Track And Trace Solutions Market Strategy And Industry Forecasts Till, 2022 - 2030

The global track and trace solutions market size is expected to reach USD 14.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 19.2% from 2022 to 2030. The market growth is majorly attributed to the increasing focus of pharmaceutical and biopharmaceutical companies on ensuring brand protection from counterfeit products and theft. The deployment of track and trace solutions helps manufacturers enhance distribution channel efficiency and reduces the frequency of counterfeit products.

Furthermore, the rising adoption of track and trace solutions by healthcare manufacturers would fuel the market growth in the long run. The introduction of advanced technologies such as RFID provides fast reading and delivers high levels of security. However, the deployment cost of serialization and aggregation solutions and the lack of common regulations and standards may hamper the market growth in a few developing geographies.

Track And Trace Solutions Market Segmentation

Grand View Research has segmented the global track and trace solutions market based on architecture, field strength, application, end-use, and region:

Based on the Product Insights, the market is segmented into Hardware Systems and Software Solutions.

• Software solutions held the largest revenue share of over 50.0% in 2021 due to the growing adoption in healthcare companies, including pharmaceuticals, biopharmaceuticals, and medical devices.
• The hardware systems segment is expected to witness lucrative growth over the forecast period. In the hardware systems segment, the printing and marking solutions segment held the largest revenue share in 2021.

Based on the Technology Insights, the market is segmented into Barcode and RFID.

• Barcode technology held the largest revenue share of over 80.0% in 2021. The 2D barcode is the dominant segment of barcode technology and is expected to maintain its position throughout the forecast period.
• The RFID segment is expected to exhibit the fastest growth rate during the forecast period. Key factors that are contributing to the growth of the segment are technological advantages such as high durability and reusability, more data storage capacity, and no requirement of the line of sight.

Based on the Application Insights, the market is segmented into Serialization Solutions and Aggregation Solutions.

• Serialization solutions held the largest revenue share of over 55.0% in 2021 due to the increasing focus of regulatory bodies on the implementation of the same.
• Variations in standards and regulations across the countries and the management of aggregated complex data make it difficult for manufacturers to implement serialization in track and trace.

Based on the End-use Insights, the market is segmented into Pharmaceutical Companies, Medical Device Companies, Healthcare Others, Food and Beverage, Consumer Packaged Goods and Luxury Goods.

• Pharmaceutical companies dominated the market with a revenue share of over 25.0% in 2021.
• Currently, pharmaceutical manufacturers must comply with federal and state regulations for track and trace solutions, which is fueling the demand.
• The demand for track and trace solutions for the pharmaceutical and biopharmaceutical supply chain was high in 2020 and is expected to increase further during the forecast period.

Track And Trace Solutions Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

There are multiple small and large manufacturers offering products for tracking and tracing applications, resulting in intense competition among vendors. The vendors are increasing their focus on strategic partnerships with their consumers and are collaborating with other players in the sector. For instance, in January 2022, Optel Group acquired the track and trace unit of Korber Business Area Pharma, also known as Taxeed. The company is based in Germany and has helped Optel to leverage Taxeed’s expertise in agrochemical and pharmaceutical track and trace technologies.

Some prominent players in the Global Track And Trace Solutions market include:

• Axway
• Mettler-Toledo International, Inc.
• Optel Vision
• TraceLink, Inc.
• Adents
• Antares Vision S.r.l
• Siemens AG
• Korber AG
• ACG Worldwide
• Markem Imaje, a Dover Company

Order a free sample PDF of the in Track And Trace Solutions Market Intelligence Study, published by Grand View Research.