Global Digital Product Passport Software Market 2024-2031

Global Digital Product Passport Software Market 2024-2031

Digital Product Passport Software Market Size, Share & Trends Analysis Report by Deployment (Cloud-Based and On-Premise), by Application (Supply Chain Management, Environmental Impact Assessment, Circular Economy, Regulatory Compliance & Reporting, and Other Applications), and by Industry (Retail, Chemical, Automotive, Healthcare, Electrical Goods and Others (Travel & Leisure, Logistics, and Steel)), Forecast Period (2024-2031)

Digital product passport software market is anticipated to grow at a significant CAGR of 19.1% during the forecast period (2024-2031). Digital product passport software enhances transparency, trust, and accountability among stakeholders in the supply chain by offering a common platform for recording and retrieving product data. DPP program analyzes product data using AI and contemporary analytics to spot trends, patterns, and supply chain optimization.

Market Dynamics

Growing demand for supply chain management

The increasing need for safe, transparent supply chain management systems drove the introduction of digital product passports in the industrial, healthcare, and transportation industries. Technological advancements like IoT sensors and blockchain integration have increased industry acceptance and raised the bar for real-time tracking and data security resilience.

A rising number of technological advancements

Compliance monitoring for digital product passport software that offers supply chain transparency, real-time data flow, and regulatory compliance monitoring is about to experience major advancements. Technology advancements like blockchain, IoT connectivity, and artificial intelligence are critical for businesses to assure compliance, optimize operations, and gain the trust of their clients.

Market Segmentation

Our in-depth analysis of the global digital product passport software market includes the following segments by deployment, application, and industry:

Based on deployment, the market is segmented into cloud-based and on-premise.

Based on application, the market is segmented into supply chain management, environmental impact assessment, circular economy, regulatory compliance & reporting, and other applications.

Based on industry, the market is segmented into retail, chemical, automotive, healthcare, electrical goods, and others (travel & leisure, logistics, and steel)

Healthcare Segment to Hold a Considerable Market Share

Through effective digital record storage, the healthcare sector is improving patient data management, compliance, and patient care using digital product passport software. DPP software supports stricter regulatory standards, streamlines operations for improved management, and improves healthcare efficiency and secure data processing. Strong digital product passport solutions are in high demand since they are crucial to the rapidly evolving field of healthcare technology.

Regional Outlook

The global digital product passport software market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

Asia-Pacific countries to invest in innovation and digitization

Government programs encouraging innovation and digitization have led businesses to use DPP software to increase productivity, cut expenses, and win over more clients.

China had a major impact on the market due to its strong manufacturing sector, government backing for digitization, supply chain management, and influence in international trade.

North America Holds Major Market Share

North America’s digital technology business is strong, and it places a high priority on supply chain transparency and consumer safety thanks to intricate regulatory frameworks. Digital passports improve supply chain accountability in the US by ensuring authenticity and security and tracking products throughout their life cycle. The integration of DPP has been made easier by market maturity and the broad acceptance of digital technology, enabling businesses to comply with legal regulations and gain the trust of their clients.

The major companies serving the global digital product passport software market include Billon Group Ltd., CIRCULARISE, CIRPASS, Det Norske Veritas Group, and iPoint-systems GmbH, among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in June 2023, RCS Global Group and Spherity announced a partnership to develop a digital product passport leveraging self-sovereign identity. The partnership has transformed the traceability and transparency of batteries and battery supply chains by combining RCS Global’s supply chain knowledge with Spherity’s cutting-edge technology to develop a digital product passport for batteries. Spherity’s digital wallets ensure that supplier and battery passport data can be trusted and digitally verifiable while safeguarding business confidentiality.