Supply chain risk management involves identifying potential sources of disruptions and devising strategies to mitigate their impact on the supply chain. With growing global trade and complexity in supply chain networks, disruptions due to geo-political tensions, there has been increase in natural calamities and client demand fluctuations. This has made supply chain risk management an important part of business continuity planning. Most large organizations now have dedicated risk management teams that monitor and alert stakeholders about potential supply chain issues using data analytics and scenario modeling. Rising adoption of emerging technologies like IoT, AI and blockchain for more efficient tracking of shipments and assets can drive the market growth.
Market Dynamics:
Global supply chain risk management market growth is driven by factors such as growing focus on building resilience against disruptions, digitization of supply chain operations and changes in trade policies leading to a need for real-time risk visibility. However, high costs related to deployment and maintenance of risk management systems can pose challenges for SMEs. Advancements in technology can offer opportunities for leveraging predictive analytics and scenario modeling to proactively deal with future risks. Integration of demand sensing and real-time ocean freight visibility platforms with risk management systems is also gaining traction.
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