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Supply chain risks is undesirable and probabilistic situation in supply or logistic network, which led the organization to unexpected risk of losses. Supply chain risks occur due to interruptions in the flow or supply of products. It is necessary to ensure the supply chain continuity and reduce vulnerability by implementing a strategic risk management solution. Although, long-lasting supply chains are certainly causing to undergo disruptions with the transformation of the global business network. Thus, organizations are adopting SCRM solution to stand with such a dramatic transformation. To provide loss mitigation and supply chain resilience if risk events do occur, organizations are highly demanding supply chain risk management (SCRM) solutions.
Growing natural disasters, the financial crisis enforces supply chain managers to review their supply chain footprints and strategies, that drive the SCRM market demand.COVID-19 global pandemic forces almost all industries to reassess and transform their global supply chain model. Thereby, the demand for supply chain risk management solutions is anticipated to grow in the future. Additionally, geopolitical ambivalence accelerating the demand for supply chain visibility and assessment. Economic uncertainty and structural changes in organization brought vulnerability of long-lasting supply chain, resulted growth in the adoption of SCRM solution. Changing trade policies owning to international trade war like trade war between the US and China, impacting the supply chain significantly at suppliers as well as the customer side. So, changing a trade policies are likely to propel the demand for supply chain risk management solutions in the coming years.
Key Market Driver -
• Increasing trade wars like trade war between United States and China affecting global supply chains, drives SCRM demand • Growing natural disatsers will likely to drive the market
Key Market Restraint -
• Lack of awareness and knowledge will restrain the SCRM adoption
Key players are focussing on expanding their business worldwide through strategic partnerships and collaborations. Industry-oriented and custom risk management service offerings are the key strategy adopted by players to strengthen their market position. For instance, in February 2019, BROWZ LLC and Avetta, LLC collaborated to provide supply chain risk management solutions to their customers through software as a service (SaaS) platform. Although, several key players enhancing their risk assessment and management platform by leveraging advanced machine learning (ML), cloud computing, and natural language processing (NLP) technologies. In September 2017, DHL international gmbh launched an advanced Resilience360 module to provide deep insights by restructuring and consolidating data from existing modules.
Some of the players present in the market are Ariba Inc., CURA Software Solutions., GEP, LogicManager, Inc., MARSH B.V., MetricStream Inc., DHL International GmbH., CAMELOT Management Consultants AG, The AnyLogic Company, Coupa Software Inc. among others.
The global trade war between the United States and other leading countries like China are continuously impacting the U.S manufacturing industry supply chain. For instance, China has already enforced tariffs on several US drinks and food exports and threatened further retribution against products such as aircraft, soybeans, and cars. Thus, trade wars encouraging the demand for SCRM market across North America. Also, the presence of a large number of businesses and retailers adopting SCRM solution to strengthen their global supply and logistic network. In this manner, North America is dominating the SCRM market growth. Besides, the geographical expansion of businesses led organizations to reassess their existing supply chain and logistic network. The necessity of managing the safety during this reassessment of the supply chain is expected to drive the SCRM market across North America. Europe is also expected to drive the market growth with growing economical uncertainties and cyber-attacks and data breaches across the region. Also, trade frictions like the United Kingdom leave Europe impacted the global supply chain, resulting in growing demand for SCRM.
Asia-Pacific is expected to increase the adoption of supply chain risk management platform in the coming years. The region is focussing on the trade flows, logistic market, and economical instability of developing counties, which is expecting to augment the adoption of the SCRM platform. Additionally, countries with developing economies like India, Australia, Singapore are also directing their approach to strengthen their global supply chain network. Thereby, Asia-Pacific is anticipated to booming the market in the future.
The developing supply chain and logistics networks in the Middle East and Africa as well as Latin America will be projected to witness an average growth rate for the market.
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