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The Europe Track and Trace Solutions Market would witness market growth of 10.7% CAGR during the forecast period (2022-2028).
The increasing number of recall incidents within industries, such as food, pharmaceutical, and toys, a slew of software, hardware, consultancy, and systems suppliers have emerged in recent years to provide a variety of traceability solutions as well as tools for industry. Radio-frequency identification along with barcodes are two of the most prevalent technologies used to provide traceability.
RFID is majorly connected with track-and-trace systems and is crucial to supply chains. RFID is a code-carrying technology that can be used to enable non-line-of-sight reading in place of a barcode. RFID deployment was previously hampered by cost constraints, but utilization is currently growing as a result of the increasing investments from several large companies as well as SMEs.
Barcoding is a widespread and cost-effective approach for implementing item- and case-level traceability. On the packaging or label, variable data may be encoded as a barcode, numeric code, or alphanumeric code. The secure data can be utilized as a pointer to traceability data and can correlate with production and performance data, such as product quality and time to market.
The European track and trace solutions market is anticipated to expand at an exponential rate due to several factors. This is because the region is home to several developed economies, like Germany, Turkey, the United Kingdom, France, and Italy, among others. In order to combat the problem of pirated and counterfeit drugs as well as other pharmaceutical products throughout the healthcare supply chain, the European Union intends to gradually introduce track and trace technologies
The Germany market dominated the Europe Track and Trace Solutions Market by Country in 2021; thereby, achieving a market value of $597.6 million by 2028. The UK market is exhibiting a CAGR of 9.8% during (2022 - 2028). Additionally, The France market would experience a CAGR of 11.5% during (2022 - 2028).
Based on Product, the market is segmented into Software Solutions, Hardware Components and Standalone Platforms. Based on End User, the market is segmented into Pharmaceutical & Biopharmaceutical Companies, Medical Device Industry, Food Industry, Cosmetic Industry and Others. Based on Application, the market is segmented into Serialization Solutions, Aggregation Solutions and Tracking, Tracing & Reporting Solutions. Based on Technology, the market is segmented into 2D Barcodes, Linear Barcodes and Radiofrequency Identification (RFID). Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Track and Trace Solutions Market will Hit $9.1 Billion by 2028, at a CAGR of 11.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, SAP SE, Syntegon Technology GmbH, Siemens AG, Videojet Technologies, Inc. (Danaher Corporation), Zebra Technologies Corporation, Mettler-Toledo International, Inc., Systech International, Inc. (Dover Corporation), Optel Group and TraceLink, Inc.
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