Compliance and Traceability Solutions Market: Due to the increasing deployment of Compliance and Traceability systems by IT & Telecom companies, the industry is expected to experience significant growth

Compliance and Traceability Solutions Market was valued at USD 2.8 Billion in 2021, and is expected to reach USD 7.60 Billion by 2029, exhibiting a CAGR of 13.3% during the forecast period (2022-2029) A software-based solution for loading units and tracking shipments, products, or vehicles across the whole supply chain, from producer to customer, is a compliance and traceability solution. Each step of the value chain management could be significantly impacted by these solutions. As real data, it can be utilised proactively to address problems with production effectiveness, product sustainability, regulatory compliance, and risk. This has a variety of applications across end-use industries, including IT & telecom, manufacturing, and BESI sectors, as it ensures, protects, and improves client connections. Solutions for compliance and traceability are crucial for business operations as a result.

Compliance and Traceability Solutions Market Dynamics

Increased need for real-time traceability and compliance checks spurs the development of supply chain management systems and opens up new markets for these solutions. Additionally, the market is growing as a result of favourable rules and standards for the deployment of serialisation, as well as an increase in Deployment Mode recalls because of packaging. But some of the things that prevent the market from expanding include the expensive costs and protracted implementation times associated with serialisation, as well as worries about data privacy in traceability requirements. In addition, more people are embracing cutting-edge technologies and digital solutions. During the projected period, the logistics industry is anticipated to produce profitable growth possibilities for the compliance and traceability solutions sector. Compliance & Traceability Solutions Are Increasingly Being Used To Improve Business Profitability Due To The Fast Digitization And Penetration Of Connected Devices. The number of global IoT connections raised by 8 percent in the year 2021 to 12.2 Bn active endpoints, representing lower growth than in last year. IoT Analytics expects that the chip scarcity will continue to have an influence on the number of connected IoT devices well after 2023, despite a burgeoning demand for IoT solutions & optimistic sentiment in the IoT community as well as in most IoT end markets. The still-active COVID-19 epidemic & general supply chain interruptions are additional challenges for the IoT industry. The Internet of Things industry is expected to increase by 18% to 14.4 Bn active connections by the end of 2022. There will likely be about 27 Bn linked IoT devices by 2025 as supply limitations loosen & demand quickens. IoT device sales in 2021 as well as the current expectation for 2025 are both less than expected. (The last estimate for 2021 was 12.3 Bn connected IoT devices; the last forecast for 2025 was 27.1 Bn connected IoT devices).In order to ensure long-term company growth, organisations and end users are widely implementing these solutions. To do this, businesses are concentrating on acquiring compliance certifications and clearances. In order to ensure long-term company growth, organisations and end users are widely implementing these solutions. Industries are focusing on gaining compliance certificates & approvals to do this. Compliance and Traceability Solutions Market To know about the Research Methodology :- Request Free Sample Report Market for Compliance and Traceability Solutions Sales are Being Driven by A Number of Factors. Sales in the global market for compliance & traceability solutions are being driven by an increase in manufacturer awareness of the advantages of compliance solutions. To comply with legal, security & regulatory requirements, businesses are increasingly employing compliance technologies. Examples of compliance laws and standards include the Health Insurance Portability & Accountability Act, the International Organization for Standardization (ISO), and the General Data Protection Regulation (GDPR). Increasing the use of digital solutions by businesses & the government to adhere to rules and industry standards these techniques are used to guarantee regulatory compliance with a range of financial, environmental & information technology risks. Growth in the market is expected as a result of increasing demand for on-premise & cloud-based compliance and traceability tools in the manufacturing, BFSI, energy and utility, and IT and telecom sectors. Furthermore, problems with medicine counterfeiting are a common problem for pharmaceutical and healthcare companies. As a result, well-known healthcare organisations are deploying supply chain monitoring technologies and traceability systems. Managing cloud infrastructure is getting harder as developers create more intricate apps using commercially available parts and services. It can take a lot of time, money, and already-stretched engineering resources to build completely automated and compliant infrastructures. For Example, DuploCloud is a cloud infrastructure automation and compliance solution that reduces costs by 75% and speeds up cloud provisioning by 10 times, all with little to no coding needed. Leading Cloud Compliance Regulations General Data Protection Regulation (GDPR): The European Union has made significant changes to its privacy laws in order to address difficulties with security compliance in the cloud environment. The EU has agreed to put its new GDPR regulations into effect in an effort to replace the EU Data Protection Directive from 1995. The GDPR is intended to regulate any organization's use of the personal data of EU citizens. These regulations will improve the international standard for business after they take effect in May 2018 and provide EU citizens more control over their data. Federal Risk and Authorization Management Program (FedRAMP): FedRAMP offers greater security to those operating in the cloud because it is based on a variety of security controls established through the National Institute of Standards and Technology (NIST) Special Publication 800-53. More specifically, these regulations establish an evaluation mechanism for the administration and examination of various cloud products and solutions. FedRAMP makes sure cloud service providers adhere to the security measures set forth in Special Publication 800-53. Any federal agency that chooses to use cloud services throughout its whole business must use FedRAMP software. Factors Limiting the Compliance and Traceability Solutions Market From Growing Data theft and security issues have gotten worse as a result of the adoption of compliance and traceability solutions, especially in the IT and telecommunications sectors. Additionally, it is expected that sales will be hampered by the rising incidence of privacy and cyber security issues in traceability tools and solutions. The high cost & extended time frame for these products are two main constraints limiting demand in the compliance and traceability solutions industry. Traceability and tracking systems typically take 15 to 18 months to implement. In addition, the need for significant financial outlays and the expense of integrating these solutions with the legal system may restrain market growth. Additionally, it is expected that technological constraints, such as problems with multi-tracking, may hinder sales throughout the forecast period. Increasing Demand for Traceability in the Seed Industry Is Expected To Drive the Market towards North. To increase agricultural production, farmers need to have access to high-quality seeds, and factors including seed purity, germination rate, and moisture content are crucial. Digital traceability solutions are required in the seed industry due to the lack of information used in seed production and processing, malicious seed mixing, and manual record keeping. The seed industry has developed in tandem with the agriculture industry since seed is the fundamental & most important component of agriculture. In agriculture, having access to high-quality seeds is crucial for a successful crop. The development of technology and the use of contemporary agricultural methods have made this possible. The seed market is disorganized, and a shadowy ecosystem coexists with it. Farmers that purchase GMO or subpar non-certified seeds from traders wind up losing their crops. Farmers have reported numerous scams involving non-germination of seeds, which has caused significant losses & put strain on the food industry. Utilizing the collecting and sharing of data among the stakeholders, digital interventions aid in generating a streamlined flow throughout the seed value chain. Due to improved productivity and conformance to seed quality, this will strengthen seed exports. End-to-end transparency will guarantee a clean system by getting rid of fraud, negligence, and adulteration. Solutions for traceability driven by blockchains ensure the authenticity of the product, fostering confidence throughout the food system. The flow of information on the decentralised platform promotes confidence and transparency in the seed supply chain by capturing real-time data, ensuring a single source of truth. In order to reassure clients that a brand is reliable and secure, QR codes recreate the product journey from the seed to the shelf.

Compliance and Traceability Solutions Market Segment Analysis:

Based on the deployment mode market is segmented by on premise and cloud. The on-premise segment accounted for approximately three-fifths of the market for compliance and traceability solutions globally in the year 2021. However, it is expected that the cloud segment will continue to dominate in terms of revenue and experience the quickest CAGR of 16.1% during the forecast period. Based on vertical market is segmented by IT & Telecom, Energy & Utility, Manufacturing, BFSI Others. In the year 2021, the IT and telecom sector held the highest share by industry vertical, accounting for more than one-fourth of the market for compliance and traceability solutions worldwide. However, it is expected that the manufacturing segment will dominate in terms of revenue and have the fastest CAGR of 19.4% during the forecast period.

Compliance and Traceability Solutions Market Regional Insights:

North America is expected to have the largest market for compliance and traceability solutions. The use of compliance and traceability solutions in North America will be fueled by the growth of the manufacturing, healthcare, and IT & telecom industries. The U.S. healthcare industry's presence of strict laws and aggregation requirements will promote market growth. Consequently, the market for compliance and traceability solutions in North America will experience growth due to the country's increasing digitization and IT infrastructure development. For companies that provide compliance and traceability solutions, Europe is expected to offer tremendous growth potential. The need for these solutions is anticipated to rise across the healthcare, manufacturing, and BFSI industries, with Germany leading the market growth. Sales will be fueled by a growing use of compliance tools in the U.K. IT & telecom sector to boost profitability and customer-business relationships. As a result, it is expected that sales of compliance and traceability tools and solutions will soar across Europe. SAP SE, Infosys Ltd., Produmex NV SA, APRISO Corporation, Oracle Corp., and Tata Consultancy Services Limited are a few of the major companies active in the worldwide compliance and traceability solutions market. To improve their product offerings and achieve a competitive edge, market leaders are concentrating on introducing cutting-edge products and services. To draw end users from the packaging sector, they are also incorporating advanced traceability capabilities like batch attributes and catch weight control.

Compliance and Traceability Solutions Market Scope: Inquiry Before Buying

Compliance and Traceability Solutions Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US 2.8 Bn.
Forecast Period 2022 to 2029 CAGR: 13.3 % Market Size in 2029: US 7.60 Bn.
Segments Covered: by Deployment Mode • On Premise • Cloud
by Vertical • IT & Telecom • Energy & Utility • Manufacturing • BFSI • Others

Global Compliance and Traceability Solutions Market Key Players are:

SAP SE • Infosys Ltd. • Produmex NV SA • APRISO Corporation • Oracle Corp • Tata Consultancy Services Limited • Systech • Siemens • Adents • OPTEL GROUP • Others. Frequently Asked Questions: 1] What is the growth rate of the Global Compliance and Traceability Solutions Market? Ans. The Global Compliance and Traceability Solutions Market is growing at a significant rate of 13.3% during the forecast period. 2] Which region is expected to have the highest growth rate in the Global Compliance and Traceability Solutions Market? Ans. The North America region is expected to hold the highest growth rate in the Compliance and Traceability Solutions Market during the forecast period. 3] What is the market size of the Global Compliance and Traceability Solutions Market by 2029? Ans. The market size of the Compliance and Traceability Solutions Market by 2029 is expected to reach USD 7.60 Bn. 4] What are the major key players of the Global Compliance and Traceability Solutions Market? Ans. The major key players of the Global Compliance and Traceability Solutions Market are SAP SE, Infosys Ltd., Produmex NV SA, APRISO Corporation, Oracle Corp, Tata Consultancy Services Limited . Systech, Siemens, Adents, OPTEL GROUP, Others. 5] What factors are driving the growth of the Global Compliance and Traceability Solutions Market in 2021? Ans. The growing application of compliance and traceability solutions in the IT, packaging, manufacturing & retail segment will drive adoption compliance and traceability Solutions market during the forecast period.
1. Global Compliance and Traceability Solutions Market Size: Research Methodology 2. Global Compliance and Traceability Solutions Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Compliance and Traceability Solutions Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Compliance and Traceability Solutions Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Compliance and Traceability Solutions Market Size Segmentation 4.1. Global Compliance and Traceability Solutions Market Size, by Deployment Mode (2021-2029) • On Premise • Cloud 4.2. Global Compliance and Traceability Solutions Market Size, by Vertical (2021-2029) • IT & Telecom • Energy & Utility • Manufacturing • BFSI • Others 5. North America Compliance and Traceability Solutions Market (2021-2029) 5.1. North America Compliance and Traceability Solutions Market Size, by Deployment Mode (2021-2029) • On Premise • Cloud 5.2. North America Compliance and Traceability Solutions Market Size, by Vertical (2021-2029) • IT & Telecom • Energy & Utility • Manufacturing • BFSI • Others 5.3. North America Compliance and Traceability Solutions Market, by Country (2021-2029) • United States • Canada • Mexico 6. Europe Compliance and Traceability Solutions Market (2021-2029) 6.1. Europe Compliance and Traceability Solutions Market, by Deployment Mode (2021-2029) 6.2. Europe Compliance and Traceability Solutions Market, by Vertical (2021-2029) 6.3. Europe Compliance and Traceability Solutions Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest of Europe 7. Asia Pacific Compliance and Traceability Solutions Market (2021-2029) 7.1. Asia Pacific Compliance and Traceability Solutions Market, by Deployment Mode (2021-2029) 7.2. Asia Pacific Compliance and Traceability Solutions Market, by Vertical (2021-2029) 7.3. Asia Pacific Compliance and Traceability Solutions Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest of APAC 8. Middle East and Africa Compliance and Traceability Solutions Market (2021-2029) 8.1. Middle East and Africa Compliance and Traceability Solutions Market, by Deployment Mode (2021-2029) 8.2. Middle East and Africa Compliance and Traceability Solutions Market, by Vertical (2021-2029) 8.3. Middle East and Africa Compliance and Traceability Solutions Market, by Country (2021-2029) • South Africa • GCC • Rest of ME&A 9. South America Compliance and Traceability Solutions Market (2021-2029) 9.1. South America Compliance and Traceability Solutions Market, by Deployment Mode (2021-2029) 9.2. South America Compliance and Traceability Solutions Market, by Vertical (2021-2029) 9.3. South America Compliance and Traceability Solutions Market, by Country (2021-2029) • Brazil • Argentina • Rest of South America 10. Company Profile: Key players 10.1. SAP SE. 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Infosys Ltd. 10.3. Produmex NV SA 10.4. APRISO Corporation 10.5. Oracle Corp 10.6. Tata Consultancy Services Limited 10.7. Systech 10.8. Siemens 10.9. Adents 10.10. OPTEL GROUP 10.11. Others.

About This Report

Report ID 168369
Category Information Technology & Telecommunication
Published Date Dec 2022
Updated Date
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