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Market Challenges: Global Supply Chain Adoption Hurdles

One of the key challenges faced by the digital product passport software market is adoption across the global supply chain. As products often cross multiple borders and pass through many stakeholders during their lifecycle, getting every participant on board with using digital passports is difficult. There is also the challenge of ensuring data security and preventing unauthorized access as product passports would contain sensitive information. Maintaining compatibility between different software platforms used by organizations is another hurdle.

Market Opportunities: Meeting Regulatory Compliance Demands

Increased regulatory compliance requirements around the world are driving more companies to invest in digitizing their passports. Enhancing traceability, visibility, and transparency within complex supply networks is a major need for many industries like pharmaceuticals, electronics, etc. The market also benefits from the advancement of technologies like Internet of Things, Blockchain, and cloud computing that enable the next generation of digital passport solutions.

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