DIGITAL PRODUCT PASSPORT SOFTWARE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

The digital product passport software market is estimated to be valued at USD 189.2 Million in 2024 and is expected to reach USD 991.8 Million by 2031, growing at a compound annual growth rate (CAGR) of 26.7% from 2024 to 2031.

Introduction:

The digital product passport software market has seen significant growth over the past few years owing to rising focus on sustainability and transparency across manufacturing industries. Digital product passport software helps manufacturers assign a unique digital identity to their products and components which allows tracking and tracing of materials and parts throughout the product lifecycle. This helps gain valuable insights into supply chains and ensures regulatory compliance. The software finds widespread adoption in industries like automotive, electronics, and pharmaceuticals where provenance of raw materials is critical. With growing emphasis on circular economy models and transparency demands from stakeholders, the demand for digital product passport solutions is expected to rise considerably in the coming years.

Market Dynamics:

The digital product passport software market is driven by growing sustainability and transparency goals of both manufacturers and regulators. Manufacturers are under increasing pressure to demonstrate ethical and environment-friendly sourcing of materials to meet ESG objectives. Meanwhile, various regulations, such as Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH), are mandating the traceability of parts and components. This is boosting the adoption of digital solutions that help improve visibility and compliance. However, high investment costs and need for integration with legacy systems are some challenges faced by vendors in this market. Meanwhile, the adoption of advanced technologies like Blockchain, Artificial Intelligence, and Internet of Things in digital product passports is opening up new opportunities for the commercialization of innovative track and trace applications. Ongoing developments in 5G and Edge computing will also support real-time traceability solutions.

Key Features of the Study:

- This report provides an in-depth analysis of the global digital product passport software market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year

- It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market

- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players

- It profiles key players in the global digital product passport software market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies

- Key companies covered as a part of this study include Billon Group Ltd, CIRCULARISE, CIRPASS, Det Norske Veritas Group, iPoint-systems GmbH, Kezzler AS, LyondellBasell Industries Holdings B.V., Narravero GmbH, OPTEL GROUP, Protokol, PSQR, Qliktag Software Inc., Scantrust SA, Spherity GmbH, and THE ID FACTORY SRL

- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

- The global digital product passport software market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

Detailed Segmentation:

• By Deployment
  • Cloud-based
  • On-premise
• By Enterprise Size
  • Small and Medium Sized Enterprises
  • Large Enterprises
• By Industry Vertical
  • Manufacturing
  • Retail
  • Automotive
  • Logistics
  • Others
• By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Key Players Insights
  • Billon Group Ltd
  • CIRCULARISE
  • CIRPASS
  • Det Norske Veritas Group
  • iPoint-systems GmbH
  • Kezzler AS
  • LyondellBasell Industries Holdings B.V.
  • Narravero GmbH
  • OPTEL GROUP
  • Protokol
  • PSQR
  • Qliktag Software Inc.
  • Scantrust SA
  • Spherity GmbH
  • THE ID FACTORY SRL