Press release
Ensuring Compliance & Transparency: The Role of Traceability Solutions Market in Modern Enterprises
Surge in need for real-time traceability and compliance audits boosts the growth of supply chain management systems and provides new avenues for the compliance and traceability solution market. Moreover, favorable regulations and standards for serialization implementation, coupled with growth in the number of packaging-related product recalls fuel the market growth.
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The global compliance and traceability solutions market size was valued at USD 2.8 billion in 2021, and is projected to reach USD 9.5 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031.
The compliance and traceability solution market is segmented on the basis of component, deployment mode, organization size, industry vertical, and region. By component, it is categorized into software and services. By deployment mode, it is categorized into on-premise and cloud. By organization size, it is bifurcated into large enterprises and small and medium-sized enterprises. By industry vertical, it is segmented into IT & telecom, BFSI, healthcare, food and agriculture, government, manufacturing, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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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.
๐๐๐๐๐ฌ๐ฌ ๐ญ๐ก๐ ๐๐ฎ๐ฅ๐ฅ ๐ฌ๐ฎ๐ฆ๐ฆ๐๐ซ๐ฒ ๐๐ญ: https://www.alliedmarketresearch.com/compliance-and-traceability-solutions-market-A31445
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.
The key players profiled in the compliance and traceability solutions industry analysis include, 4CRisk.ai, Agrilyze, Mettler-Toledo, Omron Corporation, Optel Group, SAP SE, Systech International, Tata Consultancy Services, TraceLink, Inc., and Tuleap. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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COVID-19 Scenario:
โข 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.
โข However, compliance and traceability solutions are likely to gain momentum in future, owing to the continued surge in demand for traceability solutions from various industries, especially the food and pharma sectors.
โข 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.
โข Rise in digital transformation initiatives in supply chain models augmented the growth of the compliance and traceability solutions market.
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