The need for supply chain security is being driven by the increased frequency and severity of cybersecurity threats, as well as the growing demand for transparency and traceability in the supply chain. Organizations are increasingly looking for solutions that can help them protect their supply chains from cyberattacks, ensure the integrity of their data, and improve visibility into their supply chains.
In addition to this, concerns over intellectual property being illegally copied and the proliferation of counterfeit goods have led to a change in consumers' buying habits. Consumers are now looking for products that provide proof of authenticity and provenance. In fact, according to a recent Consumer Reports survey, 87% of US adults expressed concern about warranty coverage on electronic products. Given the risks involved with counterfeiting and piracy-which can lead to product recalls, loss of brand value, warranty claims, and financial penalties-it is becoming increasingly important for organizations to ensure the security of their supply chains.
Block Chain is Emerging as New and Preferred Technology in the Supply Chain Security Market
Many companies are also looking to increase efficiency and cut costs, which is leading to the adoption of technologies such as blockchain. Blockchain technology allows companies to quickly and easily create a decentralized, permanent record of transactions between two parties. It can be used to log transaction details in an immutable ledger that can be shared with suppliers, distributors, or other stakeholders in the supply chain. This unleashes a variety of benefits for supply chains across various industries-including retail, healthcare, finance, and others-as well as for government agencies.
A 2018 survey from IBM found that 30% of surveyed enterprises have already invested up to $10M in blockchain solutions and see value in areas such as enhancing security of supply chains by supporting the tracing of goods through every transaction involved during its journey from raw material to final product.
Increasing Threat of Ransomware is Playing Key Role in Growth of Supply Chain Security Market
In the last few years, the global supply chain security market has been witnessing a healthy growth. This is majorly attributed growing focus of business on securing their supply chain from various threat. This is further fuelled by the increasing availability of ransomware-as-a-service, which makes it even easier for attackers to infect organizations without having to know how ransomware works.
The past year has seen a significant increase in ransomware and supply chain attacks. Supply chain attacks involve compromising an organization's supplier or partner in order to gain access to its systems. Ransomware is becoming increasingly popular because it is relatively easy to execute and can be very profitable. In addition, many organizations are not properly prepared to deal with ransomware attacks, which makes them more vulnerable. The WannaCry ransomware attack in May 2017 was one of the most devastating ransomware attacks in history, affecting more than 300,000 computers in 150 countries. The ransomware affected hospitals, public transportation services, and several other organizations. There are various ways that attackers can exploit a supplier's infrastructure to gain access to an organization's network.
eCommerce and Retailers to Continue Holding Dominance
E-commerce retailing has grown rapidly over the past decade with significant effects on both retailers and consumers. With the growth of eCommerce providers such as Amazon, Alibaba, etc., customers are increasingly shifting their purchase decisions towards online channels. This shift has led to an increase in cyberattacks targeting eCommerce infrastructure.
In recent years, e-commerce websites have been overwhelmed by cyberattacks, which is projected to push the growth of the supply chain security market further.
E-commerce platforms are the target of criminals because of their ability to collect large amounts of customer data in a single location. In early 2018, hackers used malware to insert code into the website of Ticketmaster UK and redirect customers to a fraudulent page that collected customers' personal information. Moreover, these retailers often lack visibility into suppliers. Thus, they may not be aware if certain suppliers are using poor cybersecurity practices until it is too late, leaving them vulnerable for attacks.
North America is the Largest Supply Chain Security Market
North America is the world’s largest supply chain security market. Wherein, the US is accounting for more than 60% of the global market. Canada and Mexico are also key markets. The growing demand for supply chain security services in the region is being driven by a number of factors, including the increasing complexity of supply chains, the rise in global trade, and the increase in terrorist threats. The demand for supply chain security services is also being driven by the need to protect corporate brands and reputations. In today’s increasingly connected world, a data breach or product recall can have a significant negative impact on a company’s bottom line. As such, many companies in North America are looking to outsource their supply chain security needs to specialist providers.
The North American is home to several of the largest security companies in the world, including IBM, Accenture, Lockheed Martin, Raytheon, and Dell. The region also has a number of specialist providers that provide supply chain security solutions. Providers in North America supply chain security market typically focus on one or more specific aspects of supply chain security services such as risk management; cybersecurity; and customs compliance (e.g., vetting and analysis).
Vendor Landscape of Supply Chain Security Market
ORBCOMM (US), Sensitech (US), Rotronic (Switzerland), ELPRO (Switzerland), Emerson (US), Testo (Germany), NXP Semiconductors (Netherlands), Qingdao Haier Biomedical (China), Signatrol (US), Monnit Corporation (US), Berlinger & Co. AG (Switzerland), IBM (US), Omega Compliance (China), Cold Chain Technologies (US), LogTag Recorders (New Zealand), Dickson (US), and Oceasoft (France) are some of the key players in the global supply chain security market.
Key Elements Included In The Study: Global Supply Chain Security Market
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