The Asia Pacific Compliance and Traceability Solutions Market would witness market growth of 12.5% CAGR during the forecast period (2022-2028).
A company's stock performance and bottom line are significantly impacted by any significant recalls. Adopting a traceability system will hasten recalls, bolster cooperation with authorities, enable better information sharing with customers, and limit the harm to brand reputation. The only way to do batch recalls more quickly is with a reliable supply chain traceability solution. To know where a product came from, a corporation must label everything it created and sold. Manufacturers can retrace the life cycle of a damaged product.
The details obtained through traceability include production dates and times, equipment used for production and packaging, personnel engaged in raw materials, production & packaging, and inventory locations. All business leadership teams are under more pressure than ever to improve sustainability, performance, and resilience in an increasingly unsure global economy. However, these goals can be accomplished, and a competitive advantage can be gained by businesses using a supply chain traceability system.
India has a very strong logistics and transportation sector. India's transportation system, which serves 3.3 million square kilometers of land and is closes to one billion people, is one of the greatest in the world, as stated by the National Portal of India. Highways, trains, and air services comprise most of the services' network. Over the 6000 kilometers of coastline, there are 12 big ports and another 150 smaller ports. Cost-effective reduction of logistics is the ultimate objective of the Indian transport industry. India has a highly consolidated logistics industry. The logistics industry in India is very complex, with numerous government organizations, export promotion committees, PGAs, certificates, and commodities. EXIM also needs 500 certificates and 81 authorities. These elements would support the growth of the regional market.
The China market dominated the Asia Pacific 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 $452.3 million by 2028. The Japan market is estimated to grow at a CAGR of 11.9% during (2022 - 2028). Additionally, The India market would display a CAGR of 13.2% 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 China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Compliance and Traceability Solutions Market is Projected to reach USD 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
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By Country
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