Track and Trace Solutions Market is Expected to Reach $9.8 Billion | MarketsandMarkets™
Chicago, Jan. 18, 2024 (GLOBE NEWSWIRE) -- *Track and Trace Solutions market* in terms of revenue was estimated to be worth $5.5 Billion in 2023 and is poised to reach $9.8 Billion by 2028, growing at a CAGR of 12.2% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The growth of this market is driven by key factors, including manufacturers' heightened focus on brand protection and an increasing regulatory burden on end-user segments necessitating the adoption of track and trace solutions. However, the market growth is expected to face some constraints due to substantial upfront setup costs.
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*Track and Trace Solutions** Market** Scope:*
*Report Coverage* *Details*
Market Revenue in 2023 $5.5 Billion
Estimated Value by 2028 $9.8 Billion
Growth Rate Poised to grow at a CAGR of 12.2%
Market Size Available for 2021-2028
Forecast Period 2023–2028
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Product, Application, Technology, End User
Geographies Covered North America, Europe, Asia Pacific, Latin America and Middle East and Africa
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Remote authentication of products
Key Market Driver Growing emphasis by manufacturers on safeguarding their brand
This report provides segmentation of the track and trace solutions market based on product, technology, application, end user, and region.
The product segment of the track and trace solutions market is categorized into software solutions, hardware components, and standalone platforms. In 2022, the software solutions segment dominated the market. The growth of this segment is fueled by a growing awareness of secure packaging, the rising prevalence of counterfeit drugs and related products, and increasing attention to brand protection as significant drivers. Nonetheless, the standalone platforms segment is projected to exhibit the highest CAGR during the forecast period. This surge is attributed to the escalating demand for standalone platforms, facilitating the swift implementation of product traceability solutions.
In terms of application, the track and trace solutions market is divided into serialization solutions, aggregation solutions, and tracking, tracing, and reporting. The serialization solutions segment holds the majority share of the applications market. Additionally, this segment is anticipated to exhibit the highest growth rate during the forecast year. The significant driver behind this growth is the imposition of stringent regulations mandating the adoption of serialization solutions in packaging and supply chain applications.
The track and trace solutions market is categorized into five key regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America held the largest market share in the track and trace solutions market. The primary drivers for the region's growth include the presence of numerous pharmaceutical and biopharmaceutical companies, rigorous regulatory requirements for track and trace solutions implementation, and the commitment of end-user segments to achieve end-to-end traceability for brand protection.
Furthermore, the Asia Pacific emerges as the most rapidly growing region in the track and trace solutions market, during the forecast period. The key factors propelling this growth include significant economic development in Southeast Asian countries and the increasing number of pharmaceutical and biotechnology companies in the region.
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*Track and Trace Solutions market major players covered in the report, such as:*
· ANTARES VISION S.p.A (Italy)
· Axway (France)
· OPTEL GROUP (Canada)
· TraceLink Inc. (US)
· Syntegon Technology GmbH (Germany)
· ACG (India)
· Marchesini Group S.p.A. (Italy)
· Markem-Imaje
· a Dover Company. (Switzerland)
· Uhlmann (Germany)
· Siemens (Germany)
· SAP SE (Germany)
· Zebra Technologies Corp. (US)
· METTLER TOLEDO (US)
· IBM (US)
· WIPOTEC GmbH (Germany)
· VISIOTT Technologie GmbH (Turkey)
· Jekson Vision (India)
· Kevision (India)
· TrackTraceRX Inc. (US)
· Arvato - Bertelsmann SE & Co. KGaA (Germany)
· 3KEYS GmbH (Germany)
· RN Mark Inc (Canada)
· Kezzler (Norway)
· Shubham Automation Pvt. Ltd. (india)
· Bar Code India Limited (India)
· and Among Others
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*The study categorizes track and trace solutions market based on product, application, technology, end user at the regional and global levels.*
*Global track and trace solutions Market, by Segment*
*Track and trace solutions Market, By Product*
· Introduction
· Software Solutions
· Plant managers
· Enterprise & network managers
· Line controllers
· Bundle tracking solutions
· Case tracking solutions
· Warehouse and shipment managers
· Pallet tracking solutions
· Hardware components
· Printing and marking solutions
· Barcode scanners
· Monitoring and verification solutions
· Labelers
· Checkweighers
· RFID readers
· Standalone platforms
*Track and trace solutions Market, By Application*
· Introduction
· Serialization solutions
· Carton Serialization
· Bottle Serialization
· medical device serialization
· Blister Serialization
· Vial and ampoule Serialization
· Aggregation solutions
· Case Aggregation
· Pallet aggregation
· Bundle Aggregation
· Tracking, tracing, and Reporting solutions
*Track and trace solutions Market, By Technology*
· Introduction
· 2D barcodes
· Radiofrequency identification
· Linear barcodes
*Track and trace solutions Market, By End User*
· Introduction
· Pharmaceutical and biopharmaceutical companies
· Food industry
· Medical device companies
· Cosmetic industry
· Other end users
*Global track and trace solutions Market, by Region*
· North America
· US
· Canada
· Europe
· Germany
· UK
· France
· Italy
· Spain
· Switzerland
· Rest Of Europe
· Asia Pacific
· Japan
· China
· India
· South Korea
· Australia
· Rest of APAC
· Latin America
· Brazil
· Mexico
· Rest Of Latin America
· Middle East & Africa
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*Track and Trace Solutions Industry Recent Developments:*
· In August 2022, Antares Vision S.P.A. (Italy) acquired Packital Srl (Italy) & Ingg. Vescovini Srl (Italy). These two acquisitions will enable the company to further strengthen its presence in the food & beverage sector by extending its portfolio with inspection and quality control solutions that are complementary to current ones.
· In May-2022, OPTEL GROUP introduced OPTCHAIN, a set of modular intelligent supply chain (ISC) solutions designed to facilitate the seamless capture and digitization of Critical Tracking Events (CTEs) and Key Data Elements (KDEs) throughout the entire supply chain in the food and beverage industry.
· In March 2022, Zebra Technologies Corp. (US) has introduced Reflexis solutions in the Asia Pacific region, aiming to achieve comprehensive visibility, connectivity, and optimization of every asset and worker at the edge.
· In January 2022, OPTEL GROUP had acquired Körber's pharmaceutical track and trace unit to enhance its capabilities in pharmaceutical and agrochemical track and trace technologies, thereby strengthening its presence in the European market.
· In April 2021, Syntegon has formed a strategic partnership with Kezzler (Norway) to provide top-notch solutions for the efficient implementation of product digitization and traceability strategies, minimizing operational complexities.
*Key Market Stakeholders:*
· Track And Trace Solution Manufacturers, Suppliers, and Distributors
· Original Equipment Manufacturers (OEMs)
· Hardware System Manufacturers
· Track & Trace Software Providers
· Pharmaceutical and Biotechnology Companies
· Medical Device Companies
· Cosmetic Product Manufacturers and Distributors
· Clinical Laboratories
· Food Manufacturers and Packaging Companies
· Contract Research Organizations (CROs)
· Medical Device Research and Consulting Firms
· Academic and Research Institutes
· Government Associations
· Market Research and Consulting Firms
· Venture Capitalists and Investors
*Report Objectives:*
· To define, describe, and forecast the global track and trace solutions market by product, application, technology, end user, and region
· To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, opportunities, and challenges)
· To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall track and trace solutions market
· To assess the track and trace solutions market with regard to Porter’s Five Forces, regulatory landscape, value chain, ecosystem map, patent protection and key stakeholder’s buying criteria
· To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
· To forecast the size of the track and trace solutions market with respect to five main regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
· To profile the key players in the track and trace solutions market and comprehensively analyze their core competencies and market shares
· To track and analyze competitive developments such as agreements, partnerships, and acquisitions; expansions; product launches and enhancements; and R&D activities in the track and trace solutions market
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