Track and Trace Solutions Market: Technological Developments and Business Opportunity 2021 to 2028 | OPTEL GROUP, Axway, ZIH Corp., Adents, TraceLink, Antares Vision

The Insight Partners market research study titled ‘Track and Trace Solutions Market - Global Analysis and Forecasts by Component, Technology, Application, and End User. The Global Track and Trace Solutions Market is expected to reach US$ 6,049.0 Mn in 2027 from US$ 1,728.3 in 2018. The market is estimated to grow with a CAGR of 15.3% from 2019-2027.

Leading players analyzed in the Track and Trace Solutions Market report include: OPTEL GROUP, Axway, Körber Medipak Systems AG, ZIH Corp., Siemens AG, TraceLink, Antares Vision, RFXCEL CORP., SEA VISION S.r.l., and Adents among others.

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The market players have been establishing acquisitions and collaborations in the market, which enables them to hold a strong position in the market. For instance, in May 2019, OPTEL GROUP entered into an agreement with Nelipak Healthcare Packaging, a full-service global provider of custom thermoformed packaging in the field of medical devices and pharmaceuticals. The strategy would be used to explore commercial opportunities to bring a new seal inspection technology to the medical device market. The developments performed by the companies are helping the market to grow in the coming years.

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Stringent regulations & criteria for the implementation of serialization, increase in the number of packaging-related product recalls, and rising focus of manufacturers on brand protection. However, the factors such as high cost of products & implementation and shortage of skilled operators are likely to impact the growth of the market in the forecast period.

Key Benefits of Track and Trace Solutions Market:

Stringent Regulations & Criteria for the Implementation of Serialization: Globally, pharmaceutical companies are considering existing and expected legislation on anti-counterfeiting and traceability of the drugs. Many governments opt for the implementation of serialization regulations. Regulatory compliance for serialization is growing rapidly becoming a focus area for pharmaceutical manufacturers and supply chain partners across the world.

Rising Focus of Manufacturers on Brand Protection: The importance of brand protection is not new to the industry, customers' increasing access to information requires even greater focus by companies to protect their brands and work to maintain and build customer trust. This customer trust is a foundation upon which companies live.

Component Insights: The track and trace solutions market by product is segmented into software and hardware. In 2018, the software segment held a largest market share of 57.2% of the track and trace solutions market, by component. The software segment is expected to dominate its market share in 2027 owing to the advantages offered such as reduced administration and increased confidence for quality events.

The report segments the global track and trace solutions market as follows:

Track and Trace Solutions Market - By Component

Global Track and Trace Solutions Market - By Component
Software
Plant Manager
Line Controller
Enterprise & Network Manager
Bundle Tracking
Case Tracking
Pallet Tracking
Hardware
Printing & Marking
Barcode Scanners
Labeling
Checkweigher
RFID Readers

Track and Trace Solutions Market - By Technology

Barcodes
RFID (Radio-Frequency Identification)
Global Track and Trace Solutions Market - By Application
Serialization Solutions
Carton Serialization
Bottle Serialization
Medical Device Serialization
Blister Serialization
Vials & Ampoules Serialization
Aggregation Solutions
Case Aggregation
Pallet Aggregation
Bundle Aggregation
Tracking, Tracing, & Reporting Solutions

Track and Trace Solutions Market - By End User

Pharmaceutical Industry
Medical Devices Industry

Track and Trace Solutions Market - By Geography

North America
Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
South America (SAM)

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