Press release
Track and Trace Solutions Market worth $9.8 billion by 2028
Track and Trace Solutions Market in terms of revenue was estimated to be worth $5.5 billion in 2023 and is poised to reach $9.8 billion by 2028, growing at a CAGR of 12.2% from 2023 to 2028 according to a new report by MarketsandMarkets™. The significant drivers propelling track and trace solutions market growth include strict regulations and standards mandating the adoption of serialization, coupled with manufacturers placing a heightened emphasis on brand protection. Conversely, market growth is anticipated to be somewhat constrained due to the substantial costs, prolonged implementation timeframe linked to serialization and aggregation, and considerable setup expenses.Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=158898570&utm_source=Openpr&utm_campaign=Paid&utm_content=Referral
"2D barcode technology accounts for the largest share in the track and trace solutions market."
The predominant technology in the track and trace solutions market is 2D barcode technology. In 2022, the 2D barcodes segment claimed the majority share of the technology market. The substantial dominance of the 2D barcode technology segment is attributed to the increasing adoption of 2D barcodes within the packaging industry, primarily due to their superior data storage capacity compared to linear barcodes. Also, the RFID segment is anticipated to exhibit the highest CAGR during the forecast period. This growth is fueled by the escalating demand for RFID systems in automated pharmaceutical distribution and medical devices, driven by the cost-effectiveness of these systems and the enhanced visibility they offer.
"Pharmaceutical and biopharmaceutical companies are expected to witness highest growth rate in track and trace solutions market in 2022."
In 2022, the pharmaceutical and biopharmaceutical companies segment held the dominant market share. This segment is forecasted to experience the highest CAGR. The significant prevalence of this segment is primarily linked to the pervasive issue of drug counterfeiting on a global scale and the heightened emphasis on preventing the infiltration of counterfeit products into the supply chain of pharmaceutical and biopharmaceutical entities.
"North America accounted for the largest share of the track and trace solutions market in 2022."
In the year 2022, North America held the majority share of the global track and trace solutions market. This growth was propelled by the well-established healthcare systems in the US and Canada, the concentration of numerous pharmaceutical, biotechnology, and medical device manufacturing companies, rigorous regulations pertaining to serialization, and the expanding market for medical devices.
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Track and Trace Solutions Market Dynamics:
Drivers:
1. Growing emphasis by manufacturers on safeguarding their brand
Restraints:
1. Significant initial expenses for technologies
Opportunities:
1. Remote authentication of products
Challenge:
1. Presence of technologies designed to deter counterfeiters
Key Market Players of Track and Trace Solutions Industry:
The key players functioning in the track and trace solutions market include ANTARES VISION S.p.A (Italy), Axway (France), OPTEL GROUP (Canada), TraceLink Inc. (US), Syntegon Technology GmbH (Germany), ACG (India), Marchesini Group S.p.A. (Italy), Markem-Imaje, a Dover Company. (Switzerland), Uhlmann (Germany), Siemens (Germany), SAP SE (Germany), Zebra Technologies Corp. (US), METTLER TOLEDO (US), IBM (US), WIPOTEC GmbH (Germany), VISIOTT Technologie GmbH (Turkey), Jekson Vision (India), Kevision (India), TrackTraceRX Inc. (US), Arvato - Bertelsmann SE & Co. KGaA (Germany), 3KEYS GmbH (Germany), RN Mark Inc (Canada), Kezzler (Norway), Shubham Automation Pvt. Ltd. (India), and Bar Code India Limited (India).
The break-down of primary participants is as mentioned below:
By Company Type - Tier 1: 45%, Tier 2: 30%, and Tier 3: 25%
By Designation - C-level: 42%, Director-level: 31%, and Others: 27%
By Region - North America: 32%, Europe: 32%, Asia Pacific: 26%, Middle East & Africa: 5%, Latin America: 5%
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About MarketsandMarkets™:
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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