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Compliance and Traceability Solution Market

Market Insights on Compliance and Traceability Solution covering sales outlook, demand forecast & up-to-date key trends

Compliance and Traceability Solutions Market By Deployment Model (On-Premise, Cloud-Based), Service (Consulting, Implementation Service, Integration Service), Vertical (Manufacturing Sector, Healthcare Sector, Public Sector, BFSI, Transportation Sector, Media & Entertainment Sector, IT & Telecom Sector, Retail Sector, Energy & Utility Sector) & Region - Forecast 2022 - 2032

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.

Report Attribute

Details

Expected Market Value (2022)

US$ 2.65 Billion

Anticipated Forecast Value (2032)

US$ 6.31 Billion

Projected Growth Rate (2022-2032)

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.

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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.

Nikhil Kaitwade
Principal Consultant
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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.

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Report Scope

Report Attribute

Details

Growth Rate

CAGR of 15.7% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2015-2020

Forecast Period

2022-2032

Quantitative Units

Revenue in US$ Billion and CAGR from 2022-2032

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

  • U.S
  • Canada
  • Brazil
  • Argentina
  • Germany
  • U.K
  • 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

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

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

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

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Nikhil Kaitwade
Principal Consultant
LinkedIn
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Compliance and Traceability Solution Market