According to a new report, the global supply chain security market size was valued at $2 billion in 2021 and is projected to reach $6.3 billion by 2031.
As outlined by Valuates Reports, the market is projected to grow at a compound annual growth rate (CAGR) of 12.6% during the forecast period.
The market research suggests that supply chain security is expanding rapidly due to a mix of growing regulatory demands, compliance needs and growing cybersecurity concerns.
The ongoing risk of cargo theft and the need for real-time visibility and traceability have prompted the use of cutting-edge technology like blockchain, internet of things (IoT) and artificial intelligence (AI).
The necessity for all-encompassing security solutions has been further spurred by the intricacy of international supply chain networks and the emphasis on vendor risk management, the report says.
When it comes to supply chain security, the report highlights that North America led the world in revenue and market share in 2021.
This is because the region is seeing a rise in the use of cutting-edge technologies like blockchain, AI and the IoT, which help secure supply chains.
In addition, government efforts and regulations as well as the growing need for dependable and secure supply chains all contribute to the market’s expansion in North America.
Some of the key players in the market highlighted by the report include IBM Corporation, Cold Chain Technologies, Check Point Software Technologies, Controlant, Omega Compliance and Sailpoint Technologies.