Track and Trace Solutions Market to Reach $27.27 Billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
REDDING, Calif., Nov. 10, 2022 /PRNewswire/ -- According to a new market research report titled, 'Track and Trace Solutions Market by Product (Software [Plant Manager, Line Controller], Hardware), Application (Serialization, Aggregation), Technology (Barcode, RFID), Industry (Chemicals, F&B, Pharma, Cosmetics, Retail, Agriculture) - Global Forecast to 2029,' published by Meticulous Research®, the track and trace solutions market is expected to reach $27.27 billion by 2029 at a CAGR of 8.3% during the forecast period 2022–2029.
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Track and trace involve the use of unique and aggregated serial numbers to establish traceability for a product as it moves from manufacturer to the point of sale throughout the supply chain. Track and trace solutions create a secure supply chain by making the products traceable to their point of origin. Governments worldwide are adopting regulations on serializations in certain industries such as pharmaceuticals & medical devices, where the grey market sales and counterfeiting are a major problem, thereby driving the growth of this market.
The pharmaceutical and food industry are at constant risk of product recalls as defective, contaminated, and potentially harmful products can impose a threat to the public. Pharmaceutical and food & beverage recalls are becoming a common and costly affair for the manufacturers. For some drugs, safety concerns are discovered only after being released into the market. In such cases, manufacturers need to act promptly and recall the products that have been purchased. The manufacturer's responses can affect the brand image and loyalty in case of product recalls. Track and trace solutions can help pharma manufacturers to undertake recalls accurately and quickly based on the unique identification code.
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The track and trace solutions market is segmented by product (software [plant manager, line controller, enterprise and network manager, warehouse and shipment manager, bundle and case tracking software, and other software, which covers reporting and visibility and serial number generation and linking], hardware [printing and marking solutions, barcode scanners, RFID readers, and other hardware], services), by application (serialization, aggregation [bundle aggregation, case aggregation, pallet aggregation], other applications, which include tracking, tracing, and reporting and verification and decommissioning), by technology (barcode, RFID), by industry (food & beverages, chemicals, pharmaceutical and biopharmaceuticals, medical devices, industrial components, transport and logistics, cosmetics, other industries, which include agriculture, retail, consumer electronics, raw materials, and jewelry), and geography. The study also evaluates industry competitors and analyzes their market share at the regional and country levels.
Based on product, the track and trace solutions market is divided into software, hardware, and services. The software segment is further segmented into plant manager software, line controller software, enterprise & network manager software, warehouse & shipment manager, bundle & case tracking software, and other software. In 2022, the software solutions segment is estimated to account for the largest share of the market due to successional revenue generation from the software businesses due to subscription-based models because of the implementation of serialization guidelines across various countries. The outbreak of the COVID-19 pandemic has further improved the demand for track and trace software for better management of the COVID-19 vaccines and test kits.
Based on application, the track and trace solutions market is segmented into serialization, aggregation, and other applications. In 2022, the serialization solutions segment is estimated to account for the largest share of the market. The market is driven by growth in the adoption of serialization solutions to comply with the serialization regulations across the countries. Moreover, the growing incidence of counterfeit pharmaceuticals, medical devices, food, and consumer goods further drives the demand for serialization solutions.
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Based on technology, the track and trace solutions market is segmented into barcode and RFID. In 2022, the barcode segment is estimated to account for the largest share. However, the RFID segment is expected to grow at the fastest CAGR over the forecast period due to the increasing RFID applications in pharma, medical device, food, and consumer goods supply chains. The RFID readers can scan multiple RFID tags simultaneously, due to which the adoption of RFID scanners is rising compared to barcode scanners.
Based on industry, in 2022, the pharmaceuticals & biopharmaceuticals segment is estimated to account for the largest share of the market. Generic production, biopharmaceutical development, and manufacturing are gaining pace. Capacity expansion of biopharmaceutical units and investments to expand pharmaceutical plants are likely to increase pharmaceutical production. Compliance with serialization regulations is becoming increasingly important in the pharmaceutical industry, thereby driving the growth of the market.
Based on geography, the track and trace solutions market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries in these regions. Asia-Pacific is expected to grow lucratively over the forecast period. Increasing production volumes of food and pharmaceutical products, government support to increase foreign direct investment to boost local manufacturing, and growing trade of counterfeit products are the factors supporting the market growth.
The key players dominating this market are Axway (U.S.), METTLER TOLEDO (Switzerland), OPTEL GROUP (Canada), ANTARES VISION S.p.A (Italy), ACG (India), Siemens (Germany), TraceLink Inc. (U.S.), SEA Vision S.r.l. (U.S.), Zebra Technologies Corporation (U.S.), and Systech (U.S.).
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Scope of the Report:
Track and Trace Solutions Market, by Product
- Software
- Plant Manager
- Line Controller
- Enterprise & Network Manager
- Warehouse & Shipment Manager
- Bundle/Case/Pallet tracking
- Other software
(Other software include reporting and visibility and serial number generation and linking)
- Hardware
- Printing, Marking, and Labelling
- Barcode Scanners
- RFID Readers
- Other Hardware
(Other hardware include checkweigher, monitoring, and verification solutions)
- Services
Track and Trace Solutions Market, by Application
- Serialization
- Aggregation
- Bundle Aggregation
- Case
- Pallet
- Other Applications
(Other applications include tracking, tracing, reporting and verification and decommissioning)
Track and Trace Solutions Market, by Technology
- Barcode
- RFID
Track and Trace Solutions Market, by Industry
- Food & Beverages
- Chemicals
- Pharmaceutical & Biopharmaceuticals
- Medical Devices
- Industrial Components
- Transport & Logistics
- Cosmetics
- Other Industries
(Other industries include agriculture, retail, consumer electronics, raw materials, and jewelry)
Track and Trace Solutions Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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