Global sales of compliance and traceability solutions are projected to reach US$ 2.65 billion in 2022, growing at a compound annual growth rate (CAGR) of more than 15.7% from 2022 to 2032. The use of compliance and traceability solutions will be accelerated by growing applications in the healthcare, packaging, manufacturing, and retail sectors.
With the rising digitization and adoption of connected devices, compliance and traceability solutions are being embraced more frequently to increase business profitability. Traceability and compliance are important aspects of corporate operations.
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Which are the Factors Driving the Sales in Compliance and Traceability Solutions Market?
Growing manufacturer awareness of the advantages of compliance solutions is what is driving sales in the global market for compliance and traceability solutions. Businesses are increasingly using compliance tools to meet regulatory, industry, security, and legal obligations.
For instance, compliance laws and guidelines like the General Data Protection Regulation, the International Organization for Standardization (ISO), and the Health Insurance Portability and Accountability Act (GDPR).
Which are Factors Limiting the Growth in Compliance and Traceability Solutions Market?
The use of compliance and traceability solutions has made data security and theft issues worse, particularly in the IT and telecom sectors. Additionally, it is projected that the sales will be constrained by the increased prevalence of cybersecurity and privacy problems in tracing tools and solutions.
One of the key factors impeding demand in the market for compliance and traceability solutions is the high price and long lead times for these instruments. Since implementing traceability and tracking solutions takes roughly 15 to 18 months.
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Market Competition
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.
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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
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