Compliance and Traceability Solution Market Will Generate New Growth Opportunities by 2025
Traditionally, compliance and traceability was considered as a cost of business but this perception has been changed due to rapid adoption of connected devices, digital solutions and services across vertical for improving manufacturing processes and business operations. Compliance management is a critical factor for business operations. By attaining appropriate compliance certificates or approvals manufacturers can ensure sustainable business growth. Whereas, end-to-end traceability is also crucial in order to protect customer relationships and increase profitability. To be successful in global business environment manufacturer must ensure high level of traceability.
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Global Compliance and Traceability Solution Market: Segmentation
Global compliance and traceability solution market is classified into, deployment model, service, vertical, and region. The global compliance and traceability solution market can be segmented on the basis of deployment model, which includes two segments i.e. on-premise and cloud-based. On the basis of service the market can be segmented into consulting, implementation service and integration service. The global compliance and traceability solution market can be segmented into vertical such as manufacturing sector, healthcare sector, public sector, BFSI, transportation sector, media and entertainment sector, IT & Telecom sector, retail sector, and energy and utility sector.
Region wise, global compliance and traceability solution market is segmented into North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific Excluding Japan (APEJ), and Middle East and Africa (MEA). At present, North America is dominating the market in terms of revenue contribution followed by Western Europe. Among all the regions, APEJ is expected to create huge market opportunity for major players operating in the compliance and traceability solution market and the market in the region is anticipated to grow at a considerable CAGR during the forecast period.
Global Compliance and Traceability Solution Market: Drivers
The global compliance and traceability solution market is majorly driven by the increased awareness among manufacturers especially in the developed regions such as North America and Western Europe regarding the benefits of implementation of compliance and traceability solutions for effective and efficient business operations. Further, Compliance and traceability solutions enable manufacturers to achieve quality standard complaining with regulatory, and helps in improving customer satisfaction and customer relationship.
Global Compliance and Traceability Solution Market: Restraints
Lack of awareness across industries especially in emerging markets such as India, China, Brazil and Argentina, regarding adoption of compliance and traceability solutions for enhancing business operations and high initial cost associated with the implementation of these solutions are some of major factors that are hindering the growth of compliance and traceability solution market across the globe.
Global Compliance and Traceability Solution Market: Competitive Landscape
Key players in the global compliance and traceability solution market focus on introduction of advanced solutions and services in order to improve their offerings and strengthen position in the market. For example in 2014, Produmexnv sa extended the features of PDMX Suite and introduced an advanced suite namely PDMX 4.2 version. The new version included additional traceability features such as batch attributes and catch weight management that helped agricultural processors and packagers to achieve farm-to-fork traceability.
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Global Compliance and Traceability Solution Market: Key Players
Some of the major players identified in the global compliance and traceability solution market are SAP SE, Infosys Ltd., Produmex nv sa, APRISO Corporation, Oracle Corp. and Tata Consultancy Services Limited etc.
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