Track and Trace Solutions Market worth $8.6 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Sept. 30, 2022 /PRNewswire/ -- Track and Trace Solutions Market is projected to grow from USD 4.8 billion in 2022 to USD 8.6 billion by 2027, at a CAGR of 11.6% from 2022 to 2027, according to a new report by MarketsandMarkets™. The global market is segmented based on product, technology, application, end user, and region. The stringent regulations and standards for the implementation of serialization and the increasing focus of manufacturers on brand protection are the major drivers of growth for this market. On the other hand, the high costs and long implementation timeframe associated with serialization and aggregation, as well as the huge setup costs, are expected to limit market growth to a certain extent.

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Browse in-depth TOC on "Track and Trace Solutions Market"

304 – Tables
57 – Figures
340 – Pages

List of Key Players in Track and Trace Solutions Industry:

1. OPTEL GROUP (Canada),
2. METTLER-TOLEDO International Inc. (US),
3. Systech International Inc. (US),
4. TraceLink Inc. (US),
5. Antares Vision S.p.a. (Italy),
6. SAP SE (US),
7. Xyntek Inc. (US),
8. SEA Vision Srl (Italy),
9. Syntegon (Germany),
10. Siemens (Germany),
11. Uhlmann Group (Germany),
12. JEKSON VISION (India),
13. Videojet Technologies, Inc. (US),
14. Zebra Technologies Corporation (US),
15. Axway (US),
16. ACG Worldwide (India),
17. Laetus GmbH (Germany), and
18. WIPOTEC-OCS (Germany).

Drivers, Restraints, Opportunities and Challenges in Track and Trace Solutions Market Report:

1. Drivers: Increasing focus of manufacturers on brand protection.
2. Restraints: Huge setup costs for technologies.
3. Opportunity: Remote authentication of products.
4. Challenges: Existence of technologies to deter counterfeiters. 

Key Findings of the Study:

1. The software solutions segment accounted for the largest share in the track and trace solutions market.
2. Serialization solutions segment is expected to witness the fastest growth in the forecast period.
3. 2D barcode technology account for the largest share in the track and trace solutions market.
4. Pharmaceutical and biopharmaceutical companies are expected to witness highest growth rate in track and trace solutions market in 2021.
5. North America accounted for the largest share of the track and trace solutions market in 2021

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"The software solutions segment accounted for the largest share in the track and trace solutions market."

The software solutions segment accounted for the largest share—60.6 %—of the track and trace solution market in 2021. The increasing awareness about secure packaging, the rising number of counterfeit drugs and related products, as well as the growing awareness of brand protection are the major market drivers for this market. The standalone platforms segment is expected to register the highest CAGR of 15.3% during the forecast period. The growth in this market is mainly attributed to the stringent government regulations for implementing serialization and increasing demand for standalone platforms to reduce the timeframe for the implementation of serialization.

"Serialization solutions segment is expected to witness the fastest growth in the forecast period."

The serialization solutions segment accounted for the largest share—62.3%—of the applications market. This segment is projected to grow at a CAGR of 12.08% during the forecast period to reach USD 5,273.7 million by 2027, thereby making it the fastest growing segment. Stringent regulations for the implementation of serialization solutions in packaging and supply chain applications drive this segments growth.

"2D barcode technology account for the largest share in the track and trace solutions market."

The 2D barcodes segment accounted for the largest share of 75.8 % of the technology market in 2021. The large share of the 2D barcode technology segment can be attributed to the growing adoption of 2D barcodes in the packaging industry owing to their large data storage capacity when compared to linear barcodes. The RFID segment is expected to register the highest CAGR of 13.2% during the forecast period due to the rising demand for these systems in automated pharmaceutical distribution and medical devices owing to low labor costs with improved visibility.

"Pharmaceutical and biopharmaceutical companies are expected to witness highest growth rate in track and trace solutions market in 2021."

The pharmaceutical and biopharmaceutical companies segment accounted for the largest share of 52.9% of the market in 2021. This segment is projected to grow at the highest CAGR of 12.6% to reach USD 4,612.2 million by 2027. The large share of this segment is mainly attributed to the high drug counterfeiting activity globally and the increasing focus on restricting the entry of counterfeit products into the pharmaceutical and biopharmaceutical supply chain.

"North America accounted for the largest share of the track and trace solutions market in 2021"

In 2021, North America accounted for the largest share of 38.7% of the global track and trace solution market. The market growth was driven by the presence of developed healthcare systems in the US and Canada; the presence of many pharmaceutical and biotechnology companies as well as medical device manufacturers; stringent regulations regarding serialization; and the growing medical devices market.

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