Portland, OR , Nov. 14, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global compliance and traceability solutions market generated $2.8 billion in 2021, and is estimated to reach $9.5 billion by 2031, witnessing a CAGR of 13.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $2.8 Billion |
| Market Size in 2031 | $9.5 Billion |
| CAGR | 13.3% |
| No. of Pages in Report | 271 |
| Segments Covered | Component, Deployment Mode, Organization Size, and Industry Vertical, and Region |
| Drivers | Surge in need for real-time traceability and compliance audits. |
| Favorable regulations and standards for serialization implementation. | |
| Rise in the number of packaging-related product recalls. | |
| Opportunities | Increased adoption of advanced technologies and digital solutions in the logistics sector. |
| Restraints | High costs and longer implementation timeframe associated with serialization. |
| Concerns over data privacy in traceability requirements |
Covid-19 Scenario:
- The COVID-19 outbreak impacted the compliance and traceability solution industry negatively. Disruptions in the supply chain for tracking and tracing activities and limited operations of logistics and transportation led to a decline in the market growth.
- However, compliance and traceability solutions are likely to gain momentum in future, owing to continued surge in demand for traceability solutions from various industries, especially the food and pharma sectors.
- Following the pandemic outbreak, innovations and advancements in compliance and traceability solutions, such as real-time monitoring and RFID technology have aided in the market growth. Rise in digital transformation initiatives in supply chain models augmented the growth of the compliance and traceability solutions market.
The report offers a detailed segmentation of the global compliance and traceability solutions market based on component, deployment mode, organization size, and industry vertical, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on component, the software segment held the largest share in 2021, accounting for more than two-thirds of the global compliance and traceability solutions market, and would rule the roost through 2031. However, the services segment is estimated to witness the fastest CAGR of 15.3% during the forecast period.
Based on deployment mode, the on-premise segment held the largest share in 2021, capturing nearly three-fifths of the global compliance and traceability solutions market. However, the cloud segment is estimated to maintain its dominance in terms of revenue and witness the fastest CAGR of 16.1% during the forecast period.
Based on, the on-premise segment held the largest share in 2021, capturing nearly three-fifths of the global compliance and traceability solutions market. However, the cloud segment is estimated to maintain its dominance in terms of revenue and witness the fastest CAGR of 16.1% during the forecast period.
Based on organization size, the large enterprises segment held the largest share in 2021, capturing two-thirds of the global compliance and traceability solutions market, and would maintain a progressive revenue growth during the forecast period. However, the small and medium-sized enterprises segment is estimated to witness the fastest CAGR of 15.8% during the forecast period.
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Based on industry vertical, the healthcare segment held the largest share in 2021, capturing over one-fourth of the global compliance and traceability solutions market. However, the IT and telecom segment is estimated to lead in terms of revenue and witness the fastest CAGR of 19.4% during the forecast period.
Based on region, the market in North America was the largest in 2021, accounting for more than one-third of the global compliance and traceability solutions market share. However, the market in the Asia-Pacific region is likely to lead in terms of revenue and exhibit the highest CAGR of 16.1% from 2022 to 2031. The other regions analyzed in the study include Europe and LAMEA.
Leading players of the global compliance and traceability solutions market analyzed in the research include 4CRisk.ai, Agrilyze, Mettler-Toledo, Omron Corporation, Optel Group, SAP SE, Systech International, Tata Consultancy Services, TraceLink, Inc., and Tuleap.
The report analyzes these key players of the global compliance and traceability solutions market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
