Track and Trace Solutions Market By Solution Type, By Technology, By End-Use Industry, By Application (Serialization Solutions, Aggregation Solutions, And Tracking, Tracing, & Reporting Solutions), and Region - Global Forecast to 2023
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- Data Collections and Interpretation
- Data Validation
- Final Projections and Conclusion
The global track and trace solutions market is expected to value at nearly US$ 2 Bn in 2019, and is expected to register a CAGR of 13%. The global track and trace solutions market is segmented on the basis of solution type, technology, application, end-use industry, and region.
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.
Evolving government regulations of several economies to follow standards and laws related to food safety is expected to increase demand for advance intelligent location-based track and trace systems. Barcodes, data-matrix codes, and many others systems are mandatory to be used by packaging industries which includes food, beverage, pharmaceutical, and other industries. Aforementioned is are factors expected to boost the growth of the global market.
However, High cost associated with procurement, deployment, and use of track and trace systems is a major factor that could hamper growth of the target market to a certain extent.
Increasing research & development for cost-effective, and micro-chips and nano-chips monitoring systems by various electronic manufacturers are revenue growth opportunities for prominent players operating in the global market thus, resulting to support growth of the target market.
Global Track and Trace Solutions Market Analysis, by Solution type
The solution type segment is segmented into hardware systems and software solutions. The Hardware Systems is further segmented into printing and marking solution, monitoring and verification solution, labelling solution, and others The software solutions are further segment into software solutions, plant manager software, line controller software, bundle tracking software, and others.
Among the solution type segments, the software solutions segment is expected to contribute major revenue share, and is expected to maintain its dominance over the forecast period. The software solutions segment is expected to register CAGR of over 13.2%.
Global Track and Trace Solutions Market Analysis, by Technology
Among the technology segments, the Radiofrequency Identification (RFID) segment is expected to contribute major revenue share, and is expected to maintain its dominance over the forecast period. The RFID segment is expected to register CAGR of over 13%.
Global Track and Trace Solutions Market Analysis, by Application
The application segment is segmented into serialization solutions, aggregation solutions, and tracking, tracing, & reporting solutions. The serialization solutions are further segmented into bottle serialization, label serialization, carton serialization, and data matrix serialization. The aggregation solutions are further segmented into bundle aggregation, case aggregation, and pallet aggregation.
Among the application segments, the serialization solutions segment is expected to contribute major revenue share, and is expected to maintain its dominance over the forecast period. The serialization solutions segment is expected to register CAGR of over 13.5%.
Global Track and Trace Solutions Market Analysis, by End-use Industry
Among the end-use industry segments, the pharmaceutical segment is expected to contribute major revenue share, and is expected to maintain its dominance over the forecast period. The pharmaceutical segment is expected to register CAGR of over 13.6%.
Global Track and Trace Solutions Market Analysis, by Region
Among five main regions, the market in North America is expected to register highest CAGR in the global market. Increasing trade activities in the countries such as Canada and the US, developing regulatory scenario for efficient management of supply chain activities, and to obtain end-to-end visibility of product shipments are among some of the major factors expected to drive growth of North America market in the near future. In addition, increasing government expenditure on healthcare sector, and increasing initiatives towards enhanced drug distribution security in the US, coupled with increasing adoption of track & trace solutions, especially to track product status in supply chain which can aid in case of product recall, are other driving factors to support growth of the global market in the North America.
The track and trace solutions market in Asia Pacific is projected to contribute increasing revenue share in the global market over the forecast period. Burgeoning E-commerce sector and rising consumer preference towards buying medicine online is resulting into high adoption of track and trace solutions that help in tracking delivery of products. This is a factor expected to further support growth of the target market in China and India. In addition, rapid globalization of food production and distribution is resulting in increasing complexity in managing food safety concerns. This is resulting into frequent food alerts and consequent major food product recalls, which is impacting consumer preferences and inviting solid regulatory framework. Thus, resulting into high adoption of track and trace solutions in the food industry. Aforementioned are factors expected to drive growth of the target market in Asia Pacific countries.
Global Track and Trace Solutions Market Segmentation:
Global Track and Trace Solutions Market Segmentation, by Solution Type:
- Hardware Systems
- Printing and Marking Solution
- Monitoring and Verification Solution
- Labelling Solution
- Software Solutions
- Plant Manager Software
- Line Controller Software
- Bundle Tracking Software
Global Track and Trace Solutions Market Segmentation, by Technology:
- 2D Barcodes
- Radiofrequency Identification (RFID)
Global Track and Trace Solutions Market Segmentation, by Application:
- Serialization Solutions
- Bottle serialization
- Label serialization
- Carton serialization
- Data matrix serialization
- Aggregation Solutions
- Bundle aggregation
- Case aggregation
- Pallet aggregation
- Tracking, Tracing, & Reporting Solutions
Track and Trace Solutions Market Segmentation, by End-use Industry:
Global Track and Trace Solutions Market Segmentation, by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Hardware Systems
- 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
- Adents High Tech International SAS
- 1.0 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2.0 Chapter 2
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.2 Executive Summary
- 2.2.1 Market Snapshot, By Solution Type
- 2.2.2 Market Snapshot, By Technology
- 2.2.3 Market Snapshot, By Application
- 2.2.4 Market Snapshot, By End-use Industry
- 2.2.5 Market Snapshot, By Region
- 2.2.6 Prudour Opportunity Map Analysis
- 2.1 Report Description
- 1.0 Chapter 1
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