The global track and trace solutions market size is expected to reach USD 8.2 billion by 2027, according to a new report by Grand View Research, Inc., registering an 18.5% CAGR over the forecast period. The growth is attributed majorly to the increasing focus of pharmaceutical and biopharmaceutical companies on ensuring brand protection from counterfeit products and theft. The deployment of track and trace solutions helps manufacturers enhance distribution channel efficiency and reduces the frequency of counterfeit products.
Rising
adoption of track and trace solutions by healthcare device and product
manufacturers will fuel market growth in the long run. The introduction of
advanced technologies, such as RFID, provides fast reading and delivers high
levels of security. However, the deployment cost of serialization and
aggregation systems, as well as lack of common regulations and standards, may
hamper the market growth in some developing regions.
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Track And Trace
Solutions Market Report Highlights
- By product, software formed
the largest revenue-generating segment in the market in 2019. This is
mainly because of regulatory mandates for the execution of serialization
and aggregation in the healthcare sector
- The serialization
application was the largest grossing segment in 2019. Increasing
application of serialization in pharmaceuticals and medical devices
packaging will be a vital factor contributing to segment growth
- Based on technology, the
RFID segment is expected to exhibit the fastest growth rate during the
study period. Key factors contributing to segment growth are technological
advantages such as high durability and reusability, more data storage
capacity, and no requirement of a line of sight
- North America is dominated
by the global market in 2019. Rising implementation of regulatory
standards and regulations, along with high adoption rate of track and
trace solutions by consumers is anticipated to contribute to market growth
- Some of the key players in
the track and trace solutions market are Axway; Mettler-Toledo
International, Inc.; Optel Vision; Adents International; Antares Vision
SRL; TraceLink, Inc.; Siemens AG; ACG Worldwide, Seidenader Maschinenbau
GmbH; and Systech, Inc.
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Track And Trace
Solutions Market Segmentation
Grand View Research has segmented
the global track and trace solutions market on the basis of product,
technology, application, end-use, and region:
Track and Trace
Solutions Product Outlook (Revenue, USD Million, 2016 - 2027)
- Hardware Systems
- Printing & Marking
Solutions
- Monitoring &
Verification Solutions
- Labeling Solutions
- Others
- Software Solutions
- Plant Manager Software
- Line Controller Software
- Bundle Tracking Software
- Others
Track and Trace
Solutions Technology Outlook (Revenue, USD Million, 2016 - 2027)
- Barcodes
- RFID
Track and Trace
Solutions Application Outlook (Revenue, USD Million, 2016 - 2027)
- Serialization Solutions
- Bottle Serialization
- Label Serialization
- Carton Serialization
- Data Matrix Serialization
- Aggregation Solutions
- Bundle Aggregation
- Case Aggregation
- Pallet Aggregation
Track and Trace
Solutions End Use Outlook (Revenue, USD Million, 2016 - 2027)
- Pharmaceutical Companies
- Medical Device Companies
- Healthcare Others
- Food and Beverage
- Consumer Packaged Goods
- Luxury Goods
Track and Trace
Solutions Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Switzerland
- Belgium
- Russia
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa
- South Africa
- Saudi Arabia
- Egypt
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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