Published Date: 24-Nov-2022
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According to a new report, published by KBV research, The Global Track and Trace Solutions Market size is expected to reach $9.1 billion by 2028, rising at a market growth of 11.1% CAGR during the forecast period.
The Software Solutions market is leading the Global Track and Trace Solutions Market by Product in 2021; thereby, achieving a market value of $5.4 billion by 2028. The growth of the segment is increasing due to its higher usage by healthcare companies, such as pharmaceutical, biopharmaceutical, and medical device manufacturers.
The Food Industry market is showcasing a CAGR of 12.1% during (2022 - 2028). The upsurge in the growth of the segment is attributed to the rapid rise in the expansion of the processed food industry throughout the world. As the lifestyle of people is increasingly becoming hectic, the demand for track and trace solutions within the industry is growing. People are more tend to witness an upsurge in the consumption of processed food due to a lack of time.
The Serialization Solutions market is generating high revenue in the Global Track and Trace Solutions Market by Application in 2021; thereby, achieving a market value of $5.4 billion by 2028. The growth of the segment is bolstered due to regulatory authorities' increasing emphasis on the deployment of these solutions. The federal government, international governments, and the healthcare business are taking initiatives in order to prevent product diversion and medicine counterfeiting.
The Linear Barcodes market is exhibiting a CAGR of 11.9% during (2022 - 2028). Government regulations and growth in the selling of counterfeit drugs prompted the healthcare industry to implement barcode technology. The frequent price fluctuations in products within the pharmaceutical industry are another major factor that is boosting the adoption of linear barcode technology across the industry.
The North America market dominated the Global Track and Trace Solutions Market by Region in 2021; thereby, achieving a market value of $3.3 billion by 2028. The Europe market is anticipated to grow at a CAGR of 10.7% during (2022 - 2028). Additionally, The Asia Pacific market would witness a CAGR of 11.9% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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