The Europe Compliance and Traceability Solutions Market would witness market growth of 10.9% CAGR during the forecast period (2022-2028).
The rapid digitalization and adoption of connected devices have led to an increase in the use of compliance and traceability solutions to increase business profitability. Pharmaceutical and healthcare organizations frequently struggle with issues related to drug fraud. Deploying supply chain monitoring technology and traceability systems, as a result, renowned healthcare enterprises. Companies must have the tools necessary to support quicker reaction times for handling potential recalls or avoiding risks posed by fake and counterfeit goods that could damage brands and jeopardize customer safety.
In addition, technology that improves a company's ability to track and monitor items across the supply chain and throughout the product's lifetime must be used. Consumers judge a business on the caliber of its products and how quickly a problem is resolved. Brands foster customer loyalty by being truthful and consistently delivering excellent products and services. When companies ignore customer issues and complaints, they lose customers. When looking into a customer complaint, supply chain traceability is helpful. Also, it is required for both planning and carrying out real recalls.
The development of advanced tracking systems is being fueled by several regional market growth drivers. For instance, the European Telecommunications Standards Institute's (ETSI) efforts favorably influenced the trend. Finally, early adopter sectors have been developed due to EU rules that drive for increased traceability. A manufacturer will also not be allowed to market their goods anywhere in Europe if they violate the legislation governing the serialization of pharmaceuticals. The region is expected to see an increase in the deployment of compliance and traceability solutions due to the prevalence of several strict restrictions on pharmaceutical and medication makers.
The Germany market dominated the Europe Compliance and Traceability Solution Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $365.3 million by 2028. The UK market is anticipated to grow at a CAGR of 10% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 11.7% during (2022 - 2028).
Based on Component, the market is segmented into Software and Services. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on Organization Size, the market is segmented into Large Enterprises and SMEs. Based on Vertical, the market is segmented into Healthcare, Food & Agriculture, Government, Manufacturing, IT & Telecom, BFSI and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Compliance and Traceability Solutions Market will Hit $5.4 Billion by 2028, at a CAGR of 11.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SAP SE, Tata Consultancy Services Ltd., Omron Corporation, Mettler-Toledo International, Inc., Sys-Tech Solutions, Inc. (Dover Corporation), Optel Group, 4CRisk.ai, Agrilyze, Tuleap, and TraceLink, Inc.
By Component
By Deployment Mode
By Organization Size
By Vertical
By Country
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