According to a new report, published by KBV research, The Global Compliance and Traceability Solutions Market size is expected to reach $5.4 billion by 2028, rising at a market growth of 11.6% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 12.7% during (2022 - 2028). The compliance and traceability services guarantee seamless traceability throughout the course of product development. In addition, to make sure nothing is overlooked and to safeguard the firm in the event of an audit, it unites the business's objectives, requirements, and testing.
The On-premise segment is generating highest revenue share in the Global Compliance and Traceability Solution Market by Deployment Mode in 2021 thereby, achieving a market value of $3.2 billion by 2028. Solutions for compliance and traceability that are hosted on-site and have the capacity to function completely in an offline mode provide the highest level of security. Barcode tracking of stock and asset items is accurate and efficient thanks to the on-premise solution. On-premise hosting gives businesses much greater control over their hosting, allowing them to add any additional security they want until they are satisfied with their data's security.
The SMEs segment has shown the growth rate of 13.2% during (2022 - 2028). Businesses must comply with regulations; therefore, SMEs shouldn't think that bigger companies are the only ones who care about this. It is the duty of every business owner or manager to make sure that a compliance procedure has been put in place and is being followed by every employee. The importance of traceability and compliance for SMEs is driving this segment's expansion.
The Healthcare segment is leading the Global Compliance and Traceability Solution Market by Vertical in 2021 thereby, achieving a market value of $1.5 billion by 2028. A critical step in addressing the issues facing pharmaceutical firms is serialization, which ensures secure product compliance and traceability capabilities across diverse entities across the supply chain. Presently, traceability solutions are required by federal and state requirements for pharmaceutical firms, which is driving up demand.
The North America market dominated the Global Compliance and Traceability Solution Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.9 billion by 2028. The Europe market is exhibiting a CAGR of 10.9% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 12.5% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/compliance-and-traceability-solutions-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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By Deployment Mode
By Organization Size
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By Geography
Companies Profiled
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