Press release
Global Supply Chain Cybersecurity Market Analysis: Trends, Drivers, and Future Growth 2024-2031
global supply chain cybersecurity market, expected to grow from US$ 624.6 million in 2023 to US$ 1,720.2 million by 2031
The global supply chain cybersecurity market reached a valuation of US$ 624.6 million in 2023 and is projected to grow to US$ 1,720.2 million by 2031, reflecting a CAGR of 13.5% over the forecast period from 2024 to 2031.
The increasing sophistication and frequency of cyberattacks drive the growing adoption of supply chain cybersecurity solutions. A notable example occurred in October 2023 when Okta, a provider of authentication management services, experienced a cyber breach. Hackers impersonated legitimate users, gaining access to customer support management systems and leaking private customer data.
The market's growth is further fueled by advancements in digital security solutions and a shift towards supply chain traceability and transparency among end-user companies. For instance, SITA's 2021 Air Transportation IT Insights revealed that all airlines have invested in cybersecurity services to enhance productivity through digitalization.
Regional Insights
North America leads the market, driven by the increasing prevalence of cyberattacks and the critical need for data security across small and medium-sized enterprises (SMEs) and large-scale enterprises. A significant incident involved the SolarWinds Network Management System, underscoring the region's vulnerability to cyber threats. The U.S. is expected to maintain a dominant market share due to the high adoption rate of security solutions and the presence of major supply chain security vendors. Additionally, the U.S. government has strengthened its cybersecurity infrastructure, exemplified by President Biden's Executive Order on Strengthening the Nation's Cybersecurity in May 2021, which emphasizes updating federal cybersecurity and enhancing information exchange between public and private sectors.
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Market Dynamics
Growing Complexity of Supply Chains
The increasing complexity of supply chains provides cybercriminals with a larger attack surface. The proliferation of connected systems, suppliers, partners, and third-party integrations creates numerous access points for cyberattacks. Comprehensive cybersecurity solutions are essential to protect the intricate supply chain environment, which includes cloud platforms, IoT devices, digital networks, and interconnected systems.
Supply chains involve multiple third-party vendors and suppliers, each introducing cyber risks such as malware infections, insider threats, and data breaches. Supply chain cybersecurity solutions manage these third-party risks through risk assessments and security controls. Secure data exchange protocols, encryption techniques, and data loss prevention measures are vital for protecting sensitive information shared within the supply chain.
Increase in Automation and Frequency of Cyberattacks
The adoption of technologies like blockchain, machine learning, and artificial intelligence (AI) in supply chain management enhances efficiency but also introduces new cyber risks. As supply chains become more transparent, the need for robust cybersecurity measures grows. A study by BlueVoyant revealed a 26% increase in supply chain breaches in 2023 compared to 2022, highlighting the escalating threat landscape and the need for enhanced cybersecurity solutions.
Segment Analysis
The global supply chain cybersecurity market is segmented by component, deployment, organization size, application, end-user, and region. The solutions segment holds the largest market share, driven by the need for comprehensive protection against sophisticated cyber threats targeting supply chains. Organizations prioritize visibility, resilience, third-party risk assessment, and vendor security management, leading to increased investment in specialized cybersecurity solutions.
Competitive Landscape
Key players in the market include IBM, Emerson Oracle, Testo Orbcomm, Honeywell International Inc., Trend Micro, Darktrace Holdings Limited, CyberArk Software Ltd., and Palo Alto Networks.
COVID-19 Impact Analysis
The COVID-19 pandemic accelerated digital transformation, increasing the attack surface for cybercriminals. The shift to remote work and online activities heightened the need for robust cybersecurity measures. Companies implemented multi-factor authentication, secure remote desktop protocols, secure VPNs, and endpoint security solutions to protect sensitive data and systems.
Russia-Ukraine War Impact Analysis
Geopolitical conflicts, such as the Russia-Ukraine war, exacerbate cyber risks and disrupt international supply chains. Organizations face increased cyber threats and regulatory changes, driving investments in cybersecurity solutions to protect critical infrastructure and maintain compliance with evolving standards.
Key Developments
On February 21, 2024, BlueVoyant expanded its Cyber Third-Party Risk Management Solution to monitor risk across eight business risk categories.
On February 01, 2024, Accentur invested in TXOne Networks to help organizations manage supply chain security risks.
On December 05, 2023, KPMG and Lineaje collaborated to manage software supply chain security risk, enhancing third-party risk management offerings.
View full report:
https://www.datamintelligence.com/research-report/supply-chain-cyber-security-market
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DataM Intelligence 4Market Research is a market intelligence platform that gives access to syndicated, customized reports and consulting to its clients in one place. As a firm with rich experience in research and consulting across multiple domains, we are a one-stop solution that willcater to the needs of clients in key business areas. DataM Intelligence has an online platform whose industries such as chemicals and materials, agriculture, health care services, animal feed, and food & beverages, among others. Our platform has Insights on markets that uncover the latest market research data that are distinct from the competition. With coverage across 10 major industries in the marketplace research, DataM Intelligence benefits thousands of companies by helping them take their innovations early to the market by providing a complete view of the market with statistical forecasts. Our strategy-centric framework and value-added services will let individuals and corporations ease access and custom personalization to research and markets.
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