The supply chain security market valuation is anticipated to cross $4 billion by 2032, as reported in a new research study by Global Market Insights.
The rising adoption of omnichannel retail approaches and online shopping following the COVID-19 pandemic are key factors driving supply chain security software development. Based on the 2020 Census Bureau’s Annual Retail Trade Survey, in 2020, e-commerce sales surged by 43 percent to $244.2 billion. This trend showcases the rapid rise in requirements for real-time tracking and visibility of supply chains to prevent theft, counterfeiting, and other frauds. As a result, supply chain security frameworks will gain traction as a solution to provide end-to-end control of goods from warehouses to consumers.
The supply chain security market from the service component segment is projected to witness over 10 percent CAGR until 2032 due to the role of integration and deployment services in limiting business operation inefficiencies. Since professional service providers manage all aspects of supply chain security, customers can focus on core businesses. Training and consulting services are also being designed to help organizations address risks and train on regulatory compliance and emerging vulnerabilities. The acceleration of supply chain cyberattacks will therefore fuel the industry demand.