Press release
Track And Trace Solutions Market:Growth Factors, Trends, Demand Status And Forecast To 2033
Track And Trace Solutions Market
The Business Research Company presents an extensive market research report on the Track And Trace Solutions Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The track and trace solutions market size has grown rapidly in recent years. It will grow from $4.06 billion in 2023 to $4.6 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to regulatory compliance, counterfeit prevention, supply chain visibility, customer demand for transparency, product recalls.
The track and trace solutions market size is expected to see rapid growth in the next few years. It will grow to $8 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to industry-specific requirements, environmental and sustainability concerns, market globalization, data analytics and business intelligence. Major trends in the forecast period include integration of advanced technologies, supply chain digitization, emphasis on sustainability and environmental impact.
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Key Market Players:
Major companies operating in the track and trace solutions market report are Robert Bosch Apparatebau GmbH, Siemens AG, Bertelsmann SE & Co KGaA., Körber Medipak Systems AG, Grant-Soft Ltd., Mettler-Toledo International Inc., Syntegon Packaging Technology Ltda., Axway Software SA, Uhlmann Pac-Systeme GmbH & Co, Markem Imaje a Dover Company, Antares Vision SpA, SL Controls Ltd., Zetes Industries S.A., TraceLink Inc., Systech International Inc., WIPOTEC-OCS GmbH, Laetus GmbH, Sea Vision SRL, Seidenader Maschinenbau GmbH, TraceAir Technologies Inc., RFxcel Corp, Optel Group, Stottler Henke Associates Inc., Circularise Corporate Company, Kezzler AS, BlueTrace BV, Alitheon Inc., Associated Capsules Group, Adents NovaTrack Company
Market Drivers:
Stringent regulations and standards for the implementation of serialization are expected to propel the growth of the track and trace solutions market going forward. Regulatory standards refer to rules, laws, regulations, and regulatory authority advisory opinions applicable to the manufacturing, marketing, and reimbursement of any product. Stringent regulations and standards passed by the government help to improve capacities and improve surveillance and investigation of foodborne infections through the pulse net, the integrated food safety centers of excellence, and other programs. For instance, in 2021, according to the European Commission, a UK-based executive of the European Union, the major development related to serialization and traceability in the medical device sector is the EU-MDR regulation. The EU MDR is a new set of laws that took effect on May 26, 2021. Its goal is to improve the safety and performance of medical devices throughout their lifecycle by strengthening regulations and emphasizing market vigilance, which was lacking when the previous MDD (Medical Devices Directive) law was passed in 1992. Therefore, stringent regulations and standards for the implementation of serialization are driving the track and trace solutions market growth.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/track-and-trace-solutions-global-market-report
The track and trace solutions market covered in this report is segmented -
1) By Product Type: Hardware Systems, Software Solutions
2) By Technology: 2D Barcodes, Radiofrequency Identification (RFID), Linear Barcodes
3) By Application: Serialization, Aggregation, Tracking, Tracing, and Reporting
4) By End-Use: Pharmaceutical, Biopharmaceutical, Medical Devices, Food and Beverages
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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