The major factors driving the growth of Track and Trace Solutions Market include the stringent regulations & standards for the implementation of serialization, increasing focus of manufacturers on brand protection, growth in the number of packaging-related product recalls, and growth in the medical device industry.
The study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, competitive leadership mapping, key market dynamics, and key player strategies.
Secondary Research;
Secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the track and trace solutions market. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
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Expected Revenue Surge: The track and trace solutions market is projected to reach USD 4.21 billion by 2024 from USD 2.16 billion in 2019, at a CAGR of 14.2%.
Geographical Scenario in Depth:
North America accounted for the largest share of the track and trace solutions market in 2018, followed by Europe. Factors such as the presence of a large number of 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.
Leading Key-Players:
Prominent players in the track and trace solutions market are 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), NJM Packaging (US), rfxcel Corporation (US), ACG Worldwide (India), Laetus GmbH (Germany), WIPOTEC-OCS (Germany), Domino Printing Sciences plc (UK), Kevision Systems (India), Grant Soft (Turkey), SL Control Ltd. (US), and Arvato Bertelsmann (Germany).
OPTEL Vision is a leading provider in the track and trace hardware market. This can be attributed to its highly diversified track and trace product portfolio, which includes track & trace and serialization solutions for pharmaceutical and medical device companies. The company focuses on increasing its presence in this market through continuous R&D to provide technologically advanced products to its customers. OPTEL has a well-established presence across the globe including North America, Europe, Asia, and Latin America with additional manufacturing facilities in Ireland, India, and Brazil.
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Recent Developments;
In 2018, Antares Vision launched its product, ATSFOUR, an enterprise-level serialization software solution. The new ATSFOUR integrates the Antares Tracking System architecture and offers a comprehensive solution which allows the widest connection capability for any traceability network.
In 2018, Ropack Pharma Solutions (Canada) signed an agreement with TraceLink (US) in order to achieve DSCSA compliance for its pharmaceutical customers.