Why Invest in Compliance and Traceability Solutions Market Expected to Reach USD 9.5 Billion by 2031

Favorable regulations & standards for serialization implementation, coupled with growth in number of packaging-related product recalls fuel the market growth.

PORTLAND, PORTLAND, OR, UNITED STATE, July 17, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, Why Invest in Compliance and Traceability Solutions Market Expected to Reach USD 9.5 Billion by 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

The global compliance and traceability solutions market size was valued at USD 2.8 billion in 2021, and is projected to reach USD 9.5 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031.

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Surge in need for real-time traceability and compliance audits boosts the growth of supply chain management systems and provides new avenues for the compliance and traceability solution market. Moreover, favorable regulations and standards for serialization implementation, coupled with growth in the number of packaging-related product recalls fuel the market growth.

The compliance and traceability solution market is segmented on the basis of component, deployment mode, organization size, industry vertical, and region. By component, it is categorized into software and services. By deployment mode, it is categorized into on-premise and cloud. By organization size, it is bifurcated into large enterprises and small and medium-sized enterprises. By industry vertical, it is segmented into IT & telecom, BFSI, healthcare, food and agriculture, government, manufacturing, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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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.

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 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.

The key players profiled in the compliance and traceability solutions industry analysis include, 4CRisk.ai, Agrilyze, Mettler-Toledo, Omron Corporation, Optel Group, SAP SE, Systech International, Tata Consultancy Services, TraceLink, Inc., and Tuleap. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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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 the 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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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

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