Supply Chain Security Market: Cyber Threats in Industrial Networks to Impact Supply Chain Security Demand

The Supply Chain Security Market size was valued at USD 903 Mn. in 2021 and the total revenue is expected to grow by 6.4% from 2022 to 2029, reaching nearly 1483.27 Mn.

Supply chain security focuses on the risk management of external suppliers, vendors, logistics, and transportation. Its objective is to recognize, evaluate, and reduce the risks connected to collaborating with other businesses in a supply chain. Physical security for products as well as cyber security for software and services are both parts of supply chain security. There is no single set of recognized supply chain security best practices or guidelines because supply chains can range widely from company to group and may involve numerous distinct firms. A thorough cyber defense strategy and adherence to risk management principles are essential for a supply chain security plan.

The increased frequency and seriousness of cyber security attacks, as well as the rising demand for supply chain transparency and traceability, are driving the need for supply chain security market. Organizations are searching for solutions to safeguard their supply chains from cyberattacks, guarantee the accuracy of their data, and increase supply chain visibility. The report has analysed and given the insights about impact of risk on suplly chain secutiry market by regiona and by indsutries. It will give insights about the market opportunities and attractive revenue channel in Supply Chain Security Market.

Attackers have had to become more inventive with their own techniques as a result of software development businesses taking additional measures to secure their products. They now have more ways to launch attacks from a distance away from their intended targets because of the rapid and ongoing growth of code reuse and cloud-native methodologies. Numerous instances of threat actors have been taking control of systems, planting malware, and stealing sensitive data by taking advantage of just one flaw in the supply chain. Several governments across the world have issued an executive order instructing the leaders of many federal entities to establish more stringent security regulations for the software they use and operate in response to the rise in security breaches. This order, which aims to improve the cyber security profile of the world, has led to a nationwide review of organizational security procedures that goes much beyond what is required at the federal level.

To know about the Research Methodology :- Request Free Sample Report
Supply Chain Security Market Dynamics:
Growing Automation Industry Increases Growth of Supply Chain Security Market

The implementation of automation on a large scale is expected to significantly affect the development of the supply chain security industry. Every industry is expected to continue to be impacted by automation, and supply chain management is no exception. Many supply chain participants are installing these solutions as a result of an increase in the automation aspects. These elements will contribute to the supply chain security market growing more quickly.

Increasing Ransomware Attacks and Cyber threats to drive the Demand Supply Chain Security Market Growth

Supply chain security solutions have been adopted more quickly as a result of the growth of supply networks dependent on the internet. Malware and ransomware attacks have been a widespread occurrence, particularly during the COVID-19 pandemic. An infamous example is a cyber attack using Apple ransomware. Similar incidents have multiplied significantly. As a result, these considerations are helping to promote the widespread installation of supply chain security solutions.

Ransomware and supply chain attacks have significantly increased over the past year. Attacks in the supply chain target a company's partner or supplier in an effort to access its systems. Considering that it is quite simple to use and has the potential to be very profitable, ransomware is growing in popularity. Additionally, a lot of businesses are poorly equipped to handle ransomware assaults, which increases their vulnerability. One of the most severe ransomware outbreaks in history, WannaCry in May 2017 affected more than 300,000 machines across 150 countries. Hospitals, public transit systems, and a number of other businesses were impacted by the ransomware. Attackers can use a supplier's infrastructure in a number of different ways to penetrate a network of an organization.

Growing Adoption of Block Chain Technology in the Supply Chain Security Market

However, many companies are attempting to become more efficient and save money, which is why technologies like blockchain are becoming more popular. Companies may quickly and effectively construct a decentralized, permanent record of transactions between two parties thanks to blockchain technology. It can be used to record transaction information in an unchangeable ledger that can be sent to suppliers, distributors, or other supply chain participants. This opens up a wide range of advantages for government organizations as well as supply chains in many different industries, including retail, healthcare, finance, and others.

According to MMR Analysis, up to 2021, 61% of businesses have already spent up to USD 27.1 M on blockchain solutions. These businesses see value in areas like enhancing supply chain security by enabling the tracking of goods through all transactions made along the way from raw materials to finished goods.

Examples of Supply Chain Attacks



Sr. No.
Attack Name
Year
Details


1
Floxif / CCleaner
2017
The incident happened when malware was distributed to several consumers and companies via the download servers used by software provider Avast to distribute their legitimate software package, a well-known operating system maintenance tool called CCleaner. In the authentic signed version of CCleaner, a multistage malware payload (backdoor) was added; this malicious code silently rode on top of the utility's installation. Because CCleaner software is so widely used, the assault had a significant impact on a large number of victims, most of whom were end users. With a growing rate of 5 million new users per week, the utility reached 2 billion downloads (total) by November 2016.
An estimated 2.2 million CCleaner users worldwide were infected by the malicious payload known as Floxif.


2
NotPetya /
MeDoc
June 2017
The Nyetya (Cisco TALOS naming convention) or NotPetya (widely known moniker) ransomware first surfaced in June 2017. It has now become one of the most well-known and significant recent attacks on software supply chains. There was no way for the ransomware to access a document or email. Instead, it came in through a Ukrainian tax accounting package's updating mechanism (MeDoc). After gaining access, the attacker examined the network's components, stole credentials, and travelled laterally before encrypting a significant amount of data. The malware spread using a Petya ransomware variant, which coupled the EternalBlue vulnerability exploit used in the WannaCry attack with the Mimikatz credential-stealing exploit developed as a proof-of-concept to show password-related vulnerabilities in Windows PCs.


3
Operation
ShadowHammer
June–
Novem
ber
2018
Kaspersky identified this sophisticated information and communications technology (ICT) supply chain attack in a matter of months. The attack used Asus Live Update, a programme that is pre-installed on the majority of Asus laptops and is used to automatically update components like the BIOS, the UEFI, drivers, and software (apps). The media access control (MAC) addresses of the users' network adapters were used to identify the attackers, according to Kaspersky, who claimed that they targeted an unidentified pool of individuals. Asus Live Update tool servers were hacked by the attack path, which also installed a malicious payload. The malicious file appeared to consumers' devices and security software to be genuine software from the manufacturer because it was signed with valid Asus digital certificates.

Estimates state that approximately 500,000 users downloaded malicious updates from the Asus server throughout the attack's 5-month duration. Users from France, Germany, and the Russian Federation made about 50% of the backdoor downloads, while users from a dozen other countries were also impacted.


4
Cryptominer
attack on PDF
editor app
(unnamed)
July
2018
Considering that the systems of the initial vendor were unaffected by the infection, this situation is regarded as unique and sophisticated. The entry point of the payload was identified as a second software provider, which maintained extra packages utilized during the installation of the PDF editing app (the second-tier supply chain). This attack, in contrast to those previously mentioned, wasn't directed at any specific companies or end users; instead, the attackers used their campaign to install cryptocurrency miners on affected devices. Additionally, the extent of the infection was found to be fairly small.
The attack, which applies the multi-tier strategy typical of ICT supply chains and vendor relations to the cyberattack sector, in some ways mimics the growing complexity of digital supply networks.



Arbitrary Implementation Costs Hampering the Supply Chain Security Market Growth

Requirements for cyber security are increasing more quickly than the resources allocated to address them. Most small firms lack the finances and IT security expertise necessary to implement modern cyber security solutions that safeguard networks and IT infrastructures against a variety of threats. For certain small and medium-sized organizations, a lack of financial investment is a major barrier to implementing the supply chain security paradigm. Many companies limit their ability to adopt supply chain security because they deem these fees to be excessively expensive.
Supply Chain Security Market Segment Analysis:
By Component, the Supply Chain Security Market is segmented into Software, Hardware, and Services. The Services segment accounted for the largest market share in 2021. A variety of services are necessary for a company to deploy, operate, and monitor supply chain security software and hardware. With the increased adoption of supply chain security solutions, demand for these services is expected to rise. As supply chain security is employed more frequently, there is expected to be an increase in the demand for these services. Services for supply chain security include security operations centers staffed by experts, rapid incident response services, and round-the-clock defense against more complex architectural designs.

By Application, the Supply Chain Security Market is segmented into Data Protection, Data Visibility, and Others. The Data Protection segment held the largest market share accounting in 2021. Data protection is becoming a major problem. As a result, companies set up processes that make it possible to recover lost or corrupted data. The need for data protection is also growing because it lowers development costs, guards against hackers keep your website from going down, and improves business management. Customers may be influenced to support a business by ethical business practices. It should immediately portray the dependability that the majority of customers are seeking.

The worldwide supply chain security market is divided into several vertical markets, including FMCG, retail and e-commerce, healthcare, manufacturing, automotive, transportation and logistics, and other vertical markets.

Thanks to the rise of omnichannel commerce, eCommerce, and mobility, the retail and eCommerce segment held the highest market share in 2021. This needed improved visibility across the whole supply chain and real-time demand management for merchants. By utilizing supply chain security solutions and services, retailers may acquire pertinent visibility and track inventory over the course of its life, ensuring agility and profitability while meeting the growing expectations of customers. A few benefits that these solutions offer to enterprises include decreased capital and operating costs, scalability, increased productivity, inventory visibility, systems integration, strong security, and data accessibility.
Supply Chain Security Market Regional Insights:
The largest market for supply chain security is in North America. More than 60% of the world market is accounted for by the US, Mexico, and Canada. A number of variables, including the growing complexity of supply chains, the increase in international trade, and the growth in terrorist threats, are driving the region's rising demand for supply chain security services. The requirement to safeguard corporate brands and reputations is another factor driving the demand for supply chain security services. A data breach or product recall can significantly hurt a company's bottom line in today's increasingly connected environment. As a result, a lot of businesses in North America are searching for specialized suppliers to handle their supply chain security requirements.

Europe is expected to grow at a significant growth rate through the forecast period. The market is growing as a result of the strong presence of multiple market participants in the area and the early adoption of technology. For instance, the National Cyber Security Centre sponsored the May 2021 launch of a new Cyber Security Toolkit that aids with supply chain assistance (NCSC). The purpose of this agreement is to provide the ADS supply chain with the tools necessary to address and combat the growing cyber security risks.
Supply Chain Security Market Competitive Landscape
The market for supply chain security is indeed very fragmented. There are lots of players competing fiercely. Research and development are activities that vendors in the supply chain security market participate in. The actions assist in raising player revenues, which ultimately quickens growth chances. Additionally, strategic alliances play a significant role in the trajectory of growth.

In the supply chain security industry, mergers, acquisitions, joint ventures, and partnerships are frequent. The supply chain security market's entire development depends on its growth throughout several regions. Marketing tactics and specialized services are essential for the supply chain security market overall growth.

Omega Compliance, Qingdao Haier Biomedical, Tagbox Solutions, Astrona Biotechnologies, Monnit Corporation, Hanwell Solutions, Hangzhou Zeda Instruments, and LogTag Recorders are a few well-known companies in the supply chain security Industry.

The provider can identify an alignment or fit between their skills and opportunities for potential future growth prospects with the aid of the Competition Strategic Window, which examines the competitive landscape in terms of markets, applications, and geographies. It outlines the best or most advantageous fit for the vendors to implement subsequent merger and acquisition plans, geography growth strategy, research and development strategies, and new product introduction strategies to carry out future business growth over a forecast period.
Supply Chain Security Market Scope: Inquire before buying



Supply Chain Security Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 903 Mn.


Forecast Period 2022 to 2029 CAGR:
6.4%
Market Size in 2029:
US $ 1483.27 Mn.


 Segments Covered:
by Component
• Software
• Hardware
• Services


by Application
• Data Protection
• Data Visibility
• Others


by Vertical
• FMCG
• Retail and ecommerce
• Healthcare
• Manufacturing
• Automotive
• Transportation and Logistics
• Other verticals



Supply Chain Security Market Key Players
• Sensitech
• ORBCOMM
• ELPRO
• Rotronic
• Emerson
• NXP Semiconductors
• Testo
• Qingdao Haier Biomedical
• Monnit Corporation
• Berlinger & Co. AG
• Signatrol
• IBM
• Cold Chain Technologies
• LogTag Recorders
• Omega Compliance
• Dickson
• Hangzhou Zeda Instruments
• Oceasoft
• Hanwell Solutions
• Controlant
• Tagbox Solutions
• FreshSurety
• Astrona Biotechnologies
• Safetraces
• Tive

FAQs:

1. What was the global market size of the Supply Chain Security Market in 2021?
Ans. The Global Supply Chain Security Market was valued at USD 43.02 Bn. in 2021.

2. What is the study period for the Supply Chain Security Market?
Ans. 2017-2029 is the study period for the Supply Chain Security Market.

3. What is the growth rate of the Supply Chain Security Market?
Ans. The Chatbots Market is growing at a CAGR of 6.4% over forecast the period.

4. What are the major key players of the Global Supply Chain Security Market?
Ans. The major key players of the Global Supply Chain Security Market are Omega Compliance, Qingdao Haier Biomedical, Tagbox Solutions, Astrona Biotechnologies, Monnit Corporation, Hanwell Solutions, Hangzhou Zeda Instruments, and LogTag Recorders.

5. What is the market size of the Supply Chain Security Market by 2029?
Ans. The market size of the Information Technology Market by 2029 is expected to reach at 1483.27 Mn.

6. What is the forecast period for the Supply Chain Security Market?
Ans. The forecast period for the Supply Chain Security Market is 2022-2029.