Pune, India, June 12, 2023 (GLOBE NEWSWIRE) -- According to our latest study on "Track & Trace Solutions Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Enterprise Size, Application, and Industry,” the market is projected to reach USD 16.55 billion by 2028 from USD 6.85 billion in 2022; it is expected to register a CAGR of 15.9% from 2023 to 2028. The global track & trace solutions market demand is influenced by increase in stringent regulations, criteria for implementation of serialization and increasing number of packaging-related product recalls. The software segment held the largest market share in 2022.
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Global Track & Trace Solutions Market Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | USD 6.85 Billion in 2022 |
| Market Size Value by | USD 16.55 Billion by 2028 |
| Growth rate | CAGR of 15.9% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2022 |
| No. of Pages | 226 |
| No. of Tables | 164 |
| No. of Charts & Figures | 81 |
| Historical data available | Yes |
| Segments covered | Component, Enterprise Size, Application, and Industry |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Browse key market insights spread across 226 pages with 164 list of tables & 81 list of figures from the report, "Track & Trace Solutions Market Size and Forecast to 2028 - COVID-19 Impact and Global Analysis by Component (Hardware and Software), Enterprise Size (SMEs and Large Enterprise), Application (Serialization and Aggregation), and Industry (Pharmaceutical, Medical Devices, Consumer Goods, Food & Beverages, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/track-and-trace-solutions-market
Global Track & Trace Solutions Market Analysis: Competitive Landscape and Key Developments
ACG, Axway Software SA, Antares Vision SPA, Markem-Imaje AG, Mettler-Toledo International Inc, Optel Group, SEA Vision Grp, Siemens AG, TraceLink Inc, and Zebra Technologies Corp are among the key companies operating in the track & trace solutions market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In October 2022, Zebra Technologies Corporation announced the new PartnerConnect Location and Tracking Specialization for partners focused on selling RFID and real-time location systems (RTLS). Developed as a strategic component of Zebra’s award-winning PartnerConnect program, the new Location and Tracking Specialization provides resellers with the tools they need to drive RFID and RTLS sales and help businesses successfully deploy these solutions for transformational business benefits.
In June 2022, Zebra Technologies Corporation announced to have completed the acquisition of Matrox Imaging (Matrox Electronic Systems Ltd.), a proven developer of advanced machine vision components, software, and systems. This acquisition further expands Zebra’s offerings in the fast-growing automation and vision technology solution space following the launch of its fixed industrial scanning and machine vision portfolio and recent acquisitions of Adaptive Vision and Fetch Robotics.
In February 2022, Antares Vision Group finalized the acquisition of ACSIS Inc. (“ACSIS”) for an enterprise value of US$ 12 million. The company offers multinational software to manage track & trace data, optimize inventory management through their supply chains, and seamlessly manage the integration of information to their ERP systems. This acquisition will enable Antares Vision Group to further strengthen its range of end-to-end software solutions for the digitization of the supply chain, expand its presence in new industries and grow its customer portfolio, which is mainly comprised multinationals in the Fortune 1000.
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Increasing Number of Packaging-Related Product Recalls Boost Global Track & Trace Solutions Market Growth:
Product recalls caused by issues with artwork and packaging are an ongoing problem for many consumer and pharmaceutical companies. The problems can come from several areas, such as non-standardized bills of material, translation mistakes, typos and poor proofreading, expired digital assets, poor printing quality, third-party artwork suppliers, and printing shops.
Product recalls not only cause financial damage to companies but they also harm their status and can cause a drop in sales figures in the future. Stricter regulations, especially in the pharmaceuticals and food segments, and rising consumer awareness about product quality have increased the need for innovative solutions to ensure product safety during the entire value chain. Pharmaceutical labeling errors have generated many global headlines. They are the leading cause of product recalls in the pharmaceutical industry. In November 2020, Aurobindo Pharma USA recalled 7,440 bottles of Ibuprofen oral suspension drug due to a labeling error. In 2019, Dr. Reddy's Laboratories recalled 2,770 bags (277 selling units) of epilepsy drug Levetiracetam Sodium Chloride injection from the US market on account of a labelling error. Thus, the rising cases of product recalls is positively influencing the growth of the track & trace solutions market.
Impact of COVID-19 Pandemic on Global Track & Trace Solution Market:
During the COVID-19 pandemic, the imposition of containment measures drastically impacted the supply chain process, mainly food & beverages. Therefore, digital supply chain networks make businesses less vulnerable in the long run. For example, track & trace solutions help businesses to focus on supply chain bottlenecks. Also, artificial intelligence (AI)-based tools revolutionized business processes and scenario management, leading to reduced costs and risks associated with the manufacturing processes. Moreover, consumers have become more health-conscious and seek fresh, additive-free food with traceable origins, which has become a high preference for locals. Also, barcodes affixed to individual containers offered recipients granular data about the container and its contents throughout manufacturing. In disruptive supply chain processes, traceability allows manufacturers to have an electronic record of each asset being cleaned, inspected, and scanned before its utility in the next process.
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Global Track & Trace Solution Market: Segmental Overview
Based on component, the market is bifurcated into hardware and software. In 2022, the software segment accounted for a larger market share and is anticipated to register a higher CAGR during the forecast period due to the rising awareness about brand protection, counterfeit products, and manufacturers striving to attain brand protection. Based on enterprise size, the market is segmented into SMEs and large enterprises. In 2022, the large enterprise segment held a larger share of the market and SMEs are expected to grow at a higher CAGR during the forecast period. Based on application, the market is bifurcated into serialization solutions and aggregation solutions. The serialization solutions segment held a larger share of the market in 2022 and is anticipated to register a higher CAGR in the market during the forecast period (2023–2028). Based on industry, the market is segmented into segmented into pharmaceuticals, medical devices, consumer goods, food & beverages, and others. The pharmaceutical industry segment held the largest share of the market in 2022 and is anticipated to register the highest CAGR of 16.8% in the market during the forecast period (2023–2028).
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