Global Track and Trace Solutions Market, By Product (Software Components, Hardware Components, Standalone Platform), Solution (Line and Site-Level Serialization, Cloud Enterprise-Level Traceability, Distribution and Warehouse Solution, Supply Chain Data-Sharing Network, Others), Application (Serialization, Printing, Labeling and Packaging Inspection, Aggregation, Tracking, Tracing, Reporting), Technology (2D Barcodes, Radiofrequency Identification (RFID), Linear/1D barcodes), End User (Pharmaceutical and Biopharmaceutical Companies, Consumer Packaged Goods, Luxury Goods, Food and Beverage, Medical Device Companies, Contract Manufacturing Organizations, Repackages, Cosmetics Companies, Others), Distribution Channel (Direct Sales, Third Party Distributors) – Industry Trends and Forecast to 2031.
Track and Trace Solutions Market Analysis and Size
Track and trace solutions are used to offer precise device locations both now and in the past. Due to strict laws and requirements for the use of serialization and progress in the pharmaceutical and medical device industries, the worldwide track and trace solutions market is rising at a significant rate. Several types of solutions influenced the size of the track and trace solutions market. Due to growing popularity in the healthcare business, software has recently seen a surge in demand.
Data Bridge Market Research analyzes that the global track and trace solutions market which was USD 4.91 billion in 2023, is likely to reach up to USD 19.75 billion by 2031, and is expected to undergo a CAGR of 19.90% during the forecast period. “Pharmaceutical and Biopharmaceutical Companies” dominate the end-user segment of the track and trace solutions market due to the wide range of products and applications there. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Track and Trace Solutions Market Scope and Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2024 to 2031
|
|
Base Year
|
2023
|
|
Historic Years
|
2022 (Customizable to 2016-2021)
|
|
Quantitative Units
|
Revenue in USD Billion, Volumes in Units, Pricing in USD
|
|
Segments Covered
|
By Product (Software Components, Hardware Components, Standalone Platform), Solution (Line and Site-Level Serialization, Cloud Enterprise-Level Traceability, Distribution and Warehouse Solution, Supply Chain Data-Sharing Network, Others), Application (Serialization, Printing, Labeling and Packaging Inspection, Aggregation, Tracking, Tracing, Reporting), Technology (2D Barcodes, Radiofrequency Identification (RFID), Linear/1D barcodes), End User (Pharmaceutical and Biopharmaceutical Companies, Consumer Packaged Goods, Luxury Goods, Food and Beverage, Medical Device Companies, Contract Manufacturing Organizations, Repackages, Cosmetics Companies, Others), Distribution Channel (Direct Sales, Third Party Distributors)
|
|
Countries Covered
|
U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of the Middle East and Africa
|
|
Market Players Covered
|
OPTEL GROUP (Canada), Mettler-Toledo (U.S), Systech International (U.S.), TraceLink Inc. (U.S.), Antares Vision S.p.A (Italy), SAP (Germany), Xyntek Incorporated (U.S.), SEA Vision (Italy), Syntegon (Germany), Körber AG (Switzerland), Siemens (Germany), Uhlmann Group Holding GmbH & Co. KG (Germany), JEKSON VISION (India), Videojet Technologies, Inc. (U.S.), Zebra Technologies Corporation (U.S.), Axway (U.S.), ACG (India), Laetus GmbH (Germany), WIPOTEC-OCS (Germany)
|
|
Market Opportunities
|
|
Market Definition
Organizations can use track and trace (T&T) technologies to manage their supply chains and reduce the danger of counterfeit items. They provide transparency, product ID verification services, make product movement easier, and assist with packaging and logistics management. As a result, T&T solutions are used for both personal and business purposes since they save money on gas and insurance, provide customer support, and deliver up-to-date information via SMS alerts or emails. They are currently gaining popularity as a means of monitoring supply chains in a variety of end-use sectors.
Global Track and Trace Solutions Market Dynamics
Drivers
- Rising Adoption in the Pharmaceutical Industry
Increased usage in the pharmaceutical industry for product I.D. verification, packaging, and logistics management will drive the market. Government rules throughout the world requiring pharmaceutical companies to serialise their pharmaceuticals and technology advancements in track and trace systems are projected to fuel the market's growth over the forecast period.
- Rise of Counterfeit Goods
Regulatory compliance has been an ever-increasing requirement to maintain product authenticity around the world. The global proliferation of counterfeit goods has prompted a surge in the use of track and trace systems across a variety of industries. The majority of industrialised countries have already implemented these solutions to limit the danger of product recalls, illness outbreaks, brand tarnishing, and unlawful parallel supply chains that foster illegal logistics and crime. Growing government and regulatory actions are opening the way for a greater adoption of track and trace technologies. Serialization has long been the most used way to track and trace products worldwide.
- Rising regulatory compliance
Many industries, especially pharmaceuticals and healthcare, are subject to strict regulations regarding product traceability and serialization. To comply with these regulations, companies are adopting track and trace solutions to ensure the authenticity of products and protect against counterfeiting. Thus, in order to improve supply chain efficiency in the healthcare business, many governments are working to adopt specific legislation requiring serialization in track and trace systems. Moreover, track and trace solutions provide transparency, allowing consumers to verify the origin and history of products, which can build trust and brand loyalty. This further accelerate the market growth.
Opportunity
- Increasing Use in Clinical Diagnostics
Traditional trademark protection solutions such as anti-theft and authentication are meant to safeguard individual goods rather than the entire supply chain. Fake items are likely to be introduced into the supply chain at any point. A system with autonomous and non-line-of-sight capabilities is required to combat counterfeiting and identify huge product items. There has been an increase in demand for technologies with modular designs that fulfil the needs of enterprises in recent years.
Moreover, technological advancements, including IoT (Internet of Things), RFID (Radio-Frequency Identification), and blockchain, have made track and trace solutions more efficient and cost-effective. These technologies enable real-time data collection and secure data which will also work in the favor of the market.
Restraint/Challenge
- Existence of Technologies that Detects Fraud Transactions
The counterfeit items have been a problem for the pharmaceutical and medical device industries, is expected to obstruct market growth. Moreover, many of the current anti-counterfeiting technologies can be replicated. Holograms, barcodes, and container designs are examples of traditional technologies that can be simply recreated is projected to challenge the market in the forecast period of 2024-2031.
This track and trace solutions market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the track and trace solutions market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In February 2021, Adents International was purchased by Anatres Vision (Italy) (France). With this acquisition, the company has broadened its offering of software solutions and cloud services for end-to-end traceability. The development also contributed to the Group's international expansion, particularly in France
- In October 2020, Serialized Product Intelligence is a new cloud service developed by TraceLink that uses serialisation data to give actionable intelligence and operational excellence
Global Track and Trace Solutions Market Scope
The track and trace solutions market is segmented on the basis of product, application, end-user, and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Software Components
- Hardware Components
- Standalone Platform
Solution
- Line and Site-Level Serialization
- Cloud Enterprise-Level Traceability
- Distribution and Warehouse Solution
- Supply Chain Data-Sharing Network
- Others
Application
- Serialization
- Printing
- Labeling and Packaging Inspection
- Aggregation
- Tracking
- Tracing
- Reporting
Technology
- 2D Barcodes
- Radiofrequency Identification (RFID)
- Linear/1D barcodes
End User
- Pharmaceutical and Biopharmaceutical Companies
- Food Industry
- Medical Device Companies
- Cosmetic Industry
- Other
Distribution Channel
- Direct Sales
- Third Party Distributors
Global Track and Trace Solutions Market Regional Analysis/Insights
The track and trace solutions market is analyzed and market size insights and trends are provided by country, product, application, end-user, and distribution channel as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Brazil, Argentina, rest of South America U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, South Africa, and rest of Middle East and Africa.
North America is expected to dominate the market due to the presence of many pharmaceutical and biotechnology companies and medical device manufacturers, stringent regulations regarding serialization, and the growing medical devices.
Asia-Pacific is expected to witness significant growth due to growing regulatory requirements in the healthcare industry to comply with manufacturing and distribution practices and the rising number of pharmaceutical and biotechnology companies.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The track and trace solutions market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for track and trace solutions market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the track and trace solutions market. The data is available for historic period 2010-2021.
Competitive Landscape and Global Track and Trace Solutions Market Share Analysis
The 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, global presence, production sites and facilities, production capacities, 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.
Some of the major players operating in the track and trace solutions market are:
- OPTEL GROUP (Canada)
- Mettler-Toledo (U.S.)
- Systech International (U.S.)
- TraceLink Inc. (U.S.)
- Antares Vision S.p.A (Italy)
- SAP (Germany)
- Xyntek Incorporated (U.S.)
- SEA Vision (Italy)
- Syntegon (Germany)
- Körber AG (Switzerland)
- Siemens (Germany)
- Uhlmann Group Holding GmbH & Co. KG (Germany)
- JEKSON VISION (India)
- Videojet Technologies, Inc. (U.S.)
- Zebra Technologies Corporation (U.S.)
- Axway (U.S), ACG (India)
- Laetus GmbH(Germany)
- WIPOTEC-OCS (Germany)
SKU-