Supply Chain Risk Management Software Market - Forecast(2021 - 2026)

 Supply Chain Risk Management Software Market Overview

Supply Chain Risk Management Software market size was valued at $2.7 billion in 2020, and it is estimated to grow at a CAGR of 9.3% during 2021-2026. Adoption of supply chain risk management software in various industries such as manufacturing, transportation and logistics, pharmaceuticals, and food & beverages sectors drives the market, as this software assist industries in providing equilibrium between supply and demand. Supply chain management encompasses the integrated planning and execution of processes needed to optimize the flow of materials, information and financial capital in the areas that include demand planning, sourcing, production, inventory management and storage, transportation or logistics and return for excess or defective products. Adoption of this kind of supply chain risk management software assists in enhancing business processes in applications such as logistic management and enterprise risk management which helps to reduce supply chain risk. This will drive forward the supply chain risk management software industry.

Supply Chain Risk Management Software Market Report Coverage

The report: “Supply Chain Risk Management Software Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Supply Chain Risk Management Software industry.

By Deployment: On-Premise, Cloud

By Type: Supplier Risk Management Solutions, Sustainable Procurement Solutions, Logistic Management Solutions

By Industry Vertical: Consumer Goods, Transport & Logistics, Healthcare, Retail, Manufacturing, Food & Beverage, and Others

By Geography: North America (U.S., Canada and Mexico);  Europe (U.K., Germany, Italy, France, Rest of Europe); APAC (China, Japan, South Korea, India, Rest of APAC); South America (Brazil, Argentina, Rest of Americas); RoW (Middle East & Africa)

Key Takeaways

  • North America dominated the supply chain risk management software market in terms of value in 2020 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 and high scalability drives the market.
  • Increasing adoption of supply chain risk management software in transport and logistics sector for logistic management with increasing government initiatives is set to drive the market.
  • Data security issues is one of the major challenges that hampers the market growth.

Supply Chain Risk Management Software Market Segment Analysis - By Type

Cloud Segment held the major share around 56.9% of global supply chain risk management software market in 2020. 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, ease of deployment, and pay per usage model have resulted in high adoption of cloud-based deployment.

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 a CAGR 10.0% during forecast period 2021-2026. In this industry, adoption of supply chain risk management software for applications such as 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 or security assessment, failure mode and effects analysis, 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 prioritize 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 $0.011k to the logistics sector for building initial infrastructure. This kind of initiative provides opportunities for the market growth.

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