Track and Trace Solutions Market by Product(Bundle Tracking, Checkweigher, Barcode Scanner, Labeler), Serialization (Carton, Bottle, Blister, Vial), Aggregation (Case, Pallet), Technology (2D Barcode, RFID), End User (Pharma, Food) - Global Forecast to 20

Track and Trace Solutions Market by Product(Bundle Tracking, Checkweigher, Barcode Scanner, Labeler), Serialization (Carton, Bottle, Blister, Vial), Aggregation (Case, Pallet), Technology (2D Barcode, RFID), End User (Pharma, Food) - Global Forecast to 2028

The global track and trace solutions market is projected to reach USD 9.8 billion by 2028 from USD 5.5 billion in 2023, at a high CAGR of 12.2% during the forecast period. Track and trace solutions help determine the current and past locations of a product throughout the supply chain. This can be done using information such as product numbers and batch numbers to ensure that a product and its locations can be tracked. These solutions capture a product’s status throughout a value chain, as well as their path can be retrospectively identified and verified to improve supply chain efficiency.

“The standalone platforms segment accounted for the fastest growth rate in the track and trace solutions market.”

In the year 2022, the standalone platforms segment is projected to achieve the highest CAGR throughout the forecast period. This growth is attributed to the rising demand for these platforms, which streamline implementation timelines and offer comprehensive end-to-end traceability. Conversely, the software solutions segment held the majority share of the track and trace solutions market. The primary factor driving this market growth is the increasing awareness of counterfeit products in the market, necessitating the adoption of track and trace solutions.

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

In the year 2022, the serialization solutions segment commanded the majority share of the applications market. Additionally, this segment is anticipated to experience the highest growth rate during the forecast period. The primary driver behind the growth of this segment is the substantial regulatory burden on end-user segments, compelling the implementation of serialization solutions to mitigate the influx of counterfeit products into the supply chain.

“North America accounted for the largest share of the track and trace solutions market in 2022”

In the year 2022, North America held the leading share of the worldwide track and trace solutions market. The growth in this region was primarily propelled by the significant presence of pharmaceutical and biotechnology companies, a stringent regulatory environment, and the rising adoption of track and trace solutions among end-user segments for enhanced brand protection.

The break-down of primary participants is as mentioned below:

By Company Type - Tier 1: 45%, Tier 2: 30%, and Tier 3: 25%

By Designation - C-level: 42%, Director-level: 31%, and Others: 27%

By Region - North America: 32%, Europe: 32%, Asia Pacific: 26%, Middle East & Africa: 5%, Latin America: 5%

Key Players in the track and trace solutions Market

The key players functioning in the track and trace solutions market include ANTARES VISION S.p.A (Italy), Axway (France), OPTEL GROUP (Canada), TraceLink Inc. (US), Syntegon Technology GmbH (Germany), ACG (India), Marchesini Group S.p.A. (Italy), Markem-Imaje, a Dover Company. (Switzerland), Uhlmann (Germany), Siemens (Germany), SAP SE (Germany), Zebra Technologies Corp. (US), METTLER TOLEDO (US), IBM (US), WIPOTEC GmbH (Germany), VISIOTT Technologie GmbH (Turkey), Jekson Vision (India), Kevision (India), TrackTraceRX Inc. (US), Arvato - Bertelsmann SE & Co. KGaA (Germany), 3KEYS GmbH (Germany), RN Mark Inc (Canada), Kezzler (Norway), Shubham Automation Pvt. Ltd. (India), and Bar Code India Limited (India).

Research Coverage:

The report analyses the track and trace solutions market. It aims to estimate the market size and future growth potential of various market segments based on product, application, technology, end-user, and region. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, recent developments, and key market strategies.

Reasons to Buy the Report

This report will enrich established firms and new entrants/smaller firms to gauge the market's pulse, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.

This report provides insights on:

Analysis of key drivers: (Stringent regulations and standards for serialization, Increasing focus of manufacturers on brand protection, Growth in packaging-related product recalls), restraints (Long implementation timeframe of serialization and aggregation, Huge setup costs of technologies), opportunities (Increase in offshore pharmaceutical manufacturing, Remote authentication of products), and challenges (Lack of common standards for serialization and aggregation) influencing the growth of the track and trace solutions market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the track and trace solutions market.

Market Development: Comprehensive information on the lucrative emerging markets, products, applications, technology, end-users, and regions.

Market Diversification: Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the track and trace solutions market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the track and trace solutions market like ANTARES VISION S.p.A (Italy), Axway (France), OPTEL GROUP (Canada), TraceLink Inc. (US), Syntegon Technology GmbH (Germany).