Global Track and Trace Solutions Market Report and Forecast 2023-2028

Global Track and Trace Solutions Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global track and trace solutions market reached a value of USD 3 billion in 2022. Aided by the escalating need for supply chain transparency and the surge in counterfeit products in various sectors, the market is projected to further grow at a CAGR of 15.10% between 2023 and 2028 to reach a value of USD 6.91 billion by 2028.

Track and trace solutions offer a systematic approach to identifying and locating products and assets at any given time using various technologies like barcoding, QR coding, and RFID. These solutions are instrumental in assuring product safety, especially in sensitive sectors such as pharmaceuticals, food and beverages, and electronics, by providing visibility into the origin, journey, and destination of products.

A key driver steering the track and trace solutions market growth is the mounting concern surrounding counterfeit products. As the counterfeit market becomes increasingly sophisticated, industries are grappling to ensure the authenticity and safety of their products. This concern has heightened the need for robust track and trace systems that can provide end-to-end visibility and authentication.

The rise in stringent regulatory requirements, especially in the pharmaceutical sector, is further bolstering the adoption of track and trace solutions. Regulatory bodies, including the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), mandate strict traceability measures to prevent counterfeit medicines from entering the market. Such measures have instigated pharmaceutical companies to incorporate advanced track and trace mechanisms to adhere to compliance, ensuring both patient safety and brand integrity.

In the era of e-commerce and globalised trade, the complexities of the supply chain have multiplied which is shaping the track and trace solutions market outlook. Consumers, more informed and discerning than ever, are increasingly demanding transparency about product sourcing, ethical practices, and ecological footprints. Track and trace solutions are uniquely positioned to address this demand by providing precise information about a product's entire lifecycle, from production to delivery.

Moreover, advancements in technology, such as the integration of Internet of Things (IoT) devices and cloud computing, have significantly enriched the capabilities of track and trace systems. Real-time monitoring, predictive analytics, and instant notifications are now crucial features that enhance the accuracy, speed, and reliability of these solutions. These technological evolutions not only add layers of security but also optimise logistics and inventory management for businesses.

Further intensifying the track and trace solutions market demand is the critical role track and trace solutions play in minimising wastage and optimising resource allocation in sectors like agriculture and food and beverages. As the world grapples with sustainability challenges, the ability to monitor and manage the supply chain efficiently is paramount. Track and trace systems help in mitigating losses, ensuring product quality, and promoting responsible sourcing, thereby fostering sustainable practices.

Market Segmentation

The market can be divided based on product type, technology, application, end user, and region.

Market Breakup by Product Type

• Hardware Systems
• Printing and Marking Solutions
• Monitoring and Verification Solutions
• Labelling Solutions
• Others
• Software Solutions
• Plant Manager Software
• Line Controller Software
• Bundle Tracking Software
• Others

Market Breakup by Technology

• Barcode
• RFID

Market Breakup by Application

• Serialisation Solutions
• Bottle Serialisation
• Label Serialisation
• Carton Serialisation
• Data Matrix Serialisation
• Aggregation Solutions
• Bundle Aggregation
• Case Aggregation
• Pallet Aggregation
• Others

Market Breakup by End User

• Pharmaceutical and Biotechnology Companies
• Medical Device Companies
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global track and trace solutions market. Some of the major players explored in the report by Expert Market Research are as follows:

• Adents International
• Axway
• Mettler Toledo International Inc.
• Optel Group
• Robert Bosch Gmbh
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.