Global Supply Chain Risk Management Software Market Size By Solution, By Platform, By Geographic Scope And Forecast
Published on: 2024-08-08 | No of Pages : 320 | Industry : latest updates trending Report
Publisher : MIR | Format : PDF&Excel
Global Supply Chain Risk Management Software Market Size By Solution, By Platform, By Geographic Scope And Forecast
Supply Chain Risk Management Software Market Size And Forecast
Supply Chain Risk Management Software Market size was valued at USD 1280.34 Million in 2023 and is projected to reach USD 2980.73 Million by 2031, growing at a CAGR of 12.29% during the forecast period 2024-2031.
The Supply Chain Risk Management Software Market refers to the industry segment focused on software solutions designed to identify, assess, mitigate, and manage risks within supply chain operations. This market encompasses various software applications and platforms that enable organizations to monitor, analyze, and respond to risks related to suppliers, logistics, disruptions, regulatory compliance, and other factors affecting supply chain resilience and continuity.
Global Supply Chain Risk Management Software Market Drivers
The market drivers for the Supply Chain Risk Management Software Market can be influenced by various factors. These may include
- Growing Globalization As companies grow internationally, their supply chains are more intricate and linked, which raises the risk of interruptions. Because of this, there is a need for SCRM software to reduce the risks connected to international supply chains.
- Increasing Complexity in Supply Chains Just-in-time production, multi-tiered supplier networks, outsourcing, and other factors are all contributing to the complexity of supply chains. SCRM software gives businesses visibility and control over the many supply chain components, assisting them in managing and navigating this complexity.
- Increasing Number of Supply Chain Disruptions Unexpected occurrences such as supplier bankruptcies, natural disasters, and geopolitical conflicts can all have a big effect on how businesses operate. To guarantee supply continuity, firms can identify, evaluate, and reduce these risks with the use of SCRM software.
- Strict Regulatory Requirements There is an increasing amount of stringency in the regulatory compliance requirements pertaining to labor practices, environmental sustainability, and product safety. With SCRM software, businesses can make sure that all of their supply chains are compliant with rules.
- Growing Technology introduction More sophisticated risk management capabilities inside supply chains are being made possible by the introduction of technologies like blockchain, artificial intelligence, big data analytics, and the Internet of Things. These technologies are used by SCRM software to deliver predictive analytics and real-time insights for risk assessment and mitigation.
- Emphasis on Business Continuity Planning In order to reduce the effect of disruptions on their operations, organizations are putting more of an emphasis on business continuity planning. Through the identification of vulnerabilities and the application of risk mitigation techniques, SCRM software is essential to the development and implementation of successful continuity plans.
- The optimization of supply chain performance and mitigation of risks necessitate the effective management of supplier relationships. By facilitating cooperation and communication with suppliers, SCRM software helps businesses strengthen their bonds and increase the robustness of their supply chains.
- Raising Knowledge of the Significance of Risk Management Adoption of supply chain risk management (SCRM) software is being propelled by organizations’ increasing recognition of its significance. Companies understand that in the unstable business climate of today, proactive risk management is critical to preserving sustainability and competitiveness.
Global Supply Chain Risk Management Software Market Restraints
Several factors can act as restraints or challenges for the Supply Chain Risk Management Software Market. These may include
- Cost Supply chain risk management software implementation can be costly, particularly for small and medium-sized businesses (SMEs). The price of software licenses, installation, training, and upkeep could discourage some businesses from making such an investment.
- Complexity Managing supply chain risks requires navigating intricate networks of partners, suppliers, and logistics. Although this complexity alone can be a barrier to adoption, particularly for businesses with low technological resources or experience, the software solutions must be sophisticated enough to handle it.
- Integration Difficulties It can be difficult to integrate supply chain risk management software with already-in-use enterprise systems like CRM (customer relationship management) and ERP (enterprise resource planning). Adoption may be hampered by compatibility problems and the requirement for customisation, particularly in businesses with legacy systems.
- Data Security Issues Access to sensitive information about partners, suppliers, and activities is frequently necessary for supply chain risk management software. Organizations may be discouraged from implementing these solutions due to worries about data security, privacy, and compliance with laws like the California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR).
- Opposition to Change Putting supply chain risk management software into practice may necessitate alterations to corporate procedures, workflows, and culture. Adoption and implementation may be slowed by stakeholders’ and employees’ resistance to change if they are accustomed to the current way of doing things.
- Limited Knowledge and comprehension It’s possible that many businesses are unaware of the capabilities of the software solutions that are currently on the market or the significance of supply chain risk management. Organizations may be reluctant to invest in these solutions if they are unaware of or do not comprehend their advantages.
- Global Economic Uncertainty Trade disputes, geopolitical difficulties, and economic uncertainty can all have a major influence on supply chains, making effective risk management even more crucial. However, during difficult economic times, businesses could give priority to cost-cutting initiatives over software purchases for risk management.
- Regulatory Compliance It’s getting more and more crucial to abide by laws pertaining to ethical sourcing, sustainability, and supply chain transparency. Without the right instruments and technology, it can be difficult to ensure compliance with these rules, which raises the need for supply chain risk management software.
Global Supply Chain Risk Management Software Market Segmentation Analysis
The Global Supply Chain Risk Management Software Market is Segmented on the basis of Solution, Platform, and Geography.
Supply Chain Risk Management Software Market, By Solution
- Supplier Risk Management Solutions Software that helps identify and assess risks associated with suppliers, such as financial instability or quality control issues.
- Sustainable Procurement Solutions Software that helps companies source materials and products from suppliers who meet environmental and social responsibility standards.
- Logistic Management Solutions Software that helps companies identify and mitigate risks associated with transportation and logistics, such as delays or disruptions.
Supply Chain Risk Management Software Market, By Platform
- Risk Identification This software helps companies identify potential risks in their supply chain.
- Dashboard and Reporting This software provides companies with a centralized view of their supply chain risks and allows them to track and manage those risks over time.
- Others This category includes other features and functionalities that may be included in SCRM software, such as scenario planning, business continuity planning, and incident management.
Supply Chain Risk Management Software Market, By Geography
- North America Market conditions and demand in the United States, Canada, and Mexico.
- Europe Analysis of the Supply Chain Risk Management Software Market in European countries.
- Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
- Middle East and Africa Examining market dynamics in the Middle East and African regions.
- Latin America Covering market trends and developments in countries across Latin America.
Key Players
The major players in the Supply Chain Risk Management Software Market are
- SAP SE
- Oracle Corporation
- JDA Software Group
- Marsh LLC
- SOFTWARE AG
- Avetta, LLC
- Cura Software Solutions
- DHL International GmbH
Report Scope
Report Attributes | Details |
---|---|
Study Period | 2020-2031 |
Base Year | 2023 |
Forecast Period | 2024-2031 |
Historical Period | 2020-2022 |
Unit | Value (USD Million) |
Key Companies Profiled | SAP SE, Oracle Corporation, JDA Software Group, Marsh LLC, SOFTWARE AG, Cura Software Solutions, DHL International GmbH |
Segments Covered | By Solution, By Platform, and By Geography. |
Customization scope | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Anakyst’s Take
The Supply Chain Risk Management Software Market is that it is experiencing significant growth and adoption globally. Factors such as increasing complexities in supply chains, rising awareness about risk management, regulatory requirements, and the need for real-time visibility and control are driving the demand for advanced software solutions in this market. Key players in the industry are focusing on innovation, strategic partnerships, and mergers/acquisitions to enhance their market presence and offer comprehensive risk management solutions to customers across various sectors.
Research Methodology of Market Research
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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Million) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post sales analyst support
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