Selbyville, Delaware, Oct. 24, 2024 (GLOBE NEWSWIRE) --
The track & trace solutions market valuation is predicted to reach USD 28.75 Billion by 2032, reported in a research report by Global Market Insights Inc.
The rise of e-commerce and the growing adoption of omnichannel retail strategies are key drivers of this market expansion. As consumers increasingly turn to online shopping, the demand for accurate, real-time package tracking has become essential. Major retailers are adopting advanced tracking systems to manage complex supply chains and provide detailed shipment updates, ensuring timely deliveries. This improved tracking not only enhances customer satisfaction by offering transparency but also reduces uncertainties about delivery statuses, driving companies to invest in cutting-edge technologies.
Regulatory demands and evolving consumer expectations are pushing companies to prioritize supply chain transparency. Businesses across various industries are adopting track & trace solutions market to gain visibility into their supply chains, ensuring compliance, reducing fraud, and guaranteeing product safety. This transparency is vital for maintaining customer trust, as it confirms ethical sourcing and product authenticity. As supply chains become more complex, the need for robust tracking solutions capable of monitoring every step of the process grows, making these solutions crucial for ensuring efficient, secure operations.
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The track & trace solutions market is segmented into hardware, software, and services. In 2023, hardware held the largest market share, accounting for 37.9%. Hardware components such as RFID tags, barcode scanners, and IoT sensors are essential for real-time tracking and data collection, facilitating smooth integration across supply chains. RFID tags and barcode scanners support efficient item identification, while IoT sensors improve tracking accuracy and provide valuable insights for analytics. Ongoing advancements in hardware, including miniaturized sensors and enhanced connectivity, continue to drive growth across various industries, supporting the overall expansion of Track & Trace solutions.
The market is also segmented by technology, including Barcode Systems, Bluetooth Low Energy (BLE), GPS, NFC, and RFID. From 2024 to 2032, Near Field Communication (NFC) is expected to be the fastest-growing segment, with a CAGR exceeding 18%. NFC technology is increasingly used for secure, short-range communication between devices, improving inventory management and authentication processes. Its cost-effectiveness and ease of integration make it a popular choice for asset tracking, offering real-time updates and efficient data exchange. The growing demand for contactless interactions and enhanced security is fueling the adoption of NFC, especially in sectors like retail and healthcare.
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In 2023, North America accounted for the largest track & trace solutions market share, over 34%, and is expected to maintain its leadership throughout the forecast period. The region's strong growth is driven by strict regulatory requirements and a focus on supply chain transparency. Advanced technological infrastructure and high adoption rates of RFID and NFC systems support sophisticated tracking solutions across various industries. The demand for enhanced product security and authenticity, alongside continued technological advancements, is propelling the track & trace solutions forward in North America.
Key companies shaping the track & trace solutions market include Antares Vision S.p.A., Optel Group, TraceLink Inc., Siemens AG, SAP SE, Zebra Technologies Corporation, and IBM Corporation. These firms offer a range of advanced solutions that enhance visibility, compliance, and operational efficiency across different industries. With a focus on data capture, traceability, and digital supply chain management, these companies are driving the market's innovation and growth, ensuring more secure, transparent, and efficient supply chains globally.
Partial chapters of report table of contents (TOC):
Chapter 1 Scope & Methodology
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast parameters
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Industry 360º synopsis, 2021 - 2032
Chapter 3 Track & Trace Solutions Market Insights
3.1 Industry ecosystem analysis
3.2 Vendor matrix
3.3 Technology & innovation landscape
3.4 Patent analysis
3.5 Key news and initiatives
3.6 Regulatory landscape
3.7 Impact forces
3.7.1 Growth drivers
3.7.1.1 Surge in e-commerce and omnichannel retailing
3.7.1.2 Rising demand for supply chain transparency
3.7.1.3 Advancements in IoT and sensor technologies
3.7.1.4 Increase in counterfeit goods and fraudulent activities
3.7.1.5 Government regulations and compliance requirements
3.7.2 Industry pitfalls & challenges
3.7.2.1 High implementation costs
3.7.2.2 Data privacy and security concerns
3.8 Porter’s analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Industry rivalry
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
