Track and Trace Solutions Market is expected to reach USD 14.91 Billion by 2030 : Adroit Market Research

A technology known as "track-and-trace systems" enables businesses to efficiently monitor and control their products along the supply chain. These solutions assist businesses in adhering to rules, guaranteeing the quality and authenticity of their products, enhancing operational effectiveness, and lowering the danger of counterfeiting and divergence. Track-and-trace technology is anticipated to become more crucial to the global economy over the next ten years as trade between countries expands quickly.

Free Sample Report + All Related Graphs & Charts @ https://www.adroitmarketresearch.com/contacts/request-sample/689

With a compound annual growth rate of 10.3% from 2022 to 2030, it is anticipated that the global market for track and trace solutions would be valued at over USD 14.91 billion by 2030. The demand for sophisticated track and trace solutions is anticipated to rise dramatically as the requirement for accountability and traceability keeps growing. Track and trace solutions are becoming more and more popular among businesses as a reliable way to satisfy the strict regulatory standards of the global economy.

Over the course of the forecast period, the 2D barcode type segment is anticipated to lead the market for track and trace solutions because of its affordability, dependability, and rising acceptance. This is explained by the rise in the adoption of 2D barcode solutions for inventory management, tracking freight, and track-and-trace procedures. The use of 2D barcode-type solutions is further fueled by the rising demand for digital identity solutions and the improvement of safety and security laws across numerous industries.

Due to the rising demand for improved patient safety and the implementation of serialisation regulations, which are primarily used to combat counterfeiting in the healthcare sector, the serialisation application segment is anticipated to grow at the fastest rate in the global track and trace solutions market during the forecast period. Additionally, the growing use of serialisation technology in the pharmaceutical and healthcare sectors to lessen counterfeiting is fueling the expansion of this market.

Browse the complete report @ https://www.adroitmarketresearch.com/industry-reports/track-and-trace-solutions-market

The pharmaceuticals industry is anticipated to experience the highest growth among end users throughout the projection period as a result of the increased adoption of track-and-trace laws in nations like China, India, and Japan to combat counterfeiting. The market for track-and-trace systems is also anticipated to increase due to the rising demand for product safety and traceability to guarantee product integrity and quality.

Due to its crucial role in allowing track-and-trace solutions, the software category is anticipated to expand at the greatest CAGR among all product categories throughout the projection period. The establishment of track-and-trace rules across countries to combat counterfeiting has sparked the use of serialisation technology in the healthcare and pharmaceutical sectors.

The North American Region is anticipated to lead the market during the forecast period due to the presence of significant enterprises providing track-and-trace systems and the growing emphasis of nations like the United States and Canada on combatting counterfeiting. The track and trace solutions market in North America is anticipated to increase significantly due to government policies aimed at preventing medicine counterfeiting and providing drug authenticity.

Optel Group, a world leader in track-and-trace technologies, declared its intentions to enter the US market in January 2022. The market presence of Optel Group in North America and the US is anticipated to increase as a result of this action. A cloud-based track and trace platform was the company's most recent product release, which was disclosed by Honeywell International, another market leader in Track and Trace Solutions, in March 2022. It is anticipated that this product will greatly strengthen Honeywell's competitive advantage in the market and increase its market share in North America and the US.

Place a purchase order of this report @ https://www.adroitmarketresearch.com/researchreport/purchase/689

ABOUT US:
Adroit Market Research is an India-based business analytics and consulting company. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a markets size, key trends, participants and future outlook of an industry. We intend to become our clients knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code- Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.

CONTACT US:
Ryan Johnson
Account Manager Global
3131 McKinney Ave Ste 600, Dallas,
TX 75204, U.S.A
Phone No.: USA: +1 9726644514

This release was published on openPR.