The North America Compliance and Traceability Solutions Market would witness market growth of 10.3% CAGR during the forecast period (2022-2028).
Businesses and the government use digital solutions more frequently to follow the rules and accepted practices. Moreover, with regard to various Technological, financial, or environmental risks, these tools are utilized to assure regulatory compliance. Hence, it is anticipated that rising demand for on-premise and cloud-based compliance and traceability technologies in the IT & telecom, energy and utilities, manufacturing, and BFSI sectors will fuel market expansion. Moreover, problems with prescription fraud are a persistent problem for pharmaceutical and healthcare organizations.
As a result, top healthcare organizations are implementing supply chain monitoring tools and traceability systems. These solutions can also guarantee, safeguard, and enhance consumer connections. Hence, the need for end-to-end traceability is growing rapidly in the IT & telecom, manufacturing, and BFSI sectors. Today's global supply chain needs more insight as businesses expand internationally, partner with new businesses, and move into new areas to meet changing regulatory requirements. For organizations to guarantee product quality, product security, consumer protection, inventory optimization, and on-time market delivery, supply chain transparency has become crucial.
The North American adoption of compliance and traceability solutions would be driven by the expansion of the manufacturing, healthcare, and IT & telecom sectors. In addition, the region is experiencing exponential growth in compliance and traceability solutions due to the availability of tightly controlled aggregation and serialization requirements and cutting-edge healthcare infrastructure. Additionally, in accordance with FDA regulations, the Food Traceability Rule mandates that individuals who produce, process, pack, or hold foods on the Food Traceability List (FTL) maintain and make available to their supply chain partners certain information, referred to as Key Data Elements (KDEs), for a select number of Critical Tracking Events (CTEs) in the supply chain of the food.
The US market dominated the North America 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 $1,366.2 million by 2028. The Canada market is poised to grow at a CAGR of 12.4% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 12.1% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Compliance and Traceability Solutions Market is Predict to reach $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.
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