The major factors driving the growth of this Track and Trace Solutions Market include the stringent regulations & standards for the implementation of serialization, increasing focus of manufacturers on brand protection, increasing number of packaging-related product recalls, high growth in the generic and OTC markets, and the growing medical device industry.
What the Market Looks Like?
The Global Market Predicted to grow at a CAGR of 14.2% during the forecast period, the Global Track and Trace Solutions Market is estimated to reach USD 4.21 billion by the end of 2024. In 2018, North America held the largest market share, followed by Europe and Asia-Pacific. However, Asia-Pacific is expected to register the fastest growth over the forecast period.
Based on types of software, the Track and Trace Solutions Market is segmented into plant manager, line controller, enterprise & network manager, bundle tracking, warehouse & shipment manager, case tracking, and pallet tracking software. The plant manager segment accounted for the largest market share in 2018. The rising need to secure the supply chain of pharmaceutical and medical devices manufacturing industries along with strict government legislation are the key factors driving the growth of the plant manager segment.
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On the basis of technology, the Track and Trace Solutions Market is segmented into linear barcodes, 2D barcodes, and Radio Frequency Identification (RFID). The 2D barcodes segment accounted for the largest market share in 2018. 2D barcodes are preferred for packaging over linear barcodes as they have a higher data storage capacity and contain large amounts of data with fewer variations in image size. This is a major factor driving the Track and Trace Solutions Market for 2D barcodes.
Based on application, the Track and Trace Solutions Market is segmented into serialization, aggregation, and tracking, tracing, and reporting solutions. The tracking, tracing, & reporting solutions segment is expected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the increasing number of regulations such as DSCSA, UDI, and Medical Device Reporting (MDR) for medical devices and pharmaceutical products.
What Drives the Market?
The growth of the global market for Track and Trace Solutions is primarily influenced by the following factors:
• Stringent Regulations & Standards for the Implementation of Serialization
• Increasing Focus of Manufacturers on Brand Protection
• Growth in the Number of Packaging-Related Product Recalls
• High Growth in the Generic and OTC Markets
• Growth in the Medical Device Industry
Geographical growth scenario of Track and Trace Solutions Market:
North America accounted for the largest share of the market in 2018, followed by Europe. Factors such as the presence of many pharmaceutical & biotechnology companies and medical device manufacturers, stringent regulations regarding serialization, and the growing medical devices market, are driving the growth of the market in North America.
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Leading market players and strategies adopted:
The prominent players in the Track and Trace Solutions Market include OPTEL Group (Canada), Mettler-Toledo International Inc. (US), Systech International Inc. (US), TraceLink Inc. (US), Antares Vision (Italy), SAP (US), Xyntek Inc. (US), Adents International (France), SEA Vision Srl (Italy), Robert Bosch (Germany), Körber Medipak Systems AG (Switzerland), Siemens AG (Germany), Uhlmann Group (Germany), Jekson Vision (India), Videojet Technologies, Inc. (US), Zebra Technologies Corporation (US), Axway Inc. (US)