Compliance and Traceability Solution Market

Compliance and Traceability Solution Market Overview

Demand in the global compliance and traceability solutions market is anticipated to be valued at US$ 2.65 Bn in 2022, with sales increasing at over 15.7% CAGR between 2022 and 2032. Increasing application healthcare, packaging, manufacturing, and retail sectors will propel the adoption of compliance and traceability solutions.

Attributes	Details
Report Attribute	Details
Expected Market Value (2022)	US$ 2.65 Billion
Anticipated Forecast Value (2032)	US$ 6.31 Billion
Projected Growth Rate (2022 to 2032)	15.7% CAGR

With rapid digitization and penetration of connected devices, compliance and traceability solutions are increasingly being adopted to improve the profitability of the businesses. Compliance and traceability are significant factors for business operations.

Hence, businesses and end users are extensively adopting these solutions to ensure sustainable growth of the business. To achieve this, businesses are focusing on gaining compliance certificates and approvals.

These solutions can also ensure, protect, and improve the customer relationships. Hence, demand for end-to-end traceability is gaining immense traction across IT & telecom, manufacturing, and BFSI sectors.

Which are the Factors Driving the Sales in Compliance and Traceability Solutions Market?

Sales in the global compliance and traceability solutions market are driven by growing awareness among manufacturers regarding the benefits of compliance solutions. Compliance tools are gaining traction among businesses to comply with legal, security, industry, and regulatory requirements.

For instance, compliance regulations and standards such as Health Insurance Portability and Accountability Act, International Organization for Standardization (ISO), and General Data Protection Regulation (GDPR).

Increasing adoption of digital solutions among businesses and government to adhere to the regulations and standard norms. These tools are used to ensure regulatory compliance with several IT, financial, or environmental risks.

Hence, increasing demand for on-premise and cloud based compliance and traceability tools in IT & telecom, energy and utility, manufacturing, and BFSI sectors is projected to propel the growth in the market.

Furthermore, healthcare and pharmaceutical companies continuously face issues related to drug counterfeiting. Hence, leading healthcare companies are adopting traceability solutions and tools for supply chain monitoring.

Which are Factors Limiting the Growth in Compliance and Traceability Solutions Market?

Adoption of compliance and traceability solutions have increased the issues with data theft and security, especially across IT & telecom sector. Additionally, rising incidence of cybersecurity and privacy issues in traceability solutions and tools is anticipated to limit the sales.

High cost and delayed timeframe for these tools is one of the major factor hampering the demand in the compliance and traceability solutions market. As implementation of traceability and track solutions require a timeframe of nearly 15 to 18 months.

Besides this, need for heavy investments and cost of integrating these solutions with legal system may hinder the growth in the market. Also, limitation in the technology such as problems with multi-tracking is likely to hamper the sales over the forecast period.

How will North America Compliance and Traceability Solutions Market Fare?

North America is projected to be the largest market for compliance and traceability solutions during the forecast period. Expansion of manufacturing, healthcare, and IT & telecom industries will fuel the adoption of compliance and traceability solutions in North America.

As per Future Market Insights (FMI), North America is projected to account for lion’s share during the assessment period. Presence of stringent regulations and aggregation standards in the U.S. healthcare sector will aid the growth in the market.

Subsequently, rapid digitization and development in IT infrastructure across the U.S. will boost the compliance and traceability solutions market in North America.

How is Europe Contributing to Growth in Compliance and Traceability Solutions Market?

According to Future Market Insights, Europe is expected to provide immense growth opportunities for compliance and traceability solutions providers. With Germany spearheading the growth in the market, demand for these solutions is expected to increase across healthcare, manufacturing, and BFSI industries.

Increasing application of compliance tools in the U.K. IT & telecom industry to improve the profitability and enhance the customer-business relationship will drive the sales. On account of this, sales of compliance and traceability solutions and tools are expected to surge in Europe.

Market Competition

Some of the key players operating in the global compliance and traceability solutions market include SAP SE, Infosys Ltd., Produmex NV SA, APRISO Corporation, Oracle Corp, and Tata Consultancy Services Limited among others.

Leading players in the market are focusing on introducing advanced solutions and services in order to improve their product solutions and gain competitive edge. They are also integrating advanced traceability features such as batch attributes and catch weight management, to attract end users from packaging industry.

Report Scope

Report Attribute	Details
Growth Rate	CAGR of 15.7% from 2022 to 2032
Base Year for Estimation	2021
Historical Data	2015 to 2020
Forecast Period	2022 to 2032
Quantitative Units	Revenue in US$ Billion and CAGR from 2022 to 2032
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered	Deployment Model Service Vertical Region
Regions Covered	North America Latin America Western Europe Eastern Europe APEJ Japan Middle East and Africa
Key Countries Profiled	USA Canada Brazil Argentina Germany UK France Spain Italy Nordics BENELUX Australia & New Zealand China India ASEAN GCC South Africa
Key Companies Profiled	SAP SE, Infosys Ltd Produmex NV SA APRISO Corporation Oracle Corp Tata Consultancy Services Limited
Customization	Available Upon Request

Key Segments Profiled in the Compliance and Traceability Solutions Market

Deployment Model:

• On-Premise
• Cloud-Based

Service:

• Consulting
• Implementation Service
• Integration Service

Vertical:

• Manufacturing
• Healthcare
• Public
• BFSI
• Transportation
• Media & Entertainment
• IT & Telecom
• Retail
• Energy & Utility

Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East & Africa

Frequently Asked Questions

At what rate will the compliance and traceability solutions market grow until 2032?

FMI projects, sales in the global compliance and traceability solutions market are anticipated to surge at 15.7% CAGR between 2022 and 2032.

Which region is forecast to be the most lucrative compliance and traceability solutions market?

North America is expected to be the most lucrative compliance and traceability solutions market, followed by Western Europe.

Which are some prominent compliance and traceability solutions manufacturers?

SAP SE, Infosys Ltd., Produmex NV SA, APRISO Corporation, Oracle Corp, and Tata Consultancy Services Limited are some prominent compliance and traceability solutions providers.