Track and Trace Solutions Market Cross US$ 7.2 Bn by 2026 | CAGR of 18.0%
LOS ANGELES, Feb. 19, 2020 /PRNewswire/ -- Track and trace solutions are commonly used worldwide for tracking certain products or goods. The track and trace solutions market growth is driven by continuous transparency, packaging and logistics management, and product ID verification services facilitating hassle-free product movement within the distribution channel.
The track and trace solutions market size is poised to reach around US$ 7.2 bn by 2026 and growing at a CAGR of 18.0% over the forecast period 2019 to 2026.
Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled "Track and Trace Solutions Market (By Product Type: Hardware Systems [Printing & Marking Solutions, Labeling Solutions, Monitoring & Verification Solutions, Others], Software Solutions [Line Controller Software, Plant Manager Software, Bundle Tracking Software, Others]; By Technology: RFID, Barcode; By Application: Serialization solutions [Label Serialization, Bottle Serialization, Data Matrix Serialization, Carton Serialization], Aggregation Solutions [Case Aggregation, Bundle Aggregation, Pallet Aggregation]; By End User: Pharmaceutical Companies, Healthcare Others, Consumer Packaged Goods, Medical device Companies, Luxury Goods, Food and Beverage) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026".
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The market is anticipated to be fueled by rising deployment of track and trace solutions by pharmaceutical and medical devices companies. Drug counterfeiting is a major problem faced by pharmaceuticals and biopharmaceuticals companies. Thus, companies are adopting track and trace solutions for supply chain monitoring. There are numerous small and large vendors offering a plethora of tracking and trace solutions, resulting in intense competition.
A significant factor contributing to the greater income share is growing adoption of 2D barcodes in pharmaceutical and biopharmaceutical packaging. In addition, the demand for 2D barcode-based alternatives boosts greater data storage capabilities than linear barcodes and its increased popularity in the sector.
Because of the growing amount of counterfeit medicines in the area, developed economies such as North America will remain their stronghold across the tracking and tracking solutions industry. As regards income share, Europe is anticipated to be the second largest market due to the presence of developed countries, such as Germany, Turkey, the United Kingdom, France and Italy.
Furthermore, stringent laws and norms are anticipated to promote market growth for the production and aggregation. However, the elevated price of implementing these alternatives and the absence of international serialization and aggregation norms and laws could hinder business development.
It is pertinent to consider that in a volatile global economy, we haven't just conducted track and trace solutions forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market. The research in this report also includes track and trace solutions product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
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Market Insights
- Software solutions held the largest share in the market for track and trace solutions in 2019 due to its growing adoption in healthcare companies, including pharmaceuticals, biopharmaceuticals, and medical device companies.
- Hardware solutions are expected to show lucrative growth over the forecast period. The printing and marking solutions segment held the largest revenue share among track and trace hardware systems.
- Serialization solutions held the dominant revenue share in the market for track and trace solutions as of 2019 due to the increasing focus of regulatory bodies on implementation of the same.
- Barcodes technology accounted for the largest revenue share in the track and trace solutions market in 2019. 2D barcode is the dominant sub-segment and is expected to maintain its position throughout the study period. Increased application of 2D barcodes in pharmaceutical and biopharmaceutical product packaging is a major factor that contributed to the high revenue share.
- Pharmaceutical companies dominated the market by end use as of 2019.
- North America accounted for the largest revenue share in the market for track and trace solutions in 2019, primarily due to presence of highly regulated serialization and aggregation standards, as well as advanced healthcare infrastructure.
Competitive Landscape and Market Share Analysis
The track and trace solutions market consists of major vendors such as Mettler-Toledo International, Inc.; Antares Vision srl; Siemens AG; Axway; Seidenader Maschinenbau GmbH; Adents International; Systech, Inc., Optel Vision; TraceLink, Inc. and ACG Worldwide.
Track and trace solutions market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to track and trace solutions market.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new track and trace solutions. These factors have benefited the growth of the global market for track and trace solutions. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global track and trace solutions industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for track and trace solutions. The global track and trace solutions market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
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Recent Developments
- In 2018, Antares Vision launched its product, ATSFOUR, an enterprise-level serialization software solution. The new ATSFOUR integrates the Antares Tracking System architecture and offers a comprehensive solution which allows the widest connection capability for any traceability network.
- In 2018, Ropack Pharma Solutions (Canada) signed an agreement with TraceLink (US) in order to achieve DSCSA compliance for its pharmaceutical customers.
- In 2017, OPTEL Group (Canada) acquired Verify Brand LLC (US). The addition of Verify Brand's L4/5 serialization capabilities to the OPTEL solution set enables the connectivity required for pharma companies to implement Track & Trace across the entire supply chain (L1 to L5).
- In 2017, Antares Vision extended its partnership with Xyntek, wherein Xyntek will continue to sell and service solutions of the Antares Tracking System platform throughout the US.
Market Segmentation
Global Track and Trace Solutions Market, By Product Type
- Hardware
- Printing & Marking Solutions
- Labeling Solutions
- Monitoring & Verification Solutions
- Others
- Software
- Line Controller Software
- Plant Manager Software
- Bundle Tracking Software
- Others
Global Track and Trace Solutions Market, By Technology
- RFID
- Barcode
Global Track and Trace Solutions Market, By Application
- Serialization
- Label Serialization
- Bottle Serialization
- Data Matrix Serialization
- Carton Serialization
- Aggregation
- Case Aggregation
- Bundle Aggregation
- Pallet Aggregation
Global Track and Trace Solutions Market, By End User
- Pharmaceutical Companies
- Healthcare Others
- Consumer Packaged Goods
- Medical device Companies
- Luxury Goods
- Food and Beverage
Global Track and Trace Solutions Market, By Geography
- North America.
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa (MEA)
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