PUBLISHER: Allied Market Research | PRODUCT CODE: 1266553
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266553
The crises, disasters, globalization, and dynamic market developments have rendered the modern supply chain more fragile than ever due to which the risk management of supply chains has received much attention. Wieland and Wallenburg define supply chain risk management as the adoption of a strategy with the goal of managing routine and unplanned risks within the supply chain. Complex business structures within the supply chain, brought on by shifts in the internal and external business environment, can result in unanticipated events such as inaccurate demand forecasts, product damage or defects, and delivery delays, which can set off unintentional events and increase the supply chain's susceptibility the risk management of supply chains has received much.
Moreover, there is significant transformation in healthcare and pharmaceutical industry at an unprecedented pace due to the impacts of cost pressures, advanced technology, and the rise in influence of the patient. This has generated the need for the adoption of supply chain management software to adapt to the current ways of working and implementing new capabilities, such as digital technology & agility, which is expected to prepare healthcare and pharmaceutical industry for the future. This drives the growth of the market.
The penetration of supply chain risk management software is low in healthcare industry; however, it is expected to rise in the upcoming years due to an increase in awareness regarding the benefits of supply chain risk management software. As it enables hospitals or organizations to improve patient and staff safety with inventory protection against expired and recalled items and removes interruptions in care delivery with web-based inventory management. It also helps to analyze actual data to help with better disruption and supply shortage forecasting and expert-driven risk prioritization to reveal intricate linkages between supply failure causes. This is anticipated to drive the growth of the market during the forecast period.
Furthermore, players in the supply chain are no longer just the producer, dealer, and first-tier supplier. A food product is now considered to have participants when it is grown, harvested, processed, packaged, transported, held, and sold from "farm to fork." A participant may play several roles in a single supply chain. And it is highly possible that one or more substances or raw materials come from sources outside the region. There are risks to food safety at every stage of the farm-to-fork chain. It can be challenging for many businesses-from restaurants and food merchants to manufacturers of food and beverages-to document their entire supply chains. However, to comply with governmental rules, reduce risks, and meet consumer needs for supply chain transparency, it is crucial to comprehend the supply chain. Risks in food safety and quality can harm the reputation of a company's brand and financial performance if there is a lack of comprehensive awareness of all potential dangers. Owing to this, the adoption of supply chain risk management has increased over a period to overcome these challenges, which fuels the growth of the market.
A major industrial business may work with hundreds of third parties or even more, creating a web of intricate relationships. Therefore, as the organization grows, managing supplier risks and keeping watch on their compliance with contractual obligations become essential. Hence, a rise in supply chain in turn boosts the demand for supply chain risk management solutions in the upcoming years, which is opportunistic for the market.
The supply chain risk management market is segmented on the basis of component, end-use industry, enterprise size, deployment, and region. By component, it is bifurcated into solution and services. By end-use industry, it is divided into retail and consumer goods, healthcare and pharmaceutical, manufacturing, food and beverages, transportation, and logistics, automotive, and other. By enterprise size, it is classified into large enterprise and small & medium enterprise. By deployment, it is divided into on premise and cloud. Region-wise, it is analyzed across North America (U.S. Canada, and Mexico), Europe (U.K., Germany, France, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Some major companies operating in the market include: AnyLogistix, Avetta LLC, CURA, DHL International GmbH, EXIGER, JAGGAER, LogicManager, Inc., Marsh LLC, MetricSream, and SAP Arbia.