Track and Trace Solutions Market Size to Hold USD 28.9 Bn By 2032
The global track and trace solutions market size was evaluated at USD 4.9 billion in 2022 and it is expected to hold USD 28.9 billion by 2032 with a CAGR of 19.42% from 2023 to 2032.
Ottawa, June 16, 2023 (GLOBE NEWSWIRE) -- According to Precedence Research, the U.S. *track and trace solutions market* size was valued at USD 1.4 billion in 2022. The track and trace solutions system are a traceability process to manage the operation and supply chain of products for a company. Food and beverage, pharmaceuticals, healthcare, and medical device companies require a proper tracing of production and sales to enhance efficiency. The track and trace system comprises monitoring a highly complex distribution network. A few expected outcomes of track and trace solutions are product safety, counterfeiting, supply chain transparency, data integration and clarity of product ingredients for consumers. With the rapidly developing technology and constantly changing demands of the global pharmaceutical industry, the adoption of track and trace solutions has become vital.*Get the sample pages of report@ **https://www.precedenceresearch.com/sample/1109*
The track and trace system offers a unique code to authenticate genuine products. The relative ease of medication duplication, also known as drug counterfeiting, has boosted the adoption of a track and trace solutions system. The estimated growth of the global track and trace solutions during the forecast period is attributed to the rising pharmaceuticals and biotechnology industries and increased research and development (R&D) activities for novel drug discovery.
*Report highlights:*
· North America dominates the global track and trace solutions market owing to the well-established pharmaceuticals and biotechnology industries and generated the revenue share of 37% in 2022.
· Asia Pacific is expected to witness a significant growth in the global track and trace solutions market during the forecast period.
· Based on end users, the pharmaceuticals sector dominates the market with 27% revenue share in 2022 due to the rapid adoption of track and trace solutions by the industry.
· The market’s growth is attributed to the growing deployment of track and trace solutions for supply chain management.
· By product, the software solutions segment has captured revenue share of 52% in 2022.
· The hardware systems segment has captured revenue share of around 48% in 2022.
· By application, the serialization solutions segment has captured revenue share of over 56% in 2022.
· By technology, barcode technology has captured revenue share of 81% in 2022.
*Regional snapshot:*
North America ranks for the largest revenue share in the global track and trace solutions market. The United States shows a higher adoption rate of QR codes for faster authentication of pharmaceutical products. The region has also quickly adopted remote and automated authentication applications. The presence of a well-established pharmaceutical industry is another factor in maintaining the growth of the market in North America. New advanced software launched by prominent key players has increased the deployment of track and trace systems in the region.
Most North American track and trace market companies have already shown their business presence in other countries and regions. For instance, in January 2023, Virginia, U.S. based Softeon new capabilities to its leading supply chain execution software solutions for the pharmaceuticals sector. Softeon also provides a logistics platform for consumers. Recent developments by the company have shown significant progress in the track and trace solutions market of North America. Additionally, the company has a presence in India and central European countries. Optel Group, Mettler- Toledo International Inc., Xyntek Incorporated, Systech International Inc., TraceLink Inc., Softeon, SAP SE, Videojet Technologies and Zebra Technologies Corporation are a few globally leading companies headquartered in North America.
Europe is showing a noticeable growth in the track and trace market owing to the introduction of advanced software for monitoring the supply chain. Due to rising cases of drug counterfeiting in the country, Germany is currently dominating the European track and trace solutions market. The presence of major key players such as Antares Vision spa, SEA Vision Srl, Syntegon, Siemens, Uhlmann Group, WIPOTEC-OCS and Laetus GmbH has contributed to the noticeable growth of the market in Europe. However, the high implementation cost of track and trace services is likely to hamper the development of the market in the region. The rising number of testing labs for novel drugs has provided opportunities for key players in the European market.
Asia Pacific is the fastest-growing track and trace solutions market, which is anticipated to show a significant increase during the forecast period. Rising pharmaceutical and *biotechnology* industries increased investments and government spending on research and development activities and stringent regulations for product safety, collectively helping the market to grow in countries such as China and India. The Indian market is flourishing at an exponential rate, and the pharmaceutical market in India is estimated to reach $125-130 billion by 2030. The sector's rapid growth demands the maintenance of quality standards for drugs and medical devices. Increased production of generic medicines in the country has created a significant risk of drug counterfeiting, which will grow the demand for measures to combat such counterfeiting. Moreover, factors that will boost the growth of the Asia Pacific track and trace market are the digitization of the track and trace system, effective self-regulation policies and deployment of AI for quality control in pharmaceutical and biotechnology industries.
Latin America, the Middle East and Africa show lower adoption rates for track and trace solutions. However, emerging economies and developing pharmaceuticals industry in these regions will open a profit-making marketplace during the forecast period.
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*Scope of this report*
*Coverage* *Details*
Market Size in 2030 USD 20.27 Billion
CAGR 19.42% from 2023 to 2032
APAC Revenue Share 23% in 2022
Europe Revenue Share 30% in 2022
North America Revenue Share 37% in 2022
*Market **D**ynamics:*
*Driver:*
*Increas**ing **adoption of track and trace solutions by pharmaceutical companies*
According to the recent report released by Authentication Service Providers Association (ASPA) and Credit Rating Information Services of India, 25-30% of overall products in pharmaceuticals market are counterfeit (more than a general expectation). Counterfeit drugs are made by copying the genuine product without any authority, such products can be harmful for health. Counterfeiting activities impact adversely on the sustainable development of companies. Track and trace solutions effectively prevent drug counterfeiting from entering the operation/supply chain, thus many pharmaceuticals' companies are seeking track and trace solutions to combat drug counterfeiting.
Along with this, advanced track and trace systems offer proper monitoring of production and sales channels. Such systems protect the brand from any potential theft or fraud by enhancing production efficiency. Considering the benefits provided by track and trace systems, the rapidly growing global pharmaceutical industry demands advanced solutions. Thus, increasing adoption of track and trace solutions by pharmaceutical companies is seen as a major driving factor for the market’s growth.
*Restraint:*
*High implementation cost*
The capital investment for setting up track and trace solutions technology is enormous; this acts as a barrier for potential companies. Low production and profit margin limit small-scale pharmaceutical companies from adopting the technology. Moreover, the higher upfront costs have affected the market players involved in the global track and trace solutions market, which has resulted in service failures. Thus, the high implementation cost or set-up cost of track and trace solutions technology act as a major restraining factor for the market’s growth.
*Opportunity:*
*Deployment of technologically advanced applications *
The technological advancement in track and trace solutions will offer additional security to protect the entire supply chain and combat counterfeiting. Subsequently, the advancement will fuel the market’s growth by providing remunerative opportunities for companies involved in the global track and trace solutions market. Technologies such as remote or automated authentication of products, real-time transaction tracking, deployment of cloud-based solutions and adoption of IoT in track and trace solutions will provide a proper approach to the protection of the supply chain and brand image. Moreover, many companies are focusing on adopting Manufacturing Execution Systems (MES) with the combination of track and trace solutions, rising demand for MES and ERP to control internal processes will expand the track and trace solutions market globally.
*Challenge:*
*Malfunctioning of track and trace solutions applications*
Application malfunction is considered a challenge to the market’s growth. Sometimes, total dependency on technology may cause operation failure due to malfunctioning of the application. In the case of track and trace solution applications, poorly written barcodes, network connectivity, slow servers, long loading time, improper title tags, duplication of tags and imbalanced tag usage can cause malfunctioning, which creates a definite roadblock for the company. Along with this, vulnerability in the system is prone to create an obstacle for the service. A well-managed application is necessary for accurate results through track and trace solution services.
*Recent developments in the** track and trace solutions market:*
· In January 2023, General Data Company Inc., announced a strategic partnership with TTE-Europe GmbH, based in Germany. Under the partnership, TTE has authorized General Data Company to provide full technical support and full sales for both hardware and software components of TTEs explosives track and trace solutions.
· In September 2022, Advanco SA announced a strategic partnership with Vintage Solutions to provide open and secure traceability solution for the pharmaceutical industry. Advanco is known for providing commitment to innovating track and trace software.
· In February 2022, BKS Textiles unveiled track and trace solutions ‘Organitrack’ for organic cotton products. BKS Textiles partnered with Haelixa to launch this track and trace solutions platform.
*Related Reports*
· *Anti-counterfeit Cosmetic Packaging Market* - The global anti-counterfeit cosmetic packaging market size was accounted for USD 35 billion in 2022 and it is expanding around USD 82.86 billion by 2032 with a CAGR of 9.02% from 2023 to 2032.
· *Transportation Services Market* - The global transportation services market size was valued at USD 7.31 trillion in 2022 and is expanding around USD 15.94 trillion by 2032 with a CAGR of 8.11% from 2023 to 2032.
· *Logistics Market* - The global logistics market size was valued at USD 10.68 trillion in 2022 and it is expanding around USD 18.23 trillion by 2032 with a CAGR of 5.48% from 2023 to 2032.
· *Connected Logistics Market* - The global connected logistics market size was valued at USD 23.5 billion in 2022 and is expanding around USD 72.94 billion by 2032 with a CAGR of 11.99% from 2023 and 2032.
*Key players in the* *track and trace solutions market:*
The global track and trace solutions market is fragmented with multiple companies that offer services. A few prominent companies in the market are-
· Korber AG
· ACG Worldwide
· Markem Imaje, a Dover Company
· Laetus
· Xyntek
· MGS
· Zebra Technology Corporation
· Uhlmann Group
· Robert Bosch GmbH
*Market Segmentation*
*By Technology*
· RFID
· Barcode
* By Product*
· Hardware Systems
· Monitoring & Verification Solutions
· Printing & Marking Solutions
· Labeling Solutions
· Others
· Software Solutions
· Bundle Tracking Software
· Plant Manager Software
· Line Controller Software
· Others
*By Application*
· Aggregation Solutions
· Bundle Aggregation
· Case Aggregation
· Pallet Aggregation
· Serialization Solutions
· Carton Serialization
· Label Serialization
· Bottle Serialization
· Data Matrix Serialization
*End-User*
· Medical device Companies
· Pharmaceutical Companies
· Food and Beverage
· Healthcare
· Consumer Packaged Goods
· Luxury Goods
· Others
*By Regional Outlook*
· North America
· U.S.
· Canada
· Europe
· U.K.
· Germany
· France
· Asia Pacific
· China
· India
· Japan
· South Korea
· Middle East & Africa
· Latin America
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