- Increasing focus towards consumers and patient safety in the food industry is driving growth of the market.
- Increasing application of barcode systems is a factor supporting market growth.
- The market in the Asia Pacific is expected to register the highest growth rate regionally.
The worldwide Track And Trace Solutions industry was valued at $2 billion in 2019, with significant CAGR of 13.0%.
Global Track and Trace Solutions Market: Introduction
Track and trace solutions are concerned with the distribution and logistics of wide range of products, which facilitates ascertaining the present and previous location of the object of interest. These solutions include process of determining detailed information of unique object or item. In addition, track and trace solutions have ability to identify the origin as well as various stages of consumption of goods that are produced or manufactured in the distribution processes.
Global Track and Trace Solutions Market: Dynamics
Track and trace solutions are widely adopted by food producers owing to increasing focus towards consumers and patient safety. Increasing number of packaging related product recalls is focusing on adopting solutions to find safe transit in supply chain. Aforementioned are major factors to drive growth of the global market over the forecast period.
Track and trace solutions such as RFID tags that have ability to track real-time shipments and tampering, will enable healthcare providers to monitor real-time availability of drugs / equipment and track each equipment, thus enabling more efficient inventory management is also a factor expected to fuel growth of the potential market during the forecast period. Pharmaceuticals manufacturers are high adopter of track and trace solutions owing to growing number of counterfeit drugs entering the supply chain. This counterfeiting of drugs is resulting into revenue losses and unfair competition between generic and branded drug manufacturers. Thus, to eliminate these losses Pharmaceuticals manufacturers are expected to opt for track and trace solutions in the coming 10 years.
Increasing applications of barcode system owing to ease of operation and efficient inventory management in hospitals, diagnostic laboratories, and pharmaceutical manufacturing companies is also a factor to support growth of the potential market.
The market report has been segmented on the basis of of solution type, technology, application, end-use industry, and region. The solution type segment includes hardware systems and software solutions. The technology segment includes 2D barcode and Radiofrequency Identification (RFID). The application segment includes serialization solutions, aggregation solutions, and tracking, tracing, & reporting solutions. The end use industry segment includes pharmaceutical and food. The region includes the North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- By Solution Type: The software solutions segment is expected to register CAGR of over 13.2% over the forecast period in the global market
- By Technology: The open surgery segment is expected to register CAGR of over 13% over the forecast period in the global market
- By Application: The serialization solutions segment is expected to register CAGR of over 13.5% over the forecast period in the global market
- By End-use Industry: The hospital segment is expected to register CAGR of over 13.6% over the next 10 years in the global market
- By Region: The market in Asia Pacific is expected to register highest CAGR of over 14% during the forecast period in the global market
Global Track and Trace Solutions Market: Competitive Analysis
The research report on the global track and trace solutions market includes profiles of some of the major companies such as Axway, Inc., Siemens AG, Optel Group, TraceLink, Inc., SEA VISION S.r.l., Antares Vision S.r.l., Zebra Technologies Corporation, Körber Medipak Systems GmbH, ACG Worldwide Private Limited, and Adents High Tech International SAS