The North America Track and Trace Solutions Market would witness market growth of 10.4% CAGR during the forecast period (2022-2028).
Track and trace systems enable the capturing of a product's status across the value chain and the retrospective identification and verification of its path. Typically, solutions comprise components for associating materials or products with unique identifiers; recording events at various points throughout the supply chain; and analyzing and reporting the data. Some solutions incorporate communications to facilitate the exchange of information with regulatory bodies or trading partners, while others support product authentication.
Occasionally, a track & trace system for cars is also referred to as a fleet management system, although the latter has more capabilities than simply tracking positions. Typically, a fleet management system also offers assistance with car maintenance, regulating driving behavior and fuel usage, leasing or financing vehicles, and so forth. Telematics systems are ideal for tracking and tracing trucks, trailers, and their respective loads.
With the aid of onboard computers and back-office programs, planners and dispatchers are always aware of the whereabouts of each vehicle. Additionally, they may connect directly with drivers, change the schedule as needed, and provide customers with an approximate time of arrival (ETA). The pharmaceutical track and trace technology is a logistical technology that allows drug monitoring and localization throughout the supply chain.
Due to the availability of highly controlled aggregation and serialization standards as well as advanced healthcare infrastructure, the track and trace solutions within the region is witnessing exponential growth. The FDA recommends automatic identifying technology, such as barcoding and RFID, to pharmaceutical and other healthcare industries. In addition, the United States' highly developed healthcare infrastructure along with the increased adoption of this technology is anticipated to fuel the market.
The US market dominated the North America Track and Trace Solutions Market by Country in 2021; thereby, achieving a market value of $2,414.2 million by 2028. The Canada market is experiencing a CAGR of 12.9% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 12% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Track and Trace Solutions Market is Predict to reach $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.
By Product
By End User
By Application
By Technology
By Country
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