CHICAGO, January 10, 2019 /PRNewswire/ --
According to a new market research report "Product Stewardship Market by Type (Solutions, Services (Business Consulting and Advisory Services, Audit, Assessment, and Regulatory Compliance Services, Deployment and Implementation Services)), Organization Size, Region - Global Forecast to 2023", published by MarketsandMarkets™, the Product Stewardship Market is projected to grow from USD 777 million in 2018 to USD 1,143 million by 2023, at a Compound Annual Growth Rate (CAGR) of 8.0% from 2018 to 2023.
Growing awareness among organizations to ensure health and safety of their employees and environment protection, increasing requirement of enterprises to publicize their environmental, health, and safety initiatives, and complying with various environmental regulations and government guidelines are projected to drive the growth of the Product Stewardship Market across the globe.
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Based on services type, the audit, assessment, and regulatory compliance services segment is projected to grow at the highest CAGR during the forecast period.
Auditing programs provide information about the effectiveness of management systems of organizations, opportunities for their operational cost reduction, and improvements in their business processes. These programs also identify the waste minimization and recycling opportunities, impact of the proposed rules on client operations, best management practices, and corporate social responsibility issues. Through health and safety audits/inspections, auditing provides recommendations to improve the overall performance of organizations.
Based on organization size, the large enterprises segment projected to lead the Product Stewardship Market during the forecast period.
Based on organization size, the large enterprises segment is projected to lead the Product Stewardship Market from 2018 to 2023. The growth of this segment can be attributed to the affordability of large enterprises to adopt product stewardship solutions and services and their high economies of scale, thereby allowing them to leverage the benefits of these solutions and services. Companies spend significant amounts in shifting their tactical marketing techniques to sustain their position in the highly competitive market. The Product Stewardship Market is undergoing significant technological transitions in the form of personalized marketing, Big Data, social media, real-time solutions, and increased use of mobile devices.
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The North American region is expected to lead the Product Stewardship Market in 2018.
The North American region is expected to lead the Product Stewardship Market in 2018. Stringent government laws and regulations related to the use of Environment, Health, and Safety (EHS) solutions for environmental sustainability are driving the adoption of product stewardship solutions and services in the North American region. Moreover, the presence of some of the key players of the market in the region is also expected to drive the growth of the market in the North American region. Key players such as Enablon (US), Enviance (US), Gensuite (US), ProcessMAP (US), SiteHawk (US), Sphera Solutions (US), VelocityEHS (US), and Verisk 3E (US), along with several start-ups are offering enhanced product stewardship solutions and services to cater the requirements of their customers.
The major vendors of product stewardship solutions and services include Verisk 3E Company (US), Enviance (US), CGI (Canada), Enablon (US), Gensuite (US), SAP (Germany), thinkstep (UK), UL Wercs (US), Sphera (US), ERM Group (UK), Enhesa (US), ProcessMAP (US), SiteHawk (US), Velocity EHS (US), Intelex (Canada), Cority (Canada), Anthesis (UK), Covestro (Germany), Pace Analytical (US), Wood Group (UK), Phylmar Group (US), Yordas Group (UK), Scout Environmental (US), Arcadis (Netherlands), and Young and Global Partners (Belgium).
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