The United States Digital Product Passport Software Industry is expected to grow at a CAGR of 8.2% by 2034. Integrating digital technologies such as blockchain and digital twins propels the adoption of digital product passports (DPPs), signifying a paradigm shift in transparency and sustainability practices across industries
NEWARK, DE / ACCESSWIRE / July 16, 2024 / According to Future Market Insights (FMI), the worldwide digital product passport software market is anticipated to reach USD 144.4 million in 2024 and USD 801.2 million by 2034. By 2034, the industry is projected to rise at a CAGR of 18.7%.
Increasing demand for transparency and accountability in the supply chain is a key driver of the digital product passport software market. Digital product passport software enhances trust among customers and stakeholders by providing secure record-sharing of detailed product information, thereby promoting authenticity, ethical sourcing, and sustainability.
The digital product passport software market is embracing the integration of blockchain technology, as its decentralized and immutable nature provides a secure storage and management platform. Blockchain technology is set to enhance the security, transparency, and integrity of digital goods passports, ensuring the reliability and integrity of the product's labelled data.
Request A Sample Research Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-19573
The digital product passport software market offers substantial prospects for innovation and collaboration across various industries, propelling growth. As demand for a robust digital passport solution continues to rise, leading companies are striving to offer more transparent and sustainable content.
Key Takeaways from the Market Report:
The digital product passport software market in the United States is predicted to reach USD 162.4 million by 2034.
The industry is set to surge at a 7% CAGR during the forecast period.
During the forecast period, China is expected to reach a market value of USD 216.5 million.
Germany is predicted to reach USD 105.4 million by 2034.
Based on deployment, the on-premise segment is projected to rise at 6%CAGR by 2034.
"Digital Product Passports (DPPs) are essential for sustainability initiatives and regulatory compliance in several organizations. They provide transparency into product origins, materials, and environmental impact, enabling consumers to make informed purchasing decisions."- Says Sudip Saha Managing Director and Co-Founder at Future Market Insights.
Competitive Landscape
The digital product passport software market is highly competitive, with a significant number of companies competing for market share. Billon Group Ltd, CIRCULARISE, CIRPASS, Det Norske Veritas Group, iPoint-systems GmbH, Kezzler AS, and LyondellBasell Industries Holdings B.V. are the leading companies in the market.
These companies have established themselves as key contributors to the market by offering a wide range of digital product passport software. Partnership and collaboration are common strategies among players to expand their markets and enhance their products.
Key Developments:
In January 2024, Circularise, a Netherlands-based company, completed a trial with J-CEP, AMITA, and Marubeni, paving the way for a new era in plastic pollution prevention.
In June 2023, Spherity, headquartered in Germany, announced a strategic partnership with RCS Global Group, the world's leading global provider of battery supply chain sustainability intelligence and assurance.
Key Players
Narravero GmbH
OPTEL GROUP
Protokol
PSQR
Qliktag Software Inc.
Scantrust SA
Spherity GmbH
THE ID FACTORY SRL
A Full Report Analysis: https://www.futuremarketinsights.com/checkout/19573
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the digital product passport software market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on deployment (cloud-based, on-premises), enterprise size (small offices [1 to 9 employees], small enterprises [10 to 99 employees], medium-sized enterprises [100 to 499 employees], large enterprises [500 to 999 employees], very large enterprises [1,000+ employees]), industry (retail, logistics, chemical, automotive, healthcare, steel, electrical goods, travel/leisure), and region.
Market Segmentation of Digital Product Passport Software
By Deployment:
The two key deployments are cloud-based and on-premise.
By Enterprise Size:
The five leading enterprise sizes are small offices (1 to 9 employees), small enterprises (10 to 99 employees), medium-sized enterprises (100 to 499 employees), large enterprises (500 to 999 employees), and very large enterprises (1000+ employees)
By Industry:
Leading industries include retail, logistics, chemical, automotive, healthcare, steel, electrical goods, and travel/leisure.
By Region:
Key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and Middle East and Africa are covered.
About the Technology Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and strategic recommendations - the technology team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs.
With a repertoire of over 1,000 reports and one million+ data points, the team has analyzed the technology industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector across verticals in APAC, EMEA, and the Americas reflecting his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting' at the ET Inspiring Leaders Awards 2022.
Have a Look at the Related Reports of the Technology Domain:
The growth of ePassports is driven by advancements in biometric technology, increasing security concerns, and the need for more efficient and streamlined border control processes globally.
The growing proliferation of connected devices and increasing cyber threats are driving the demand for IoT security products, essential for protecting data and ensuring the integrity of interconnected systems.
The primary restraints of digital marketing software include high implementation costs, complex integration processes, limited user expertise, data privacy concerns, and the rapid pace of technological advancements requiring continuous updates.
The digital freight management market share is rapidly growing due to increasing demand for real-time tracking, improved supply chain efficiency, and the adoption of advanced technologies in logistics operations.
The product information management market size is projected to be worth USD 6,570.50 million in 2024. The market is likely to reach USD 45,034.70 million by 2034.
The growing demand for product analytics software is driven by companies seeking data-driven insights to enhance decision-making, optimize product performance, and gain a competitive edge in the market.
The global UVC disinfection products market revenue totalled USD 9,722.5 Million in 2023. Sales in the UVC disinfection products market are expected to reach USD 41,195.4 Million by 2033, growing at a CAGR of 15.5%.
The wireless audio products market is evolving with trends like Bluetooth advancements and demand for smart speakers, presenting lucrative opportunities for innovation and market expansion.
The digital power conversion outlook highlights advancements in efficiency and control through digital technologies, reshaping how energy is managed and optimized in various industries worldwide.
The inventory management software market is projected to be valued at USD 2,191.2 million by the end of 2024 and is expected to rise to USD 7,516.8 million by 2034. The global inventory management software industry is expected to grow at a CAGR of 13.1% during the forecast period.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
SOURCE: Future Market Insights Inc.
View the original press release on accesswire.com
