Track and Trace Solution Market Size to Surpass USD 20.10 billion by 2030, exhibiting a CAGR of 17.7%
As per the report by Fortune Business Insights, the global Track and Trace Solution Market size is projected to reach USD 20.10 billion by 2030, at a CAGR of 17.7% during the forecast period.
Track and Trace Solution Market
Pune, India, Oct. 18, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global track and trace solution market size was valued at USD 5.52 billion in 2022 and is projected to reach USD 20.10 billion by 2030, exhibiting a CAGR of 17.7% during the forecast period. Increasing Sales of Counterfeit Products to Facilitate Market Elevation. This information is provided by Fortune Business Insights, in its report titled, Track and Trace Solution Market Forecast, 2023-2030.
The rising sales of counterfeit and fake products and growing adoption of blockchain technology in supply chains have boosted the adoption of such solutions, thus driving the market expansion.
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Key Industry Development:
Systech International Inc. announced a collaboration with Spherity to provide more secured traceability of pharmaceutical products. Together, the companies are offering easy-to-integrate and swift solutions in compliance with the Drug Supply Chain Security Act.
Key Takeaways
- Rapid Changes in Supply Chains Amid Pandemic Escalated Market Expansion Amid the Pandemic
- Software Segment to Lead Owing to Benefits of Adopting Track and Trace Solutions
- Systech International Inc. Announces Collaboration with Spherity to Provide Secured Traceability of Pharmaceutical Products
- Adoption of Blockchain Technology to Boost Market Growth
- By Technology Analysis: More Data Storing Capacity to Boost 2D Barcode Share
Discover the Leading Players Featured in the Report:
“Companies leading the Track and Trace Solution Market share are METTLER-TOLEDO (U.S.), Laetus GmbH (Germany), Systech International Inc. (U.K.), Zebra Technologies Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), Accenture plc (Ireland), Siemens S.A. (Spain), Honeywell International Inc. (U.S.), HCL Technologies (India)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 17.7% |
| 2030 Value Projection | USD 20.10 Billion |
| Base Year | 2022 |
| Track and Trace Solution Market Size in 2022 | USD 5.52 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Component, Technology, Type, End-user and Geography |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/track-and-trace-solutions-market-106944
Drivers and Restraints:
Increasing Sales of Counterfeit Products to Facilitate Market Elevation
Growing sales and delivery of duplicate or counterfeit products is boosting the demand for safe and secure supply chain solutions. End-use industries, such as retail and e-commerce, pharmaceuticals and medical devices, and electrical and electronics, are getting severely affected due to such unlawful activities, which is further driving market expansion. According to the World Health Organization, pharmaceutical companies face losses of over 40 billion due to drug counterfeiting every year. These challenges have encouraged governments in several economies to adopt regularized serialization, a type of track and trace solution.
On the other hand, high initial costs of installation and high licensing costs associated with adopting such solutions will hinder market proliferation in the coming years.
SEGMENTATION
By Component
- Software
- Hardware
By Technology
- Linear Barcode
- 2D Barcode
- Radiofrequency Identification (RFID)
- Others
By Type
- Serialization Solutions
- Aggregation Solutions
By End-user
- Pharmaceutical
- Consumer Durables
- Retail and Ecommerce
- Automobile
- Electrical and Electronics
- Others
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
Regional Insights:
North America to Capture Largest Share Stoked by Increasing Solution Demand from End-use Sectors
North America captured the dominant market share in 2022 due to the presence of leading companies across end-use sectors such as pharmaceuticals, automobiles, and retail and e-commerce. The U.S. is projected to lead the market in this region backed by rising investments in advanced technologies and growing focus of companies on providing faster deliveries to consumers.
Asia Pacific is slated to register the highest growth rate during the forecast period owing to rising population in India and China and growing demand for track and trace solutions to manage and monitor products through the lifecycle. The growing number of pharmaceutical companies in India and high number of electrical and electronic providers in China will also generate demand for such solutions, thus contributing to market expansion.
The Europe market is slated to grow substantially in the forthcoming years. The implementation of the Falsified Medicines Directive (FMD) Act in the region has escalated the adoption of solutions in the region. Surging adoption of these solutions to track cargo suppliers and car deliveries in this region will lead to market augmentation as well.
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Competitive Landscape:
Collaborations Among Leading Companies to Facilitate Market Augmentation
Tactical decisions undertaken by prominent players often include partnerships, product launches, and mergers and acquisitions. In some cases, companies join forces to develop and launch new offerings to meet growing consumer demand. For instance, in January 2021, Kezzler announced its decision to join forces with Laetus GmbH to offer an end-to-end solution to enhance product traceability and serialization across the whole supply chain. Under the agreement, Laetus will focus on hardware and software for inline quality control systems and L1-L3 track & trace systems while the Kezzler platform will provide solutions covering L4 and L5 track & trace requirements.
FAQ’s
How large is the Track and Trace Solution Market?
Track and Trace Solution Market size was USD 5.52 billion in 2022.
How fast is the Track and Trace Solution Market growing?
The Track and Trace Solution Market will exhibit a CAGR of 17.7% during the forecast period, 2023-2030.
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Blockchain Technology Market Size, Share, Trends 2030
Internet of Things (IoT) Market Size, Share, Trends and Growth
Supply Chain Management Market Size, Share, Growth, Analysis
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