Emerging Trends in Digital Product Passport Software Market 2024 and Global Foreseen Till 2031 | Analysis by Top Key Vendors - Billon Group Ltd, CIRCULARISE, CIRPASS, Det Norske Veritas Group

The Digital Product Passport Software Market is estimated for 2024 for the forecast period 2024-2031, as highlighted in a new report published by Worldwide Market Reports.

Market Overview:

Digital product passports are electronic documents that contain authenticated and verified product information throughout the product lifecycle from design and manufacturing to distribution and use. They help ensure regulatory compliance and provide traceability.

Market Dynamics:

The global digital product passport software market is expected to witness significant growth over the forecast period owing to increasing regulatory compliance requirements around the world for traceability of parts and components used in manufacturing. Digital product passports help manufacturers achieve a high level of visibility into their supply chains and ensure that parts meet legal and industry standards. Additionally, growing adoption of Industry 4.0 technologies is also driving the demand for digital solutions like digital product passports to make manufacturing processes smart and optimize operations.

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Opportunity for integration with AR/VR and digital twins:

The increasing application of technologies like augmented reality, virtual reality, and digital twins across industry sectors presents a huge opportunity for digital product passport vendors. By integrating passport data seamlessly with AR/VR and digital twins, manufacturers have the potential to elevate customer experience through interactive exploration of product information. Customers will be able to access real-time or historical compliance records, sustainably sourced material details, recycling procedures directly from the digital twin of physical products. Likewise, technicians can leverage AR to access on-field support by overlaying manuals and repair instructions on products. Such synergies of digital passports with emerging technologies will boost customer engagement and open up more revenue prospects.

Sustainability becoming an imperative business goal:

Sustainability is emerging as an important business goal rather than just a compliance directive with both regulators and customers putting pressure on organizations. Digital product passports can capture a product's entire sustainability journey including carbon footprint calculations, usage of renewable energy, fair trade certifications validating ESG claims. Customers today consider a company's environmental impact before making a purchase decision. So incorporating robust sustainability controls in passports present a meaningful opportunity for vendors to position themselves as partners for transparent ESG reporting. With global sustainability agendas gaining momentum, the focus on optimal resource utilization throughout a product's lifecycle will further elevate digital passports as a necessity across industries.

The Leading Players involved in the global Digital Product Passport Software market are:

Billon Group Ltd
CIRCULARISE
CIRPASS
Det Norske Veritas Group
iPoint-systems GmbH
Kezzler As
LyondellBasell Industries Holdings B.V.
Narravero GmbH
OPTEL GROUP
Protokol
PSQR
Qliktag Software Inc.
Scantrust SA

Segmentation by Type:

Cloud-Based
On-Premises

Segmentation by Applications:

SMEs
Large Enterprises

Increasing adoption of Industrial IoT and connectivity driving the market growth:

The increasing adoption of Industrial IoT and connectivity across industries is one of the major drivers fueling the growth of digital product passport software market. With industries rapidly automating their processes and operations, the need to track and manage critical assets and components digitally is becoming imperative. Digital product passports powered by IoT and connectivity enable seamless tracking of products throughout their lifecycle from design and manufacturing to distribution and final disposal. This helps organizations optimize their supply chain operations, enhance product quality and compliance. The emergence of technologies like RFID, sensors, 3D printing are making it feasible to embed digital passports within physical products which can be accessed and updated remotely.

Rising regulatory compliance requirements regarding product origin and ESG:

Stringent regulations around product traceability, accountability of material sourcing and end-of-life management are another key factor propelling the demand for digital product passport solutions. Regulatory bodies across countries are implementing stricter environmental, social and governance standards which include mandates for full product traceability and transparency in supply chains. Industries operating globally need to demonstrate compliance for regulations like EU's Waste Framework Directive, California's Transparency in Supply Chains Act. Digital product passports enable firms to record essential compliance data digitally and share it seamlessly with regulators and partners to validate sustainability claims. This is driving more companies to adopt such software to minimize compliance risks.

Following are Some of the Most Important Questions that are Answered in this Report:

➼ What are the most important market laws governing major sections of the Digital Product Passport Software Market?
➼ Which technological advancements are having the greatest influence on the anticipated growth of the worldwide market for Digital Product Passport Software Market?
➼ Who are the top worldwide businesses that are now controlling the majority of the Digital Product Passport Software Market?
➼ What kinds of primary business models do the primary companies in the market typically implement?
➼ What are the most important elements that will have an impact on the expansion of the Digital Product Passport Software Market around the world?
➼ How do the main companies in the environment of the global Digital Product Passport Software Market integrate important strategies?
➼ What are the present revenue contributions of the various product categories on the worldwide market for Digital Product Passport Software Market, and what are the changes that are expected to occur?

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Reason to Buy

✔ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Digital Product Passport Software Market.
✔ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
✔ The key findings and recommendations highlight crucial progressive industry trends in the Digital Product Passport Software Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
✔ Develop/modify business expansion plans by using substantial growth offerings in developed and emerging markets.
✔ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
✔ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

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