Track and Trace Solutions Market Estimated to Exceed US$ 8.1 Billion Globally by 2023-2028 | CAGR of 10.6%
The latest report by IMARC Group, titled “Track and Trace Solutions Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global track and trace solutions market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global track and trace solutions market size reached US$ 4.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.1 Billion by 2028, exhibiting a growth rate (CAGR) of 10.6% during 2023-2028.
Track and trace solutions refer to using technology and systems to monitor and track the movement of products, goods, or people throughout a supply chain. These solutions help to increase efficiency, reduce costs, and improve the overall management of the supply chain. They are used in various industries, such as healthcare, food and beverage, logistics, and pharmaceuticals. They help to ensure product safety and prevent counterfeiting, diversion, or theft. The implementation of track and trace solutions has become increasingly important due to globalization and the complexity of modern supply chains. They help companies to comply with regulations, meet customer demands, and ultimately improve their bottom line.
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Market Trends:
The global market is majorly driven by the increasing demand for product safety. In line with this, the rise in the adoption of automation in the supply chain is significantly contributing to market growth. Furthermore, the regulations and guidelines in various industries, such as healthcare, food and beverage, and pharmaceuticals, require companies to implement track and trace solutions to ensure compliance. Apart from this, the growing need to reduce stock-outs risk and improve overall inventory management is positively influencing the market.
Moreover, with the globalization of supply chains, the demand for track and trace solutions has increased to ensure the security and traceability of products across borders. Besides, the rapid adoption of automation in the supply chain is accelerating the demand for track and trace solutions to ensure that products are tracked and monitored throughout the entire process. Additionally, the escalating focus of manufacturers on brand protection and the stringent regulations imposed by governments across various countries for the implementation of serialization is providing a boost to the market.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
Some of these key players include:
- ACG Worldwide
- Antares Vision S.p.A.
- Axway
- Mettler-Toledo International Inc.
- Optel Vision Inc.
- Robert Bosch GmbH
- Seidenader Maschinenbau GmbH (Körber AG)
- Siemens AG
- Sys-Tech Solutions Inc. (Dover Corporation)
- TraceLink Inc.
- Uhlmann Group
- Zebra Technologies Corporation
Key Market Segmentation:
The report has segmented the market on the basis of region, product, technology, application, and end-use industry.
Breakup by Product:
- Hardware
- Printing and Marking Solutions
- Monitoring and Verification Solutions
- Labelling Solutions
- Others
- Software
- Plant Manager Software
- Line Controller Software
- Bundle Tracking Software
- Others
Breakup by Technology:
- Barcode
- RFID
- Others
Breakup by Application:
- Serialization Solutions
- Bottle Serialization
- Label Serialization
- Carton Serialization
- Others
- Aggregation Solutions
- Bundle Aggregation
- Case Aggregation
- Pallet Aggregation
Breakup by End Use Industry:
- Pharmaceutical
- Medical Device
- Food and Beverages
- Cosmetics
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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