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.

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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

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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.

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