NEW YORK--(BUSINESS WIRE)--The global market for product stewardship software, services and content will grow from $687m in 2015 to $983m in 2021 according to a new market size and forecast study from independent research firm Verdantix. The model is based on revenue data from over 30 solution providers and an analysis of more than 20 current and planned chemicals and safety regulations including EU conflict minerals, the GHS, REACH and RoHS.
“The product stewardship market is served by software vendors, regulatory content providers and consulting firms” commented Trevor Bronson, Verdantix Analyst. “This year corporations will spend a healthy $730 million to meet environmental and safety product compliance rules. Our survey data indicate that the global market is less than 20% penetrated which means the total addressable market is worth more than $4 billion.”
The report, ‘Product Stewardship Solutions: Market Size & Forecast 2015-21’ combines data from the Verdantix global survey of 312 EH&S managers with comprehensive analysis of product stewardship vendors’ revenue and growth statistics. Key findings from the market forecast:
- Developed economies account for approximately 85% of all spend on product stewardship solutions
- The compound annual growth rate between 2015 and 2021 will be 6.2% with potential for higher growth linked to tougher regulations
- Market penetration in developed economies is 25% and total addressable market is $2.3bn
- Market penetration in developing economies is 5% and total addressable market is $2.1bn
“Private equity firms like Gimv, Level Equity and Riverside Company have seen the potential value of the product stewardship market and made significant investments in thinkstep, Sitehawk and Safetec” commented David Metcalfe, Verdantix CEO. “Actua, IHS, SAP and Verisk have also invested in product stewardship solution vendors. The big question for executives is whether automated solutions will take over from more costly, people-heavy content authoring services. To date automation has only solved part of the problem so the jury is out.”
To learn more about the product stewardship market apply now to secure your seat at the forthcoming Verdantix webinar: ‘Product Stewardship: The Current State And Near Term Outlook’ on Thursday March 10, 2016.