The global track and trace solutions market size is expected to reach USD 14.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 19.2% from 2022 to 2030. The market growth is majorly attributed 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.
Furthermore,
the rising adoption of track and trace solutions by healthcare manufacturers
would fuel the 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
solutions and the lack of common regulations and standards may hamper the
market growth in a few developing geographies.
Regulatory
compliance has become an incessant need across the globe to ensure product
authenticity. The global rise of counterfeit goods has been crucial in
increasing the implementation of track and trace solutions over various
verticals. The majority of the developed nations have already integrated these
solutions to mitigate the risk of product recalls, disease outbreaks, and
tarnishing of brand names to reduce unauthorized parallel supply chains that
promote illegal supply chain logistics and crime. Rising initiatives by the
government and regulatory authorities are paving way for the increased adoption
of track and trace solutions. Serialization has been the prime method that
facilitates easy track and trace of products globally.
US
CBP and customs of other member countries as well as the World Customs
Organization reported the seizures of false coronavirus tests and personal
protective equipment like facemasks and hand sanitizers. For
instance, in May 2020, Smartrac teamed up with SUKU to validate COVID-19
testing kits and personal protective equipment to permit prompt verification
and deliver end-to-end supply chain transparency. Hence, it is estimated that
the market will witness lucrative growth opportunities due to the COVID-19
outbreak.
The
track and trace market comprises a large number of global as well as local
players. These companies are undertaking strategic collaborations and
partnerships with their customers and other manufacturers in the market. For
instance, in January 2021, OPTEL partnered with Bureau Veritas and introduced a
V-TRACE traceability solution for the management of COVID-19 vaccine supply
chain logistics. Moreover, in June 2021, Markem-Imaje acquired Blue Bite LLC, a
New York, U.S-based provider of workflow software solutions for product
marketers and brand owners.
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Track And Trace
Solutions Market Report Highlights
- The software
solutions product segment was the largest revenue-generating segment in
2021. This is mainly because of the regulatory mandates for the execution
of serialization and aggregation in the healthcare sector
- The
serialization solutions application segment was the largest grossing
segment in 2021. Increasing application of serialization in pharmaceutical
and medical device packaging will be a vital factor contributing to the
segment growth
- The RFID
technology segment is expected to exhibit the fastest growth rate during
the forecast period. The key factors contributing to the growth of the
segment are technological advantages, such as high durability and
reusability, more data storage capacity, and no requirement of the line of
sight
- North America
led the global market in 2021. The rising implementation of regulatory
standards and regulations, along with the high adoption rate of track and
trace solutions by consumers, is anticipated to contribute to the market
growth
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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, 2017 - 2030)
- 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, 2017 - 2030)
- Barcode
- RFID
Track And Trace
Solutions Application Outlook (Revenue, USD Million, 2017 - 2030)
- 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, 2017 - 2030)
- Pharmaceutical Companies
- Medical Device Companies
- Healthcare Others
- Food and Beverage
- Consumer Packaged Goods
- Luxury Goods
Track And Trace
Solutions Regional Outlook (Revenue, USD Million, 2017 - 2030)
- 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
List of Key
Players of Track And Trace Solutions Market
- Axway
- Mettler-Toledo International, Inc.
- Optel Vision
- TraceLink, Inc.
- Adents
- Antares Vision S.r.l
- Siemens AG
- Korber AG
- ACG Worldwide
- Markem Imaje, a Dover Company
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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