The North America Supply Chain Security Market would witness market growth of 6.8% CAGR during the forecast period (2021-2027).
The system of supply chain management integrates security measures in the conventional supply chain management that offers protection to the companies and prevents threats like theft, terrorism, and piracy. The security management provides facilities like screening goods, securing goods transit, and validating supplier credentials. A supply chain is a group of the ecosystem of resources required for designing, manufacturing, and distribution of products. Based on cybersecurity, a supply chain comprises software & hardware, distribution mechanisms, and local or cloud storage.
The incorporation of blockchain technology in SCM software and the increase in the demand for transportation management systems software are estimated to propel the growth of the security chain management market in the forecast years. But there are certain determinants like rising security & privacy concerns among enterprises and high costs associated with the adoption and maintenance of SCM solutions that are hampering the growth of the supply chain management market over the forecast period.
Numerous key players in this region are offering the facility of supply chain security solutions to all end-users. The nations like Canada and the US have robust economies that are anticipated to acquire a promising growth rate of the supply chain security market over the forecast period. The key factors like partnerships, acquisitions & mergers, significant Research, and Development activities, and geographical presence are responsible for the massive implementation of supply chain security and services.
In the present scenario, various voluntary security initiatives connect business and governmental players, in one way or another. The first security initiatives were created to fight against supply chain disruption like theft, loss, damage, etc. Today, new and existent initiatives are evolving, which are emphasizing on measures against terrorism. In addition, these initiatives appear to focus on their main targets, emerging parties, and geographic focus. However, on examining in detail they all consist of a set of security measures which comprises of supply chain security management system. Thus, the adoption of supply chain security solutions is high in this region and driving the growth of the supply chain security market.
The US market dominated the North America Supply Chain Security Small & Medium Enterprises Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $114.8 million by 2027. The Canada market is experiencing a CAGR of 11.7% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 10.8% during (2021 - 2027).
Based on Component, the market is segmented into Hardware, Software and Services. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Application, the market is segmented into Data Protection, Data Visibility & Governance and Others. Based on Vertical, the market is segmented into Retail & eCommerce, FMCG, Healthcare & Life Sciences, Manufacturing, Transportation & Logistics and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Supply Chain Security Market is Estimated to Reach USD 1.3 Billion by 2027 at a CAGR of 6.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Carrier Global Corporation (Sensitech, Inc.), IBM Corporation, NXP Semiconductors N.V., Emerson Electric Co., Orbcomm, Inc. (Northrop Grumman Corporation), Monnit Corporation, Berlinger & Co. AG, Signatrol Ltd., Cold Chain Technologies (Aurora Capital Partners) and Qingdao Haier Biomedical Co., LTD.
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