Press release
Track And Trace Solutions Global Market Analysis, Trends, Growth, Research And Forecast 2033
The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.Track And Trace Solutions Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $8 billion In 2028 At A CAGR Of 14.8% :
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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Track And Trace Solutions Market Major Segments
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
Key Driver - The Impact Of Stringent Regulations On Track And Trace Solutions Market
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.
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Prominent Trend -
Major companies operating in the track and trace solutions market are focused on developing advanced technologies for real -time order tracking and delivery status to increase their profitability in the market. Real-time order tracking and delivery status technology in track and trace solutions refers to the use of advanced systems and tools to monitor, manage, and communicate the movement and status of goods or products throughout the entire supply chain, from the point of origin to the final destination. For instance, in February 2023, the Chemours Company, a US-based chemical company launched Track & Trace an advanced order tracking technology for Ti-Pure Flex and Connect customers. Ti-Pure customers now benefit from real-time order tracking via eCommerce portals, gaining enhanced visibility and supply reliability. Chemours is rolling out Track & Trace in new beta version, featuring global ocean and North America/Europe, road/truck monitoring. Users can access it via Ti-Pure Flex and Connect portals, showcasing Chemours' commitment to digital tools for enhanced efficiency and customer benefits.
Track And Trace Solutions 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
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Largest And Fastest Growing Region In The Market
North America was the largest region in the track and trace solution market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the track and trace solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Track And Trace Solutions Market Report Structure
3. Track And Trace Solutions Market Trends And Strategies
4. Track And Trace Solutions Market - Macro Economic Scenario
5. Track And Trace Solutions Market Size And Growth
…..
27. Track And Trace Solutions Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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