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

Global Track and Trace Solutions Market: Overview

Track and Trace Solutions Market was valued at $24 million in 2020 & is projected to reach $34 million by 2030. It is expected to grow at a 5% CAGR between 2021 and 2030.

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Track and trace solutions are concerned with the distribution and logistics of a wide range of products, which facilitates ascertaining the present and previous location of the object of interest.

These solutions include the process of determining detailed information about a unique object or item.

In addition, track and trace solutions have the 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 the increasing focus on consumers and patient safety.

An increasing number of packaging-related product recalls are focusing on adopting solutions to find safe transit in the supply chain. The aforementioned are major factors to drive the growth of the global market over the forecast period.

Track and trace solutions such as RFID tags that have the ability to track real-time shipments and tampering, will enable healthcare providers to monitor the real-time availability of drugs/equipment and track each piece of equipment, thus enabling more efficient inventory management is also a factor expected to fuel the growth of the potential market during the forecast period.

Pharmaceutical manufacturers are high adopters of track and trace solutions owing to the growing number of counterfeit drugs entering the supply chain.

This counterfeiting of drugs is resulting in revenue losses and unfair competition between generic and branded drug manufacturers. Thus, to eliminate these losses Pharmaceutical manufacturers are expected to opt for track and trace solutions in the coming 10 years.

Increasing applications of barcode systems owing to ease of operation and efficient inventory management in hospitals, diagnostic laboratories, and pharmaceutical manufacturing companies is also a factor to support the 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 advanced intelligent location-based track and trace systems.

Barcodes, data-matrix codes, and many others systems are mandatory to be used by packaging industries which include food, beverage, pharmaceutical, and other industries.

The aforementioned are factors expected to boost the growth of the global market.

However, the High cost associated with procurement, deployment, and use of track and trace systems is a major factor that could hamper the 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 the 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, labeling solution, and others.

The software solutions are further segmented 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 a major revenue share and is expected to maintain its dominance over the forecast period.

The software solutions segment is expected to register a 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 a major revenue share and is expected to maintain its dominance over the forecast period. The RFID segment is expected to register a 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 a major revenue share and is expected to maintain its dominance over the forecast period.

The serialization solutions segment is expected to register a 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 a major revenue share and is expected to maintain its dominance over the forecast period.

The pharmaceutical segment is expected to register a CAGR of over 13.6%.

Global Track and Trace Solutions Market Analysis by Region

Among the five main regions, the market in North America is expected to register the highest CAGR in the global market.

Increasing trade activities in the countries such as Canada and the US, developing regulatory scenarios for efficient management of supply chain activities, and obtaining end-to-end visibility of product shipments are among some of the major factors expected to drive the growth of the North American market in the near future.

In addition, increasing government expenditure on the 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 the supply chain can aid in case of a product recall, are other driving factors to support the growth of the global market in North America.

The track and trace solutions market in the Asia Pacific is projected to contribute to increasing revenue share in the global market over the forecast period.

The burgeoning E-commerce sector and rising consumer preference towards buying medicine online is resulting in high adoption of track and trace solutions that help in tracking the delivery of products.

This is a factor expected to further support the growth of the target market in China and India.

In addition, the rapid globalization of food production and distribution is resulting in increasing complexity in managing food safety concerns.

This is resulting in frequent food alerts and consequent major food product recalls, which are impacting consumer preferences and inviting solid regulatory frameworks.

This resulted in the high adoption of track and trace solutions in the food industry. The aforementioned are factors expected to drive the 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
  • Labeling Solution
  • Others
• Software Solutions
  • Plant Manager Software
  • Line Controller Software
  • Bundle Tracking Software
  • Others

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

Global Track and Trace Solutions Market Segmentation by End-use Industry:

• Pharmaceutical
• Food

Global Track and Trace Solutions Market Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa