At 5.5% CAGR, South & Central America Product Stewardship Market is Projected to be worth US$ 119.28 million by 2031, says Business Market Insights

According to Business Market Insights' research, the South & Central America product stewardship market was valued at US$ 77.93 million in 2023 and is expected to reach US$ 119.28 million by 2031, registering a CAGR of 5.5% from 2023 to 2031. AI-powered product stewardship and strict government regulations are among the critical factors attributed to drive the South & Central America product stewardship market growth.

AI-powered product stewardship is emerging as a transformative trend in the product stewardship market, leveraging advanced technologies to enhance sustainability practices and compliance management. By utilizing artificial intelligence, companies can analyze vast amounts of data to optimize product lifecycles, improve safety assessments, and streamline regulatory compliance. For instance, in June 2023, YourSEOBoard, a prominent innovator in digital marketing solutions, announced the launch of its latest feature: AI-Powered Sustainability Analytics. This groundbreaking addition to the platform signifies a substantial advancement in the company's dedication to environmental stewardship and corporate responsibility. By leveraging artificial intelligence, YourSEOBoard seeks to enable businesses to effectively track, measure, and reduce their carbon footprint while simultaneously enhancing their online presence. This helps companies stay compliant with regulations such as REACH and CLP and allows them to identify opportunities for reducing waste and enhancing product safety. As AI continues to evolve, its application in product stewardship will likely lead to more innovative approaches to sustainability, ultimately fostering a circular economy and reducing the environmental footprint of products.

On the contrary, the resistance to change within the organization hampers the growth of South & Central America product stewardship market.

Based on component, the South & Central America product stewardship market is bifurcated into services and software. The services segment held 74.7% market share in 2023, amassing US$ 58.21 million. It is projected to garner US$ 90.75 million by 2031 to register 5.7% CAGR during 2023-2031.

In terms of deployment, the South & Central America product stewardship market is bifurcated into cloud and on-premises. The cloud segment held 69.1% share of South & Central America product stewardship market in 2023, amassing US$ 13.62 million. It is anticipated to garner US$ 20.54 million by 2031 to expand at 5.3% CAGR during 2023-2031.

By organization size, the South & Central America product stewardship market is bifurcated into large enterprises and SMEs. The large enterprises segment held 77.0% share of South & Central America product stewardship market in 2023, amassing US$ 60.03 million. It is projected to garner US$ 94.15 million by 2031 to expand at 5.8% CAGR from 2023 to 2031.

Based on country, the South & Central America product stewardship market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 70.4% share of South & Central America product stewardship market in 2023. It was assessed at US$ 54.86 million in 2023 and is likely to hit US$ 87.12 million by 2031, registering a CAGR of 6.0% during 2023-2031.

Key players operating in the South & Central America product stewardship market are Eaton Corp Plc, Anthesis Group Ltd, CGI Inc, ERM Group, Inc., Wolters Kluwer NV, SAP SE, Sphera Solutions, Inc., Covestro AG, Linde Plc, Arcadis NV, UL LLC, Dupont de Nemours Inc, Knoell, Young & Global Partners, and Yordas Limited, among others.

• In September 2023, UL Solutions' latest product stewardship software enhancement identified a group of chemicals known as PFAS in product data, helping customers navigate evolving regulatory requirements and meet stakeholder expectations.

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