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on January 11, 2024
Supply chain risk management refers to the identification, assessment and mitigation of risks associated within an organization's supply chain. It involves identifying potential internal and external disruptions such as supplier failure risks, natural disasters risks, geopolitical risks, inventory risks, quality and compliance risks, and logistics and transportation risks that may impact the supply chain. Supply chain management software helps organizations streamline operations, gain visibility and mitigate risks.
The global supply chain risk management market is estimated to be valued at US$ 2.22 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rise in burden of chronic diseases and growing geriatric population continues to be a key driver boosting demand for pharmaceutical products globally. However, this also increases the risk of supply chain disruptions owing to stringent regulations around quality, efficacy and safety of drugs. Supply chain risk management software help pharmaceutical companies gain end-to-end visibility across global supply networks and easily identify, assess and mitigate risks related to quality compliance, supplier failures, transportation restrictions etc. thereby ensuring continuity of supply of drugs. Growing chronic disease burden is expected to continuously drive opportunities for supply chain risk management software providers catering to needs of pharmaceutical industry over the forecast period.
SWOT Analysis
Strength: Supply Chain Risk Management provides end-to-end visibility across global supply chains. It helps identify bottlenecks and potential problems in advance. Real-time analytics and monitoring allow for datadriven decisions. Automated alerts reduce human errors and ensure compliance with regulations.
Weakness: Initial set up and deployment of risk management software requires high investment. Integrating complex global supply chain data from different sources is challenging. Lack of skilled professionals limits capabilities.
Opportunity: Increasing disruptions and uncertainties amplify the need for resilience. Demand for predictive tools is rising to minimize risks of supply shortages. Adoption in developing regions with growing economies offers scope.
Threats: Geopolitical tensions raise threats of trade barriers and tariffs. Natural disasters due to climate change pose risks tosourcing and operations. Competition from low-cost alternatives limits pricing power and market share.
Key Takeaways
The Global Supply Chain Risk Management Market Size is expected to witness high growth. The global supply chain risk management market is estimated to be valued at US$ 2.22 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024-2030.
Regional analysis related content comprises: North America has the largest share of the Supply Chain Risk Management market owing to stringent regulatory compliances and ongoing technological innovations in the region. Asia Pacific is anticipated to witness the highest growth rate during the forecast period. Rising industrialization and focus toward supply chain optimization by large industries across China, India, Japan, and South Korea are expected to drive the regional market.
Key players related content comprises: Key players operating in the Supply Chain Risk Management market are BWise, SAP, Oracle, Avetta, LLC, Cura Software Solutions, DHL International GmbH, GEP, LogicManager, Marsh LLC, MetricStream Inc., and SWORD Health.
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