Compliance and Traceability Solution Market Scope
Compliance and traceability were always thought to be a cost of doing business, but that attitude has shifted as a result of the fast use of connected devices, digital solutions, and services across verticals to improve industrial processes and company operations. Compliance management is crucial to the success of any firm. Manufacturers can assure long-term business growth by obtaining relevant compliance certificates or approvals. End-to-end traceability, on the other hand, is critical for maintaining client relationships and increasing profitability. Manufacturers must provide a high level of traceability in order to succeed in a global business climate.Traceability allows you to verify and follow an item's history, location, and even state or status, regardless of where it is in the supply chain, thanks to systematic, documented identification and recorded data. This skill has the potential to produce a slew of hitherto unheard-of efficiency increases.
The Compliance and Traceability Solution market study is segmented and major geographies with country level break-up.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Compliance and Traceability Solution market throughout the predicted period.
OPTEL GROUP (Canada), Anatres Vision (Italy), Mettler-Toledo International Inc. (United States), Systech International Inc. (United States), TraceLink Inc. (United States), SAP (United States), Xyntek Inc. (United States), SEA Vision Srl (Italy), Syntegon (Germany), KörberMedipak Systems AG (Switzerland) and Uhlmann Group (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Laetus GmbH (Germany) and JEKSON VISION (India).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
AMA Research has segmented the market of Global Compliance and Traceability Solution market by Type, Application and Region.
On the basis of geography, the market of Compliance and Traceability Solution has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
February 2021 – Anatres Vision (Italy) acquired Adents International (France). Through this acquisition, the company expanded its portfolio of software solutions and cloud services for end-to-end traceability with this acquisition. The development also helped in the strengthening of the Group's international presence, especially in France.
January 2021 – Bureau Veritas and OPTEL partner together to launch V-TRACE, a complete and assured traceability solution for COVID-19 vaccines along the whole supply chain
Market Trend
- Radio-Frequency Identification (RFID) Technology
Market Drivers
- Increased Awareness Among Manufacturers
- Increasing Focus of Manufacturers on Brand Protection
Opportunities
- Increase in Offshore Pharmaceutical Manufacturing
- Technological Advancement
Restraints
- High costs and long implementation timeframe
Challenges
- Existence of Technologies that Deter Counterfeiters
Key Target Audience
Technology Providers, Software Providers, IT Companies, Investors, End Users and Others