Global Track and Trace Solutions Market Report 2022-2029 Featuring Axway, Mettler-Toledo, Optel Vision, Antares Vision, ACG, Siemens, TraceLink, Sea Vision, Zebra Technlogies, & Sys-tech Solutions

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Jan 24, 2023, 08:00 ET

DUBLIN, Jan. 24, 2023 /PRNewswire/ -- The "Track and Trace Solutions Market by Product, Application, Technology, Industry - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

The global track and trace solutions market is expected to grow at a CAGR of 8.3% over the forecast period 2022-2029 to reach $27.27 billion by 2029.

The growth of the track and trace solutions market is driven by new developments in track and trace solutions, growing adoption of track and trace solutions as an anticounterfeit measure, high risk of product recalls, and gradual implementation of serialization regulations across different countries.

Moreover, significant opportunities from the growing medical technology and device sectors and the rise in pharma manufacturing volumes offer significant opportunities for players operating in the track and trace solutions market.

Based on product, in 2022, the software segment is estimated to account for the largest share of the track and trace solutions market. This segment is also expected to grow at the fastest CAGR over the forecast period. The software segment is segmented into plant manager, line controller, enterprise & network manager, warehouse & shipment manager, bundle & case tracking, and other software.

In 2022, plant manager software is estimated to emerge as the largest revenue-generating segment. The plant manager software effectively controls the production operations and inventory in the manufacturing plant and reduces the operational loss caused by excess production, making the plant manager software ideal for managing the food, consumer goods, and pharmaceutical industries.

Based on application, in 2022, serialization is expected to account for the largest share of the global track and trace solutions market. Factors contributing to the market growth are new developments in serialization platforms and the growing adoption of serialization solutions to streamline product recalls and secure the pharma supply chain. The focus on serialization solutions among medical product manufacturers as a brand protection measure positively impacts the market growth.

Based on technology, in 2022, the barcode segment is estimated to account for the largest share of the global track and trace solutions due to the widespread adoption of data matrix technology for serialization and the cost-effectiveness of barcode technology. Barcoding is the easiest and most cost-effective method to implement item and case-level traceability.

It has applications in pharmaceuticals, food & beverages, and cosmetics industries. The use of barcode-based tracking and tracing ensures consumer transparency where consumers can become aware of details on nutrition data, sourcing practices, allergy information, and sustainability facts concerning the product.

Based on industry, the pharmaceuticals & biopharmaceuticals segment is expected to grow at the fastest CAGR during the forecast period. Rapid development in the emerging economies, progressing research in biologics and small molecules, growing penetration of generics, and innovations in pharma manufacturing have created tremendous opportunities for pharma manufacturing, positively boosting the demand for track and trace solutions.

In 2022, North America is estimated to account for the largest share of the global track and trace solutions market, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa.

Market Insights

Drivers

Implementation of Serialization Regulations for Pharmaceuticals Around the World
Regulatory Push Encouraging Food & Beverage Manufacturers to Adopt Traceability Solutions
High Risk of Product Recalls in the Pharmaceutical and Food & Beverage Industries
Growing Adoption of Track and Trace Solutions As An Anti-Counterfeiting Measure

Restraints

High Cost of Implementing Serialization and Aggregation Solutions

Opportunities

Increasing Demand and the Subsequent Increase in the Manufacturing of Generic Drugs & Biologics
Growing Medtech Sector

Challenges

Availability of Alternative Anti-counterfeiting Technologies
The Impact of COVID-19 On the Track and Trace Solutions Market

Company Profiles

Axway
Mettler-Toledo International Inc.
Optel Vision Inc.
Antares Vision S.p.A.
ACG
Siemens AG
TraceLink, Inc.
Sea Vision S.r.l.
Zebra Technlogies Corporation
Sys-tech Solutions, Inc. (A Part of Dover Corporation)

Scope of the Report:

Global Track and Trace Solutions Market, by Product

Software

Plant Manager
Line Controller
Enterprise & Network Manager
Warehouse & Shipment Manager
Bundle/Case/Pallet tracking
Other software: Other software include reporting and visibility and serial number generation and linking

Hardware

Printing, Marking, and Labelling
Barcode Scanners
RFID Readers
Other Hardware: Other hardware include checkweigher, monitoring, and verification solutions

Services

Global Track and Trace Solutions Market, by Application

Serialization
Aggregation
Bundle Aggregation
Case
Pallet
Other Applications: Other applications include tracking, tracing, reporting and verification and decommissioning

Global Track and Trace Solutions Market, by Technology

Barcode
RFID

Global Track and Trace Solutions Market, by Industry

Food & Beverages
Chemicals
Pharmaceutical & Biopharmaceuticals
Medical Devices
Industrial Components
Transport & Logistics
Cosmetics
Other Industries: Other industries include agriculture, retail, consumer electronics, raw materials, and jewelry

Global Track and Trace Solutions Market, by Geography

North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe (RoE)
Asia-Pacific (APAC)
Japan
China
India
Rest of APAC (RoAPAC)
Latin America
Middle East & Africa

For more information about this report visit https://www.researchandmarkets.com/r/clgsvw

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