Global Supply Chain Risk Management Market – Insights
Supply chain risks management (SCRM) is an attempt made by an organization or company to identify, monitor, detect, and mitigate threats to supply chain continuity and profitability. There are various threats that can hamper supply chain such as volatility, material shortages, supplier financial issues and failures, and natural and manmade disasters. Implementation of supply chain risk management software helps an organization to identify, manage, and mitigate global or domestic risks to help and protect their supply chain operations. For instance, Chevron Corporation is a U.S.-based multinational oil and energy corporation, which has set up SMART – a GEP procurement software of GEP Worldwide Company.
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The global supply chain risk management market is expected to witness significant growth during the forecast period (2018–2026), owing to increasing adoption of supply chain risk management software in various industries such as manufacturing, transport and logistics, and pharmaceuticals.
Among regions, Asia Pacific is expected to be the fastest growing regions in the global supply chain risk management market during the forecast period. This growth is attributed to increasing adoption of supply chain risk management platform majorly by growing transportation & logistics and manufacturing sector across the region. For instance, in 2014 government of India launched ‘Make in India’ initiative to attract global manufacturers to set up manufacturing plants in India, which is expected to boost demand for supply chain risk management platform from manufacturing companies.
The government segment is expected to witness a significant growth rate over the forecast period:
On the basis of end-use industry, the government segment is expected to witness significant growth in the global supply chain risk management market during the forecast period. Various governments are focused on improving supply chain for the threat assessment of contractor, sub-contractor or vendor, a vulnerability assessment of proposed acquisition, an assessment of potential impact based upon the criticality of products, or services.
For instance, on July 31, 2018, the Department of Homeland Security (DHS) of the U.S. unveiled the DHS’s new National Risk Management Center (NRMC). NRMC offers various functions including identifying, assessing, and prioritizing risks to national critical functions along with collaborating for the development of risk management strategies and approaches to manage risks to national critical functions, including the development of a strategic framework to identify critical, cross-sector cyber supply supply-chain elements, coordinating integrated cross-sector risk management activities, including establishing a ‘cross-sector, government/industry playbook’ for executing integrated risk management activities.
Moreover, supply chain risk management is majorly utilized by the transport and logistics sector. Therefore, on the basis of end-use industry, transportation and logistics segment is expected to registers the highest growth rate during the forecast period. This is owing to globalization of supply chain and transport networks, which have given rise to supply chain risks such as fragmentation of value chain, extensive sub-contracting, lack of supplier visibility, natural disasters conflict and political unrest, and reliance on oil. This has led logistics companies to adopt supply chain risk management solution to analyze the market condition, risk/security assessment, and map the supply chain resilience risk associated with transportation and logistics.
The workflow and notification segment is expected to witness a considerable growth over the forecast period:
On the basis of platform, workflow and notification platform segment is expected to witness lucrative growth during the forecast period. Workflow and notification platform finds applications in various organizations to manage their workflow. The platform improves organizational workflow by allocating task for timely and effective completion. Furthermore, it can set up notifications and reminders for the progress of a project and automatically analyzes the status of each assigned task in relation to each team member with notification of overdue approvals.
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Major companies operating in the global supply chain risk management market include Avetta, LLC, Cura Software Solutions, DHL International GmbH, GEP, LogicManager, Inc., Marsh LLC, MetricStream Inc., SZ DJI Technology Co. Ltd., SAP Ariba Inc., Software AG, and The AnyLogic Company, and others.