Global Track and Trace Solutions Market Report 2022: Increasing Focus of Manufacturers on Brand Protection Bolsters Sector

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Nov 10, 2022, 14:45 ET

DUBLIN, Nov. 10, 2022 /PRNewswire/ -- The "Global Track and Trace Solutions Market by Product (Hardware, Software, Standalone Platforms), Application (Serialization, Aggregation, Reporting), Technology (2D Barcode, RFID) End-user (Pharma, Food, Medical Devices, Cosmetics), and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global track and trace solutions market is expected to reach USD 8.6 billion from USD 4.8 billion in 2022, at a CAGR of 11.6% during the forecast period. The major factors contributing to the growth of this market include the increasing regulatory burden on end-user segments for the implementation of serialization solutions and increasing awareness on brand protection. On the other hand, huge set up costs that require high upfront capital investments is expected to limit the market growth to some extent.

The software solutions segment accounted for the largest share in the track and trace solutions market

In 2021, the software solutions segment accounted for the largest share of 60.6% of the track and trace solutions market. The major factor contributing to the growth of this market includes growing awareness about the counterfeit products in the market that necessitates the implementation of track and trace solutions. However, standalone platforms segment are expected to grow a a highest CAGR of 15.3% during the forecast period owing to the increase in the demand for these platforms that reduce implementation timeframe and provide end-to-end traceability.

Serialization solutions segment is expected to witness the fastest growth in the forecast period

In 2021, serialization solutions segment account for the largest share of 62.3% of the applications market. This segment is also expected to witness the highest growth rate of 12.08% during the forecast period. The major factor contributing to the growth of this segment include high regulatory burden on the end-user segments to implement serialization solutions in order to prevent the entry of counterfeit products in the supply chain.

2D barcode technology account for the largest share in the track and trace solutions market

In 2021, 2D barcodes accounted for the largest share of 75.8% of the technology market. The major factor contributing to the growth of this segment include the growing adoption of 2Dbarcodes technology in the end-user segments owing to its large data storage capacity. However, RFID segment is expected to witness the highest CAGR of 13.2% due to its growing demand for automating pharmaceutical distribution systems and improving product visibility.

Pharmaceutical and biopharmaceutical companies are expected to witness highest growth rate in track and trace solutions market in 2021

In 2021, the pharmaceutical and biopharmaceutical companies accounted for the largest share of 52.9% of the global track and trace solutions market. This is because of high drug counterfeiting activity in the pharmaceutical industry and hence, being a highly regulated market, the adoption of track and trace solutions is more than other end-user segments.

North America accounted for the largest share of the track and trace solutions market in 2021

In 2021, North America accounted for the largest share of 38.7% of the global track and trace solutions market. The growth for this region was majorly driven by the presence of large pool of pharmaceutical and biotechnology, stringent regulatory environment and increasing adoption of track and trace solutions by the end-user segments for brand protection.

Market Dynamics
Drivers

Stringent Regulations and Standards for Serialization
Increasing Focus of Manufacturers on Brand Protection
Growth in Packaging-Related Product Recalls
High Growth in Generic and OTC Markets
Growth in Medical Device Industry

Restraints

Huge Setup Costs for Technologies
High Cost and Long Implementation Timeframe of Serialization and Aggregation

Opportunities

Increase in Offshore Pharmaceutical Manufacturing
Remote Authentication of Products
Significant Technological Advancements in R&D
Growth in Food Traceability Market

Challenges

Lack of Common Standards for Serialization and Aggregation
Existence of Technologies to Deter Counterfeiters

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Insights

7 Track and Trace Solutions Market, by Product

8 Track and Trace Solutions Market, by Application

9 Track and Trace Solutions Market, by Technology

10 Track and Trace Solutions Market, by End-user

11 Track and Trace Solutions Market, by Region

12 Competitive Landscape

13 Company Profiles

14 Appendix

Companies Mentioned

ACG
Antares Vision S.p.A.
Arvato - Bertelsmann SE & Co. KGaA
Axway
IBM
Jekson Vision
Kevision Systems
Kezzler AS
Laetus GmbH
Mettler-Toledo International Inc.
Optel Group
RN Mark Inc.
SAP SE
Sea Vision S.R.L
Siemens
Syntegon (Formerly Robert Bosch GmbH)
Systech International (A Part of Markem-Imaje)
Tracelink Inc.
Tracktracerx Inc.
Uhlmann Group
Videojet Technologies Inc.
Visiott Technologie GmbH
Wipotec-Ocs GmbH
Xyntek Inc.
Zebra Technologies Corporation

For more information about this report visit https://www.researchandmarkets.com/r/an0kpr

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SOURCE Research and Markets