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Supply Chain Risk Management Software Market Drivers Government Initiatives in Supply Chain Management

HYDERABAD, TELANGANA, INDIA, November 25, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Supply Chain Risk Management Software Market size was valued at $2.7 billion in 2020, and it is estimated to grow at a CAGR of 9.3% during 2021-2026. Adoption of supply chain risk management software in various industries such as manufacturing, transportation and logistics, pharmaceuticals, and food & beverages sectors drives the market, as this software assist industries in providing equilibrium between supply and demand. Supply chain management encompasses the integrated planning and execution of processes needed to optimize the flow of materials, information and financial capital in the areas that include demand planning, sourcing, production, inventory management and storage, transportation or logistics and return for excess or defective products. Adoption of this kind of supply chain risk management software assists in enhancing business processes in applications such as logistic management and enterprise risk management which helps to reduce supply chain risk. This will drive forward the supply chain risk management software industry. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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https://www.industryarc.com/Report/19327/supply-chain-risk-management-software-market.html

Key takeaways:

1. North America dominated the supply chain risk management software market in terms of value in 2020 owing to the early adoption of advanced software solutions and increase in investments.

2. Adoption of cloud deployment mode for supply chain risk management software implementation owing to its increased availability and high scalability drives the market.

3. Increasing adoption of supply chain risk management software in transport and logistics sector for logistic management with increasing government initiatives is set to drive the market.

4. Data security issues is one of the major challenges that hampers the market growth.

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Segmental Analysis:

1. Cloud Segment held the major share around 56.9% of global supply chain risk management software market in 2020. Cloud-based deployment allow industries to stay-up-to-date and aware with real time dashboard alerts. With this deployment, data can be synchronized seamlessly from multiple sources as it provides the ability to communicate and share data more easily than on-premise.

2. Transport & Logistics is the fastest growing segment in Supply Chain Risk Management Software market and is estimated to grow at a CAGR 10.0% during forecast period 2021-2026. The Government of India is undertaking significant steps to support the logistics sector. In 2019, Indian Commerce and Industry Ministry has granted a funding of $0.011k to the logistics sector for building initial infrastructure.

3. North America dominated the Responsible Sourcing Software market in 2020 with a market share of 36.9%, followed by Europe and APAC owing to the early adoption of advanced digital technologies and high investments in adopting them.

Competitive Landscape:

The top 5 players in the Supply Chain Risk Management Software industry are -

1. SAP

2. Oracle

3. IBM

4. The AnyLogic Company

5. SAS Institute Inc

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