Northbrook, IL 60062 -- (SBWIRE) -- 01/22/2024 -- Track and Trace Solutions Market in terms of revenue was estimated to be worth $5.5 billion in 2023 and is poised to reach $9.8 billion by 2028, growing at a CAGR of 12.2% from 2023 to 2028 according to a new report by MarketsandMarkets™. The significant drivers propelling track and trace solutions market growth include strict regulations and standards mandating the adoption of serialization, coupled with manufacturers placing a heightened emphasis on brand protection. Conversely, market growth is anticipated to be somewhat constrained due to the substantial costs, prolonged implementation timeframe linked to serialization and aggregation, and considerable setup expenses.

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

The predominant technology in the track and trace solutions market is 2D barcode technology. In 2022, the 2D barcodes segment claimed the majority share of the technology market. The substantial dominance of the 2D barcode technology segment is attributed to the increasing adoption of 2D barcodes within the packaging industry, primarily due to their superior data storage capacity compared to linear barcodes. Also, the RFID segment is anticipated to exhibit the highest CAGR during the forecast period. This growth is fueled by the escalating demand for RFID systems in automated pharmaceutical distribution and medical devices, driven by the cost-effectiveness of these systems and the enhanced visibility they offer.

"Pharmaceutical and biopharmaceutical companies are expected to witness highest growth rate in track and trace solutions market in 2022."

In 2022, the pharmaceutical and biopharmaceutical companies segment held the dominant market share. This segment is forecasted to experience the highest CAGR. The significant prevalence of this segment is primarily linked to the pervasive issue of drug counterfeiting on a global scale and the heightened emphasis on preventing the infiltration of counterfeit products into the supply chain of pharmaceutical and biopharmaceutical entities.

"North America accounted for the largest share of the track and trace solutions market in 2022."

In the year 2022, North America held the majority share of the global track and trace solutions market. This growth was propelled by the well-established healthcare systems in the US and Canada, the concentration of numerous pharmaceutical, biotechnology, and medical device manufacturing companies, rigorous regulations pertaining to serialization, and the expanding market for medical devices.

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Track and Trace Solutions Market Dynamics:

Drivers:

1. Growing emphasis by manufacturers on safeguarding their brand

Restraints:

1. Significant initial expenses for technologies

Opportunities:

1. Remote authentication of products

Challenge:

1. Presence of technologies designed to deter counterfeiters

Key Market Players of Track and Trace Solutions Industry:

The key players functioning in the track and trace solutions market include ANTARES VISION S.p.A (Italy), Axway (France), OPTEL GROUP (Canada), TraceLink Inc. (US), Syntegon Technology GmbH (Germany), ACG (India), Marchesini Group S.p.A. (Italy), Markem-Imaje, a Dover Company. (Switzerland), Uhlmann (Germany), Siemens (Germany), SAP SE (Germany), Zebra Technologies Corp. (US), METTLER TOLEDO (US), IBM (US), WIPOTEC GmbH (Germany), VISIOTT Technologie GmbH (Turkey), Jekson Vision (India), Kevision (India), TrackTraceRX Inc. (US), Arvato - Bertelsmann SE & Co. KGaA (Germany), 3KEYS GmbH (Germany), RN Mark Inc (Canada), Kezzler (Norway), Shubham Automation Pvt. Ltd. (India), and Bar Code India Limited (India).

The break-down of primary participants is as mentioned below:

- By Company Type - Tier 1: 45%, Tier 2: 30%, and Tier 3: 25%
- By Designation - C-level: 42%, Director-level: 31%, and Others: 27%
- By Region - North America: 32%, Europe: 32%, Asia Pacific: 26%, Middle East & Africa: 5%, Latin America: 5%

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Track and Trace Solutions Industry - Recent Developments:

- In August 2022, Antares Vision S.P.A. (Italy) acquired Packital Srl (Italy) & Ingg. Vescovini Srl (Italy). These two acquisitions will enable the company to further strengthen its presence in the food & beverage sector by extending its portfolio with inspection and quality control solutions that are complementary to current ones.

- In May-2022, OPTEL GROUP introduced OPTCHAIN, a set of modular intelligent supply chain (ISC) solutions designed to facilitate the seamless capture and digitization of Critical Tracking Events (CTEs) and Key Data Elements (KDEs) throughout the entire supply chain in the food and beverage industry.

- In March 2022, Zebra Technologies Corp. (US) has introduced Reflexis solutions in the Asia Pacific region, aiming to achieve comprehensive visibility, connectivity, and optimization of every asset and worker at the edge.

- In January 2022, OPTEL GROUP had acquired Körber's pharmaceutical track and trace unit to enhance its capabilities in pharmaceutical and agrochemical track and trace technologies, thereby strengthening its presence in the European market.

- In April 2021, Syntegon has formed a strategic partnership with Kezzler (Norway) to provide top-notch solutions for the efficient implementation of product digitization and traceability strategies, minimizing operational complexities.

Track and Trace Solutions Market - Key Benefits of Buying the Report:

This report will enrich established firms and new entrants/smaller firms to gauge the market's pulse, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.

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