Supply Chain Security Market Projected to reach $1,227 million by 2026

The global supply chain security market size is projected to grow from USD 903 million in 2021 to USD 1,227 million by 2026, at a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period. Major driving factors for the supply chain security market include rise in ransom and supply chain attacks, increasing IoT devices in the supply chain, need for enhanced risk prediction and mitigation, and widespread adoption of automation technology across the supply chain.

Key and innovative vendors in the supply chain security market include Sensitech (US), ORBCOMM (US), ELPRO (Switzerland), Rotronic (Switzerland), Emerson (US), NXP Semiconductors (Netherlands), Testo (Germany), Qingdao Haier Biomedical (China), Monnit Corporation (US), Berlinger & Co. AG (Switzerland), Signatrol (US), IBM (US), Cold Chain Technologies (US), LogTag Recorders (New Zealand), Omega Compliance (China), Dickson (US), Hangzhou Zeda Instruments (China), Oceasoft (France), Hanwell Solutions (UK), Controlant (Iceland), Tagbox Solutions (India), FreshSurety (US), Astrona Biotechnologies (US), Safetraces (US), MOST (Sweden), and Tive (US).

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These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the supply chain security market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.

Sensitech is one of the leading providers of supply chain security solutions and is a subsidiary of United Technologies (US). The company has a presence in Europe, APAC, and Latin America, with offices located across diverse geographies, including Amsterdam, Bangalore, Hong Kong, Melbourne, Santiago, and Shanghai. The company has over 20 years of experience in offering state-of-the-art products to its customers to facilitate unparalleled visibility of their entire supply chain—from origin to final destination. It supports global monitoring programs and mission-critical applications for more than 12,000 customers annually, including over 7,500 global food suppliers, 150 of the world’s largest foodservice and supermarket establishments, and the world’s leading bio and pharmaceutical manufacturers. The company has been following actionable improvement strategies to identify the potential growth areas of supply chain process improvement and strengthen its customer base. For instance, the company’s Global Command & Control Centers provide real-time monitoring to ensure the security of precious cargo across the global supply chain—on land, at sea, and in the air. Sensitech offers a complete range of supply chain security solutions for monitoring temperature-sensitive products. The company provides a portfolio of end-to-end solutions that fulfills a wide spectrum of temperature and quality monitoring requirements. Its real-time temperature and location monitors, proprietary software for data analysis and reporting, and consulting services help customers analyze, interpret, and utilize collected information.

ORBCOMM offers Machine-to-Machine (M2M) and Internet of Things (IoT) communication solutions that connect businesses to their assets for delivering increased visibility and improving operational efficiency. The company’s industrial IoT products and services are designed to track, monitor, and control a variety of fixed and mobile assets, such as trailers, trucks, sea containers, marine vessels, pipeline monitoring equipment, and utility meters, in industries. The company serves verticals such as transportation and distribution, heavy equipment, maritime, oil & gas, and government. Apart from North America, the company is also present in Europe, APAC, and Africa. Supply chain security solutions provided by the company include CargoWatch Secure, CargoWatch, ReeferConnect (container tracking and monitoring IoT solution). The ORBCOMM Platform (single, unified, next-generation analytics and reporting platform for advanced temperature monitoring), Heavy Equipment and Construction Fleet Management Solution, FleetEdge (a powerful cloud application used by construction and heavy equipment industry); hardware sensors, such as temperature, humidity, pressure, and fuel sensors. ORBCOMM has a diverse customer base, including premier OEMs and solutions providers; channel partners spanning transportation, supply chain, warehousing, and inventory; and industries including heavy equipment, maritime, oil & gas, and government. The key growth strategies adopted by the company majorly include new product launches and contracts. For instance, in 2019, ORBCOMM launched the new ReeferConnect and VesselConnect platforms, which have been extended to manage the intermodal industry, energy-efficient Controlled Atmosphere technology-based containers.

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