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.
Track and trace, or T&T, solutions are solutions that assist organizations in controlling their supply chain and eliminating counterfeit product-related hazards. They provide transparency, product identity verification services, hassle-free product movement, and packaging and logistics management assistance. In the distribution and logistics of a wide variety of items, track and trace or tracking and tracing refers to the process of determining the present and previous locations along with other information of a unique item or property.
This notion can be reinforced by means of calculating and reporting the location of trucks and containers containing the subject property, such as a real-time database. This approach leaves the job of constructing a cohesive description of future status reports to the individual. Another way is to report the object's arrival or departure and record the object's identification, the place where it was observed, the time, and its state. This strategy leaves it to the individual to check the consistency and completeness of the data and information
A track & trace system is a software-based solution for tracking trucks, loading units, shipments, or products along the whole supply chain, from the producer to the customer. When it involves automobiles, a track-and-trace system is often known as a vehicle tracking system. In this example, it is a GPS-enabled system that is in connection with all trucks and other company vehicles. This enables a company to track the whereabouts of all its trucks and other vehicles in real-time and estimate when a shipment would arrive at its delivery location.
Consequently, T&T solutions are employed for both personal and commercial purposes since they reduce gasoline and insurance expenses, provide customer support, and deliver the most up-to-date information via SMS or email notifications. Currently, they are gaining popularity for monitoring the supply chain in various end-use sectors. Track and trace systems aid healthcare businesses and organizations in managing their supply chains effectively and mitigating the risks involved with counterfeit medications. It is the procedure that identifies the current and previous sites of a medicine.
The COVID-19 pandemic posed a significant challenge in front of the track and trace solutions market. However, the outbreak spurred the adoption of track and trace solutions throughout several industries all over the world. Since the outbreak of the COVID-19 pandemic, the majority of states have closed their borders and limited migration in an effort to control the spread of the coronavirus, impeding international trade and transportation. Economic and financial market uncertainties damaged the supply chains for the track and trace industry, leading to a temporary fall in demand.
Companies that commercialize pharmaceuticals, medical equipment, cosmetics, as well as pharmaceutical packaging face a growing counterfeiting threat. The proliferation of counterfeit medications and other products throughout the world is a result of expanding trade and lax controls. This includes items with incorrect/false ingredients, no active ingredients, the wrong amount of active substances, and counterfeit packaging. Manufacturers invest substantial money to establish a brand, and counterfeiters exploit this brand identification to sell fake goods.
The ability of different drugs and other pharmaceutical makers to compete with each other is a trait that stands out as one of the most significant advantages offered by track-and-trace systems for pharmaceuticals. Research can be carried out in order to improve the effectiveness of medicine manufacture and sales owing to the information that can be gained from the system. Companies in several developed as well as developing countries have broadened the application scope of serialization and initiated the development of pharmaceutical track-and-trace products by utilizing data matrices, radio frequency identification, and quick response codes.
The high costs associated with setting up and deploying track and trace technologies pose a significant barrier to the market's expansion. Several pharmaceutical businesses utilize conventional system designs, necessitating a significant level of system customization for the implementation of these solutions. Such adaptations lead to a significant rise in capital expenses; hence, a number of businesses choose not to employ track and trace systems.
On the basis of Product, the Track and Trace Solutions Market segregated into Software Solutions, Hardware Components, and Standalone Platforms. In 2021, the hardware components market segment garnered a significant revenue share of the track and trace solutions market. The surge in the growth of the segment is primarily attributed to the rising demand for printing and marking solutions. This system plays a crucial role in the production and distribution chain to ensure the authenticity and quality of the products.
On the basis of End-user, the Track and Trace Solutions Market is classified into Pharmaceutical and Biopharmaceutical companies, Medical Device Industry, Food Industry, Cosmetic Industry, and Other End Users. In 2021, pharmaceutical and biopharmaceutical companies garnered a substantial revenue share of the track and trace solutions market. Implementing serialization is a vital step in addressing the issues faced by pharmaceutical firms since it allows for the safe tracking and tracing of products along the whole supply chain. Pharmaceutical manufacturers are already required to comply with federal and state standards for track and trace solutions, which is driving demand.
By application, the Track and Trace Solutions Market is categorized into Serialization Solutions, Aggregation Solutions, and Tracking, Tracing and Reporting Solutions. In 2021, the tracking, tracing, and reporting solutions segment acquired a significant revenue share of the track and trace solutions market. The growth of the segment is majorly ascribed to the expansion in the transportation industry all over the world.
Based on Technology, the Track and Trace Solutions Market is segmented into Linear Barcodes, 2D Barcodes, and Radiofrequency Identification (RFID). In 2021, the RFID segment witnessed a promising revenue share of the track and trace solutions market. Key contributors to the segment's growth are technological advantages, such as high durability as well as reusability, increased data storage capacity, and no line-of-sight need.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 4.4 Billion |
| Market size forecast in 2028 | USD 9.1 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 11.1% from 2022 to 2028 |
| Number of Pages | 277 |
| Number of Tables | 460 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, End User, Application, Technology, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
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| Restraints |
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Region-Wise, the Track and Trace Solutions Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America accounted for the largest revenue share of the track and trace solutions market. North America's large market share can be linked to the presence of a significant number of pharmaceutical and biotechnology businesses, the high regulatory burden associated with the deployment of serialization and aggregation solutions, and the expansion of the medical devices industry.
Free Valuable Insights: Global Track and Trace Solutions Market size to reach USD 9.1 Billion by 2028
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 Geography
The global Track and Trace Solutions Market size is expected to reach $9.1 billion by 2028.
Rising Adoption of Barcode and Rfid Technologies in Order to Accelerate Brand Establishment and Protection are driving the market in coming years, however, High Cost Associated with The Deployment and Maintenance of Technology restraints the growth of the market.
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.
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 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 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.
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