Dublin, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The "Global 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) - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
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 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.
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.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 332 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $5.5 Billion |
| Forecasted Market Value (USD) by 2028 | $9.8 Billion |
| Compound Annual Growth Rate | 12.2% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Stringent Regulations and Standards for Serialization
- Increase in Focus of Manufacturers on Brand Protection
- Growth in Packaging-Related Product Recalls
- High Growth in Generic and OTC Markets
- Growth of Medical Device Industry
- Restraints
- Huge Setup Costs for Technologies
- Long Implementation Timeframe of Serialization and Aggregation
- Opportunities
- Increase in Offshore Pharmaceutical Manufacturing
- Remote Authentication of Products
- Significant Technological Advancements in R&D
- Growth of Food Traceability Market
- Challenges
- Lack of Common Standards for Serialization and Aggregation
- Existence of Technologies to Deter Counterfeiters
Industry Trends
- Rise in Demand for Integrated, Fully Automated Serialization and Aggregation Systems
- Use of Blockchain in Track and Trace Solutions
Technology Analysis
- Growth in Demand for L4 and L5 Track and Trace Solutions in Pharmaceutical Industry for Compliance Management
Unmet Needs
- Challenges Associated with Manual Track and Trace of Products: End-user Perspective
- End-user Demand Analysis for Track and Trace Solutions
Companies Profiled
- 3Keys GmbH
- ACG
- Antares Vision S.p.A.
- Arvato - Bertelsmann SE & Co. KGaA
- Axway
- Bar Code India Limited
- IBM
- Jekson Vision
- Kevision
- Kezzler
- Marchesini Group S.p.A.
- Markem-Imaje, a Dover Company
- Mettler Toledo
- Optel Group
- RN Mark Inc.
- SAP SE
- Shubham Automation Pvt. Ltd.
- Siemens
- Syntegon Technology GmbH
- Tracelink Inc.
- Tracktracerx Inc.
- Uhlmann
- Visiott Technologie GmbH
- Wipotec GmbH
- Zebra Technologies Corp.
For more information about this report visit https://www.researchandmarkets.com/r/kfcwbp
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