Global Track and Trace Solutions Market to Reach $9.1 Billion by 2028 at a CAGR of 11.1%

News provided by

Dec 15, 2022, 11:00 ET

DUBLIN, Dec. 15, 2022 /PRNewswire/ -- The "Global Track and Trace Solutions Market Size, Share & Industry Trends Analysis Report by Product (Software Solutions, Hardware Components and Standalone Platforms), End-user, Application, Technology, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The Global Track and Trace Solutions Market size is expected to reach $9.1 billion by 2028, rising at a market growth of 11.1% CAGR during the forecast period.

A track & trace system is a software-based solution for tracking trucks, loading units, shipments, or products along the whole supply chain, from the producer to the customer. When it involves automobiles, a track-and-trace system is often known as a vehicle tracking system. In this example, it is a GPS-enabled system that is in connection with all trucks and other company vehicles. This enables a company to track the whereabouts of all its trucks and other vehicles in real-time and estimate when a shipment would arrive at its delivery location.

Consequently, T&T solutions are employed for both personal and commercial purposes since they reduce gasoline and insurance expenses, provide customer support, and deliver the most up-to-date information via SMS or email notifications. Currently, they are gaining popularity for monitoring the supply chain in various end-use sectors. Track and trace systems aid healthcare businesses and organizations in managing their supply chains effectively and mitigating the risks involved with counterfeit medications. It is the procedure that identifies the current and previous sites of a medicine.

Market Growth Factors
Rising Adoption of Barcode and RFID Technologies in Order to Accelerate Brand Establishment and Protection

Companies that commercialize pharmaceuticals, medical equipment, cosmetics, as well as pharmaceutical packaging face a growing counterfeiting threat. The proliferation of counterfeit medications and other products throughout the world is a result of expanding trade and lax controls. This includes items with incorrect/false ingredients, no active ingredients, the wrong amount of active substances, and counterfeit packaging. Manufacturers invest substantial money to establish a brand, and counterfeiters exploit this brand identification to sell fake goods.

Helps in Significantly Boosting the Productivity of a Facility

The ability of different drugs and other pharmaceutical makers to compete with each other is a trait that stands out as one of the most significant advantages offered by track-and-trace systems for pharmaceuticals. Research can be carried out in order to improve the effectiveness of medicine manufacture and sales owing to the information that can be gained from the system. Companies in several developed as well as developing countries have broadened the application scope of serialization and initiated the development of pharmaceutical track-and-trace products by utilizing data matrices, radio frequency identification, and quick response codes.

Marketing Restraining Factor
High Cost Associated with The Deployment and Maintenance of Technology

The high costs associated with setting up and deploying track and trace technologies pose a significant barrier to the market's expansion. Several pharmaceutical businesses utilize conventional system designs, necessitating a significant level of system customization for the implementation of these solutions. Such adaptations lead to a significant rise in capital expenses; hence, a number of businesses choose not to employ track and trace systems.

Scope of the Study
By Product

Software Solutions
Hardware Components
Standalone Platforms

By End-user

Pharmaceutical & Biopharmaceutical Companies
Medical Device Industry
Food Industry
Cosmetic Industry
Others

By Application

Serialization Solutions
Aggregation Solutions
Tracking, Tracing & Reporting Solutions

By Technology

2D Barcodes
Linear Barcodes
Radiofrequency Identification (RFID)

By Geography

North America

US
Canada
Mexico
Rest of North America

Europe

Germany
UK
France
Russia
Spain
Italy
Rest of Europe

Asia Pacific

China
Japan
India
South Korea
Singapore
Malaysia
Rest of Asia Pacific

LAMEA

Brazil
Argentina
UAE
Saudi Arabia
South Africa
Nigeria
Rest of LAMEA

Key Market Players

IBM Corporation
SAP SE
Syntegon Technology GmbH
Siemens AG
Videojet Technologies, Inc. (Danaher Corporation)
Zebra Technologies Corporation
Mettler-Toledo International, Inc.
Systech International, Inc. (Dover Corporation)
Optel Group
TraceLink, Inc.

Key Topics Covered:

Chapter 1. Market Scope & Methodology

Chapter 2. Market Overview

Chapter 3. Global Track and Trace Solutions Market by Product

Chapter 4. Global Track and Trace Solutions Market by End-user

Chapter 5. Global Track and Trace Solutions Market by Application

Chapter 6. Global Track and Trace Solutions Market by Technology

Chapter 7. Global Track and Trace Solutions Market by Region

Chapter 8. Company Profiles