Track and Trace Solutions Market worth $8.6 billion by 2027 - Exclusive Report by MarketsandMarkets™

Chicago, Nov. 02, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Track and Trace Solutions Market by Product (Hardware, Software, Standalone Platforms), Application (Serialization, Aggregation, Reporting), Technology (2D Barcode, RFID) End User (Pharma, Food, Medical Devices, Cosmetics) - Global Forecast to 2027", the global Track and Trace Solutions Market is projected to reach USD 8.6 billion by 2027 from USD 4.8 billion in 2022, at a CAGR of 11.6% during the forecast period.

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304 - Tables
57 - Figures
340 - Pages

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Scope of the Report:

The major factors contributing to the growth of this market includes increasing focus of manuafacturers on brand protection, increasing regulatory burden on the end user segments for the implementation of track and trace solutions. However, huge upfront set up costs is likely to restrain the market growth to some extent.

In this report, the track and trace solutions market is segmented based on product, technology, application, end user, and region.

The track and trace solutions market is segmented into software solutions, hardware components, and standalone platforms based on product. In 2021, the software solutions segment accounted for the largest share of 60.6 % in the track and trace solutions market. The growth of this segment is attributed to the increasing awareness about secure packaging, the rising number of counterfeit drugs and related products, as well as the growing awareness of brand protection are the major market drivers for this market. However, the standalone platforms segment is expected to register the highest CAGR of 15.3% during the forecast period due to the increasing demand for standalone platforms to for quick implementation of product traceability solutions.

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Based on application, the track and trace solutions market is segmented into serialization solutions, aggregation solutions; as well as tracking, tracing, and reporting. The serialization solutions segment accounted for the largest share of 62.3% of the applications market. This segment is also expected to register the highest growth rate of 12.08% during the forecast year. The major factor contributing to the growth of this segment include stringent regulations for the implementation of serialization solutions in packaging and supply chain applications.

Based on technology, the track and trace solutions market is segmented into linear bbarcode, 2D barcodes and radiofrequency identification (RFID). In 2021, the 2D barcodes segment accounted for the largest share of 75.8% of the technology market. The major fators contributing for the growth of this market include the rising demand of this technology in the packaging industry owing to its large data storage capacity. However, the RFID technology is expected to register the highest growth rate of 13.2% during the forecast period owing to the increasing demand for automating pharmaceutical distribution systems for improved product visibility.

Based on end user, the track and trace solutions market is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, the cosmetic industry, the food industry and other end users (blood banks, nutraceutical companies and clinical research laboratories). In 2021, the pharmaceutical and biopharmaceutical companies segment accounted for thr largest shrae of 52.9% of the track and trace solutions market. The large share of thi segment is mainly attributed to the high drug countergeiting activity in the industry and regulatory stringency for the implementation of serialization and aggregation solutions for product traceability.

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Geographical Growth Scenario:

The track and trace solutions market is divided into five major regions- North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. In 2021, North America accounted for the largest share of 38.7% in track and trace solutions market. The major reason for the growth of this region includes the presence of numerous pharmaceutical and biopharmaceutical companies, high regulatory stringency for the implementation of track and trace solutions and the willingness of end user segments to attain end-to-end traceability for brand protection.

Moreover, the Asia Pacific is the fastest growing regiom in the track and trace solutions market and is project to grow at a CAGR of 13.4%. The major factors driving the growth of this region include the significant economic development in south-east Asian countries and growing number of pharmaceutical and biotechnology companies.

Key Players:

The key players operating in this market include OPTEL GROUP (Canada), METTLER-TOLEDO International Inc. (US), Systech International Inc. (US), TraceLink Inc. (US), Antares Vision S.p.a. (Italy), SAP SE (US), Xyntek Inc. (US), SEA Vision Srl (Italy), Syntegon (Germany), Siemens (Germany), Uhlmann Group (Germany), JEKSON VISION (India), Videojet Technologies, Inc. (US), Zebra Technologies Corporation (US), Axway (US), ACG Worldwide (India), Laetus GmbH (Germany), and WIPOTEC-OCS (Germany).

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