The short answer is no. Concrete wall panels are not needed for the sake of the building itself.
However, they are a good, fire-rated element of building which has basically replaced brick construction in recent times. This mainly because of cost effectiveness and the obvious time-saving advantage.
Concrete walls (sometimes referred to as tilt-panels, tilt-ups or precast panels), are an efficient way to achieve high-strength, high-security, walls for commercial and industrial buildings.
When buildings are constructed within certain setbacks or limits (mainly on property boundary lines), regulations require a certain fire-rating of the external walls for protection. Concrete wall panels are an efficient way to achieve this. If you are not required to achieve fire-ratings, then more conventional steel sheeting provides a good quality, weatherproof and more economical alternative.
Precast concrete panels are excellent for security.
They can be used structurally to support the roof frame etc. and are often used to provide architectural aesthetics. Another advantage is the robust nature of the panel, which is resistant to impact from vehicles and material handling equipment.
If you need a fire rated wall, then a concrete wall is one of the more efficient products on the market that can achieve that. Typically, they are required if you are within 3m of a property boundary or if you are needing to divide your building into different compartments say for rental.
Many factories and warehoused have concrete on all sides for security and looks. If you are just looking for security, you could have a concrete wall as a dado panel, which can be two or three meters high around the bottom of the shed with a lighter cladding used above.
This method saves considerable cost while maintaining a strong deterrent to anyone wanting to break into the building.