The Global Track and Trace Solutions Market Evaluated to Gain $5639.01 Million in Revenue by 2028

According to Triton's report, the global track and trace solutions market, which garnered $1914.78 million in 2019, is expected to witness growth at 12.75% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Track and Trace Solutions Market’ comprise the Global Analysis and Forecasts by Application (Aggregation Solutions [Pallet Aggregation, Case Aggregation, Bundle Aggregation], Serialization Solutions [Carton Serialization, Bottle Serialization, Data Matrix Serialization, Label Serialization]), End-user (Medical Device Companies, Pharmaceutical Companies, Other End-users), Technology (RFID, Barcode), Product (Software Solutions [Bundle Tracking Software, Plant Manager Software, Other Software Solutions], Hardware Systems [Labeling Solutions, Printing and Marking Solutions, Monitoring and Verification Solutions, Other Hardware Systems]), and by Geography (Middle East and Africa, Asia-Pacific, Europe, North America, Latin America,).

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Triton’s report assesses the global track and trace solutions market to develop at a CAGR of 12.75% during the estimated years of 2019-2028. It is also predicted to showcase revenue growth to reach $5639.01 million by 2028.
The products and software that aid in tracing goods in the supply chain process are known as track and trace solutions. Such solutions ensure the safe transfer of products from the manufacturer to the end-user, and avoids issues concerning the counterfeiting of products.

The rising number of counterfeit drugs, along with favorable regulation for serialization implementation, are key factors augmenting the growth of the track and trace solutions market. Governments, federal agencies, and the healthcare industry globally have taken steps to reduce product diversion and drug counterfeiting. Here, serialization is a significant measure taken to ensure efficient product traceability in the supply chain. Additionally, many countries have introduced track and trace solutions in the supply chain for healthcare products, including China, India, and Turkey. Hence, these regulations indicate a healthy growth of the track and trace solutions market worldwide. However, the high cost of these solutions is negatively impacting the overall progress of the track and trace solutions market during the forecast period.

The track and trace solutions market is segmented into application, end-user, technology, and product. Based on application, the market is sectioned into aggregation solutions and serialization solutions. As per aggregation solutions, it is divided into pallet aggregation, case aggregation, and bundle aggregation. The serialization solutions are branched into carton serialization, bottle serialization, data matrix serialization, and label serialization. Similarly, the end-user section is trifurcated into medical device companies, pharmaceutical companies, and other end-users. Whereas as per technology, it is categorized into RFID and barcode. In terms of product, the market observes its segmentation into software solutions and hardware systems, with software solutions further divided into bundle tracking software, plant manager software, and other software solutions. Lastly, the hardware systems are branched into labeling solutions, printing and marking solutions, monitoring and verification solutions, and other hardware systems.

Globally, North America holds the largest market for track and trace solutions, and is expected to continue its dominance till 2028. The presence of stringent serialization and aggregation regulation in the regions primarily motivates the studied market’s growth. The FDA recommended the adoption of automatic identification technologies, including RFID, to the pharma and healthcare companies. This helps the authorities to ensure the secure transfer of products through the supply chain. Additionally, every manufacturer must include a product identifier number on prescription packages, which further fuels the demand for track and trace solutions. Therefore, the above-stated factors propel the adoption of track and trace system, augmenting the track and trace solutions market's overall development.

SEA Vision Srl, Antares Vision SPA, Zebra Technologies Corporation, rfxcel Corporation, ACG Group, Maschinenbau GmbH, Mettler Toledo International Inc, Systech International, Optel Group, Tracelink Inc, Seidenader, Axway, Siemens AG, Xyntek Inc, and Korber AG are established companies thriving in the market.

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Question & Answer: Track and Trace Solutions Market

Question 1: What are the key factors augmenting the growth of the track and trace solutions market?
Answer: The rising number of counterfeit drugs, along with favorable regulation for serialization implementation, are key factors augmenting the growth of the track and trace solutions market.

Governments, federal agencies, and the healthcare industry globally have taken steps to reduce product diversion and drug counterfeiting. Here, serialization is a significant measure taken to ensure efficient product traceability in the supply chain. Additionally, many countries have introduced track and trace solutions in the supply chain for healthcare products, including China, India, and Turkey. Hence, these regulations indicate a healthy growth of the track and trace solutions market worldwide.

Question 2: What factor is negatively impacting the progress of the track and trace solutions market?
Answer: The high cost of these solutions is negatively impacting the overall progress of the track and trace solutions market during the forecast period.

Question 3: Which region is likely to become the largest market for track and trace solutions?
Answer: Globally, North America holds the largest market for track and trace solutions, and is expected to continue its dominance till 2028. The presence of stringent serialization and aggregation regulation in the regions primarily motivates the studied market’s growth. The FDA recommended the adoption of automatic identification technologies, including RFID, to the pharma and healthcare companies. This helps the authorities to ensure the secure transfer of products through the supply chain. Additionally, every manufacturer must include a product identifier number on prescription packages, which further fuels the demand for track and trace solutions. Therefore, the above-stated factors propel the adoption of track and trace system, augmenting the track and trace solutions market's overall development.

Question 4: Which are the established companies thriving in the track and trace solutions market?
Answer: SEA Vision Srl, Antares Vision SPA, Zebra Technologies Corporation, rfxcel Corporation, ACG Group, Maschinenbau GmbH, Mettler Toledo International Inc, Systech International, Optel Group, Tracelink Inc, Seidenader, Axway, Siemens AG, Xyntek Inc, and Korber AG are established companies thriving in the market.

Related Report:
Global Asset Tracking Market
The global asset tracking market is probable to display growth in terms of revenue during 2019-2028 at a CAGR of 12.95%. It is further assessed to gain revenue worth $52.95 billion by 2028.

Asset management includes software and hardware solutions that help in tracing assets during both storage and transportation. Such solutions also ensure safety against theft, while gaining valuable operational insights.

The surge in IoT and logistics 4.0, along with the growing demand from 3PL companies, is motivating the asset tracking market's growth. Furthermore, the automated delivery systems and favorable initiatives relating to GPS tracking, are opening multiple opportunities for the asset tracking market.

However, the high initial cost of asset tracking systems, low market awareness, and privacy concerns pertaining to consumer data are hampering the asset tracking market's progress during the estimated period.

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