Track and Trace Solutions Market Hits US$ 6,049.0 Mn by 2027 from US$ 1,728.3 | OPTEL GROUP, TraceLink, Antares Vision, RFXCEL CORP., SEA VISION, Körber Medipak Systems

According to 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. The report highlights the trends prevalent in the global track and trace solutions market and the factors driving the market along with those that act as deterrents to its growth.

The track and trace solutions market by component is segmented into hardware and software. 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. Moreover, the software segment is anticipated to witness the fastest growth rate during the forecast period, 2019 to 2027.

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Some of the players operating in track and trace solutions market are, 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. 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.

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.

The implementation of track and trace system to enhance visibility across supply chains global engagement among regulators, standards body, industry and other supply chain stake-holders to ensure safe trade across borders. Track and trace systems depends on serialization, the assigning of unique identification numbers to products. The growth of the Track and Trace Solutions in healthcare market is attributed to the 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 act as restraining factors for the track and trace solutions market.

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

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

Global 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 Solution

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