzed drive the market as the software assist industries in providing equilibrium between supply and demand. Apart from this, the software also enhances business processes along with planning the future requirements by using algorithms which provide consumption analysis. Such benefits are set to drive supply chain risk management software adoption during 2020-2025
Supply Chain Risk Management Software Market Segment Analysis – By Type
Cloud Segment held the major share around 56% of global supply chain risk management software market in 2019. Cloud-based deployment allow industries to stay-up-to-date and aware with real time dashboard alerts. With this deployment, data can be synchronized seamlessly from multiple sources as it provides the ability to communicate and share data more easily than on-premise. Furthermore, benefits of cloud deployment such as ease of deployment, and pay per usage model is analyzed to be one of the major driving factors of the market
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Supply Chain Risk Management Software Market Segment Analysis – By Industry Vertical
Transport & Logistics is the fastest growing segment in Supply Chain Risk Management Software market and is estimated to grow at around CAGR 10% during 2020-2025. In this industry, adoption of supply chain risk management software for estimating shipment histories, demand forecasting, and freight in transit applications is poised to propel the market growth. The growth of the transport and logistics segment is attributed to globalization of supply chain and transport networks, which have given rise to supply chain risks such as lack of supplier visibility, extensive sub-contracting, natural disasters conflict and political unrest. Extensive subcontracting may lead to integrity related risks such as child labor or forced labor, unsafe workplace conditions, illegal worker payment. These factors have led the transport and logistics companies to focus on implementing supply chain risk management solutions in order to analyze risk/security assessment, market condition, and map the supply chain resilience risk. Furthermore, several governments such as India, South Korea and others are focusing on adopting supply chain risk management solutions to identify, assess, and prioritizing risks. The Government of India is undertaking significant steps to support the logistics sector. In 2019, Indian Commerce and Industry Ministry has granted a funding of $0.011 million to the logistics sector for building initial infrastructure. Such initiatives in the APAC region is set provide new opportunities for the market growth during the forecast period as well
Supply Chain Risk Management Software Market Segment Analysis – By Geography
North America dominated the Responsible Sourcing Software market in 2019 with a share in excess of 36%, followed by Europe and APAC owing to the early adoption of advanced digital technologies and high investments in adopting those. The presence of large number of manufacturing plants and big retail chains is also analyzed to drive the adoption of supply chain risk management software in the U.S. In 2018, The Federal Energy Regulatory Commission (FERC) of U.S., has approved new mandatory reliability standards for protection of transportation and logistics equipment and to strengthen supply chain risk management in manufacturing industries. Stringent regulations in manufacturing industries is set to drive the market in this region during 2020-2025
Supply Chain Risk Management Software Market Drivers
Government initiatives in supply chain management
Governments of various countries are focusing on development of supply chain management. There has been significant growth in Indian Logistics Sector owing to the implementation of its government initiative. In 2020, the government has initiated National Logistics Policy to promote seamless movement of goods. According to the Economic Survey 2018 report, the Indian logistics Sector is likely to touch $215 billion in 2020. Furthermore, evolution of global pandemic disease has created demand for supply chain risk management software to mitigate supply chain risks in healthcare and pharmaceutical sectors. This is poised to drive the market post the pandemic as well.
Integration of advanced technologies
Integration of advanced technologies such as artificial intelligence (AI), machine learning (ML) with supply chain risk management software is poised to boost the market and add value to their customer. AI based supply chain risk management increased the efficiency in risk processing and can be used to streamline, automate processes such as load forecasting and vehicle scheduling. AI and ML can provide benefits to supply chain and logistics operations such as cost savings through reduced redundancies and risk mitigation, faster deliveries through more optimized routes improved forecasting, and customer service. Increase in investments and adoption of these technologies provide lucrative opportunities for the growth of the market.
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Supply Chain Risk Management Software Market Challenges
Data security issues
Enterprises that adopt supply chain risk management software face security and privacy issues. Enterprises hold confidential data, which needs to be protected to avoid data breaches and cyber-attacks. There are security issues in cloud deployment compared to on-premises deployment as third party holds the enterprise data and unauthorized personnel can forcefully access it in cloud-based deployment mode. Increase in adoption of cloud-based deployment lead to security concerns that threaten the enterprise data security and weaken business position, thereby hampering the adoption. However, with significant investments on cloud cyber security is set to offset this challenge and promote healthy growth during the later stages of the forecast period 2020-2025
Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Supply Chain Risk Management Software market. Supply Chain Risk Management Software top 10 companies include SAP, Oracle, IBM, The AnyLogic Company, SAS Institute Inc, ServiceNow, RSA Security LLC, Thomson Reuters, Lockpath Inc, LogicManager Inc, and others.
In March 2019, Riskmethods, a global leader in supply chain risk management, and Zurich Insurance Group, had entered into a strategic agreement providing Zurich’s commercial customers with new supply chain risk management services.
In September 2019, AEB had launched risk assessment software solution which used in supply chain applications. Risk assessment software provides easy online access across all companies where global trade risks potentially arise from procurement and sales to shipping. This software also ensures that all relevant information is efficiently captured and automatically used for risk management.
North America dominated the supply chain risk management software market in terms of value in 2019 owing to the early adoption of advanced software solutions and increase in investments.
Adoption of cloud deployment mode for supply chain risk management software implementation owing to its increased availability, high scalability drives the market.
Increasing adoption of supply chain risk management software in transport and logistics sector with increasing government initiatives is set to drive the market.
Data security issues is one of the major challenges to impede market growth during 2020-2025.
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