The new report by Expert Market Resesearch titled, ‘‘Global Track and Trace Solutions Market” Report and Forecast 2021-2026’, gives an in-depth analysis of the global track and trace solutions market, assessing the market based on its segments like product, technology, end use and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2021-2026)
- Historical Market Value (2020): USD 3 Billion
- Forecast CAGR (2021-2026): 5 %
- Forecast Market Value (2026): USD 2 Billion
The various benefits of track and trace solutions, such as continuous transparency, packaging, logistics management, and distribution channel product ID verification services, are expected to drive market growth. Increased company deployment for pharmaceutical and medical devices is expected to drive more market development. Drug counterfeiting is a significant issue that affects all pharmaceutical and biopharmaceutical companies. As a result, industries are adopting supply chain management technologies. Strict regulations and guidelines for serialisation and aggregation are expected to propel the industry forward. However, market growth may be hampered due to high costs and a lack of uniform standards and regulations for serialisation and aggregation.
Industry Definition and Major Segments
Track and trace solutions are distribution systems in which the commodity is marked by various specific labelling methods and distributed across the supply chain so that these products can be tracked by various providers. This method ensures that all products on the market are connected to a central server, which records their unique product code and allows the product to be traced back to its roots.
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Based on product, the market is bifurcated into:
- Printing and Marking Solutions
- Monitoring and Verification Solutions
- Labelling Solutions
- Other Hardware Systems
- Software solutions
- Plant Manager Software
- Line Controller Software
- Bundle Tracking Software
- Other Software
Based on Technology, the market is bifurcated into:
- Serialization Solutions
- Bottle Serialization
- Label Serialization
- Carton Serialization
- Data Matrix Serialization
- Aggregation solutions
- Bundle Aggregation
- Case Aggregation
- Pallet Aggregation
Based on End use, the market is categorised into:
- Food and Beverage
- Consumer Packaged Goods
- Luxury Goods
The regional markets for global track and trace solutions include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
North America dominates the track and trace industry and generates the most revenue, owing to the existence of strictly controlled serialisation and aggregation requirements, as well as advanced healthcare infrastructure. The FDA recommends automatic recognition systems such as barcoding and RFID to pharmaceutical and other healthcare firms. Furthermore, the region’s demand is projected to be driven by the presence of highly developed healthcare infrastructure and acceptance of this technology in the United States.
Key Market Players
The major players in the market are ACG, Adents, Antares Vision S.p.A, Axway Software SA, Mettler-Toledo International Inc. (NYSE: MTD), Rfxcel Corporation, Optel Group, Seidenader Maschinenbau GmbH (Medipak Systems), Sea Vision SRLm, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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