Track and Trace Solutions Market Worth $8.6 Billion by 2027 - Exclusive Report by MarketsandMarkets™

Track and Trace Solutions Market Worth $8.6 Billion by 2027 – Exclusive Report by MarketsandMarkets™

Chicago, Nov. 02, 2022 (GLOBE NEWSWIRE) — According to new market research report Track and Trace Solutions Market By Product (Hardware, Software, Autonomous Platforms), Application (Serialization, Aggregation, Reporting), Technology (2D Barcode, RFID) End User (Pharma, Food, Medical Devices, Cosmetics) – Global Forecast to 2027The global track and trace solutions market is expected to reach USD 8.6 billion by 2027, from USD 4.8 billion in 2022, growing at a CAGR of 11.6% during the forecast period.

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304 – Tables
57 – Numbers
340 – pages

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Report Scope:

Report cover Details
Market size $8.6 billion by 2027
CAGR 11.6%
Historical data 2020-2027
Year of reference 2021
Forecast period 2022-2027
Forecast units Value (USD billion)
Report cover Revenue forecasts, competitive landscape, growth factors and trends
Segments Covered By product, by technology, by application, by end user
Geographical areas covered WE
Canada

Germany
France
UK
Italy
Spain
Swiss
The rest of Europe

China
Japan
India
South Korea
Australia
Rest of Asia-Pacific

Brazil
Mexico
Rest of LATAM

Top Profiled Companies/Suppliers OPTEL GROUP (Canada), METTLER-TOLEDO International Inc. (USA), Systech International Inc. (USA), TraceLink Inc. (USA), Antares Vision Spa (Italy), SAP SE (USA ), Xyntek Inc. (USA), SEA Vision Srl (Italy), Syntegon (Germany), Siemens (Germany), Uhlmann Group (Germany), JEKSON VISION (India), Videojet Technologies, Inc. (USA) , Zebra Technologies Corporation (US), Axway (US), ACG Worldwide (India), Laetus GmbH (Germany), WIPOTEC-OCS (Germany), among others.
Key market opportunities Remote product authentication
Key Market Drivers Manufacturers’ increased focus on brand protection

The major factors contributing to the growth of this market include increasing focus of manufacturers on brand protection, increasing regulatory burden on end-user segments for implementation of track and trace solutions. However, the huge upfront installation costs are likely to limit the market growth to some extent.

In this report, the track and trace solutions market is segmented on the basis of product, technology, application, end-user and region.

The track and trace solutions market is segmented into software solutions, hardware components and standalone platforms product based. In 2021, the software solutions segment accounted for the largest share of 60.6% in the track and trace solutions market. The growth of this segment is attributed to growing awareness of secure packaging, growing number of counterfeit drugs and related products, and growing awareness of brand protection, which are major market drivers for this market . However, the autonomous platforms segment is expected to register the highest CAGR of 15.3% during the forecast period owing to the growing demand for autonomous platforms for rapid implementation of product traceability solutions.

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Depending on the applications, the track and trace solutions market is segmented into serialization solutions, aggregation solutions; as well as tracking, tracing and reporting. The serialization solutions segment accounted for the largest share of 62.3% of the application market. This segment is also expected to register the highest growth rate of 12.08% during the forecast year. The major factor contributing to the growth of this segment includes stringent regulations for the implementation of serialization solutions in packaging and supply chain applications.

Based on technology, The track and trace solutions market is segmented into linear barcodes, 2D barcodes, and radio frequency identification (RFID). In 2021, the 2D barcode segment accounted for the largest share of 75.8% of the technology market. Major factors contributing to the growth of this market include increasing demand for this technology in the packaging industry due to its large data storage capacity. However, RFID technology is expected to register the highest growth rate of 13.2% over the forecast period owing to the increasing demand for automation of pharmaceutical dispensing systems for better product visibility.

Based on the end user, the track and trace solutions market is segmented into pharmaceutical and biopharmaceutical companies, medical device companies, cosmetics industry, food industry and other end users (blood banks, nutraceutical companies and clinical research laboratories). In 2021, the pharmaceutical and biopharmaceutical companies segment accounted for the largest share of 52.9% of the track and trace solutions market. The large share of this segment is mainly attributed to the high counterfeit drug activity in the industry and regulatory stringency in implementing serialization and aggregation solutions for product traceability.

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Geographic growth scenario:

The track and trace solutions market is divided into five major regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, North America accounted for the largest share of 38.7% of the track and trace solutions market. The main reason for the growth of this region includes the presence of numerous pharmaceutical and biopharmaceutical companies, the high regulatory rigor for the implementation of track and trace solutions and the desire of end-user segments to achieve traceability of end-to-end for brand protection.

Additionally, Asia-Pacific is the fastest growing region in the track and trace solutions market and is expected to grow at a CAGR of 13.4%. The main growth factors in this region include the significant economic development of Southeast Asian countries and the growing number of pharmaceutical and biotechnology companies.

Key players:

Major players operating in this market are OPTEL GROUP (Canada), METTLER-TOLEDO International Inc. (USA), Systech International Inc. (USA), TraceLink Inc. (USA), Antares Vision Spa (Italy) ), SAP SE (USA), Xyntek Inc. (USA), SEA Vision Srl (Italy), Syntegon (Germany), Siemens (Germany), Uhlmann Group (Germany), JEKSON VISION (India), Videojet Technologies , Inc. (US), Zebra Technologies Corporation (US), Axway (US), ACG Worldwide (India), Laetus GmbH (Germany) and WIPOTEC-OCS (Germany).

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