Meticulous Research®_ the leading global market research company, published a research report titled, ‘Track and Trace Solutions Market by Product (Software [Plant Manager, Line Controller], Hardware), Application (Serialization, Aggregation), Technology (Barcode, RFID), Industry (Chemicals, F&B, Pharma, Cosmetics, Retail, Agriculture) - Global Forecast to 2029’.
According to this latest publication from Meticulous Research®, the global track and trace solutions market is expected to grow at a CAGR of 8.3% during the forecast period 2022–2029 to reach $27.27 billion by 2029.
The high growth in the track and trace solutions market is attributed to the gradual implementation of serialization guidelines across the globe, increased risk of product recalls in the pharma industry, and growing adoption of track and trace as an anti-counterfeit measure. The high pharma manufacturing volume and growth in the medical device and technology sectors are expected to create opportunities in this market.
Track and Trace Solutions Market: Future Outlook
The global track and trace solutions market is segmented by product (software [plant manager, line controller, enterprise and network manager, warehouse & shipment manager, bundle & case tracking software, and other software, which covers reporting and visibility and serial number generation and linking], hardware [printing and marking solutions, barcode scanners, RFID readers, and other hardware], services), by application (serialization, aggregation [bundle aggregation, case aggregation, pallet aggregation], other applications such as tracking, tracing, and reporting and verification and decommissioning, by technology (barcode, RFID), by industry (food & beverages, chemicals, pharmaceutical and biopharmaceuticals, medical devices, industrial components, transport and logistics, cosmetics, other industries (which include agriculture, retail, consumer electronics, raw materials and jewelry), and geography. The study also evaluates industry competitors and analyzes their market share at the regional and country levels.
Based on product, in 2022, the software segment is estimated to account for the largest market share of the track and trace solutions. The evolving regulatory scenario concerning serialization compliance, challenges of drug counterfeiting, and high risks of product recalls in the pharma industry drive the demand for this market. Track and trace software include serialization and aggregation to exhibit complete product traceability throughout the supply chain. The issue of pharmaceutical counterfeiting is escalating at a rapid rate. Policymakers are adopting several strategies, including serialization regulations, to address the global issue of drug counterfeiting. Real-time track and trace software help maintain the product pedigree and supply chain integrity of genuine products against counterfeit products.
Based on application, the serialization segment is projected to grow at the fastest CAGR during the forecast period. The rising adoption of inventory control accelerates the demand for serialization solutions, global implementation of serialization regulations, managing product recalls, and launch of serialization solutions. To address the growing need of pharmaceutical players, manufacturers of track and trace solutions are expanding their portfolios with new product offerings.
Based on technology, in 2022, barcoding is estimated to account for the largest share of the track and trace solutions market. The large market share of this segment is attributed to implementing track and trace regulations using a linear or 2D data matrix across countries such as the U.S., Brazil, Columbia, Denmark, and Ireland. The ease of implementation and cost-effectiveness support the increased adoption of barcoding technology. The factors driving the growth of this market are increasing consumer transparency, implementation of pharma track and trace regulations, and associated advantages like improved supply chain management and operational efficiency.
Based on the industry, in 2022, the pharma and biopharma segment is expected to account for the largest market share of the track and trace solutions market. The growing implementation of track and trace solutions against the rising incidences of pharmaceutical counterfeiting, accelerated implementation of track and trace through various pilot projects, and new developments in track and trace solutions are driving the growth of this segment.
The key players operating in the global track and trace solutions market report are Axway (U.S.), METTLER TOLEDO (Switzerland), OPTEL GROUP (Canada), ANTARES VISION S.p.A (Italy), ACG (India), Siemens (Germany), TraceLink Inc. (U.S.), SEA Vision S.r.l. (U.S.), Zebra Technologies Corporation (U.S.), and Systech (U.S.).
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