Surge in need for real-time traceability and compliance audits, favorable regulations and standards for serialization implementation, and a rise in the number of packaging-related product recalls driving the global compliance and traceability solutions market. Region-wise, the market in Asia-Pacific is expected to maintain its dominance in terms of revenue and also grow at the fastest CAGR during the forecast period.
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.
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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.
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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.
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.
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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.
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