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. The major factors driving the growth of the product stewardship market are 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.
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.
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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.
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). These players have adopted various growth strategies such as partnerships, agreements, and collaborations; and new product launches & product enhancements to further expand their presence in the product stewardship market and broaden their customer base
Verisk 3E (US) is one of the leading players in the product stewardship market. It offers product safety and stewardship solutions to commercial clients. The company empowers product manufacturers with a comprehensive regulatory insight that can be directly embedded into their product safety and stewardship processes to drive informed and proactive decisions. Verisk 3E has adopted various growth strategies such as partnerships and collaborations to increase its market share and enhance its presence in the product stewardship market. In February 2018, Verisk 3E collaborated with Gensuite to provide organizations with extraordinary value and business capabilities through the combination of regulatory content expertise of Verisk 3E and leading EHS&S software platform of Gensuite.
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Enviance (US) is one of the leading providers of Environmental, Health, and Safety (EHS) software and services. The company provides enterprise-ready, cloud-based EHS software that leverages the cloud computing technology to ensure online deliverance of its platform in real-time. It has majorly adopted inorganic growth strategies to diversify its product offerings equipped with innovative technologies. In line with its inorganic growth strategies, in June 2018, Enviance acquired Actio Corporation, a cloud-based EHS software provider that offers innovative solutions for materials and supply chain management. This acquisition has strengthened the ability of Enviance to deliver a single and comprehensive EHS solution.
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