BANGALORE, India, Sept. 18, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Track & Trace Solutions Market by Technology (Barcode, RFID, and D Code), by Product (Hardware, Services, and Software), by Application (Aggregation Solution and Serialization Solution) by End User (Cosmetic Industry, Medical Device Companies, and Pharmaceutical & Biopharmaceutical Companies) and Region – Global Forecast to 2025", published on Valuates Reports.
The Global Track & Trace Solutions Market size is expected to grow from USD 2,169.02 Million in 2019 to USD 4,600.36 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 13.34% during the forecast period.
Major factors driving the growth of Global Track & Trace Solutions Market size are stringent regulations & requirements for the implementation of serialization, growing manufacturers' emphasis on brand safety, growth in the number of product recalls related to packaging, and growth in the medical device industry.
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TRENDS INFLUENCING THE TRACK & TRACE SOLUTIONS MARKET SIZE
The Track & Trace Solutions Market size is expected to be fuelled by pharmaceutical and medical device companies' growing deployment. Falsification of drugs is a significant problem faced by the pharmaceutical and biopharmaceutical industries. Companies are, therefore, introducing track and trace solutions for tracking the supply chain.
Also, strict regulations and requirements pertinent to the introduction and aggregation of serialization are expected to drive the track and trace systems market size.
The rising focus of manufacturers on Brand Protection is expected to drive Track & Trace Solutions Market size growth. Brand security solutions are seen as the cost of goods sold (COGS) rather than a benefit by offering a major image advantage to both the brand and the brand owner. This thinking mechanism of COGS forces anti-counterfeiting steps.
TRACK & TRACE SOLUTIONS MARKET SHARE ANALYSIS
North America is expected to hold the largest Track & Trace Solutions Market share during the forecast period. The North American market is largely influenced by the existence of highly controlled requirements for serialization and aggregation, as well as advanced infrastructure for healthcare.
Due to rising pressure to curb counterfeit drugs in developing Asian nations such as China and India, Asia Pacific is expected to show the fastest growth.
Over the forecast period, hardware solutions are expected to show profitable growth. Among the track and trace hardware systems, the printing and labeling solutions segment held the largest revenue share. This method plays an important part in maintaining product consistency and authenticity in the manufacturing and supply chain. The segment's growth is driven by increased demand for serialization and the need to achieve regulatory compliance.
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TRACE & TRACE SOLUTIONS MARKET SEGMENTATION & COVERAGE:
This research report categorizes the Track & Trace Solutions to forecast the revenues and analyze the trends in each of the following sub-markets:
Based on Technology, the Track & Trace Solutions Market studied across
- D Code.
Based on Product, the Track & Trace Solutions Market studied across
Based on Application, the Track & Trace Solutions Market studied across
- Aggregation Solution
- Serialization Solution.
Based on End User, the Track & Trace Solutions Market studied across
- Cosmetic Industry,
- Medical Device Companies,
- Pharmaceutical & Biopharmaceutical Companies.
The report deeply explores the recent significant developments by the leading vendors and innovation profiles in the Global Track & Trace Solutions Market including
- ACG Group,
- Adents International,
- Antares Vision srl,
- Mettler-Toledo International, Inc.,
- Optel Vision,
- Seidenader Maschinenbau GmbH,
- Siemens AG,
- Systech International,
- TraceLink, Inc..
THE REPORT PROVIDES INSIGHTS ON THE FOLLOWING POINTERS:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and new product developments
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