Track And Trace Solutions Market
Track and Trace Solutions Market Forecasts to 2030 - Global Analysis By Component (Hardware, Software and Services), Technology (2D Barcodes, Radio Frequency Identification (RFID) and Other Technologies), Application, End User and By Geography
According to Stratistics MRC, the Global Track and Trace Solutions Market is accounted for $4.1 billion in 2023 and is expected to reach $12.5 billion by 2030 growing at a CAGR of 17.3% during the forecast period. Track and trace solutions involve systems and technologies enabling the monitoring and tracing of product movement throughout the supply chain. Utilized across industries, these solutions employ barcode, RFID, and serialization technologies to ensure product safety, authenticity, and regulatory compliance. They enhance supply chain visibility, mitigate risks, and prevent counterfeiting, facilitating efficient and transparent product tracking from production to consumption.
According to the U.S. Drug Supply Chain Security Act (DSCSA), it requires the pharmaceutical industry to implement an electronic, interoperable system to identify and trace prescription drugs distributed in the United States by 2023. This legislation is driving the adoption of track and trace solutions in the U.S. pharmaceutical market.
Market Dynamics:
Driver:
Stringent regulations across industries
Stringent regulations across industries, such as pharmaceuticals, food and beverage, and medical devices, are driving the adoption of track and trace solutions. These regulations mandate the implementation of serialization and traceability systems to ensure product safety, prevent counterfeiting, and enable efficient recalls. Compliance with these regulations is a major driver for the growth of the track and trace solutions market, as companies invest in solutions to meet regulatory requirements and avoid penalties.
Restraint:
High initial investment
The cost of hardware, software, and integration services can be substantial, especially for small and medium-sized enterprises. Additionally, the need for ongoing maintenance and upgrades further adds to the overall cost. This high upfront investment can deter some companies from adopting track-and-trace solutions, particularly those with limited budgets or an uncertain return on investment.
Opportunity:
Adoption of advanced technologies
The adoption of advanced technologies, such as blockchain, artificial intelligence (AI), and the Internet of Things (IoT), presents significant opportunities for the track and trace solutions market. These technologies can enhance the capabilities of track and trace systems, enabling real-time monitoring, improved data accuracy, and enhanced supply chain visibility. The integration of these technologies can also enable new use cases, such as smart contracts for automated transactions and predictive analytics for optimizing supply chain operations.
Threat:
Data privacy regulations
Data privacy regulations, such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the United States, pose a threat to the track and trace solutions market. These regulations impose strict requirements on the collection, storage, and use of personal data, which may be captured by track and trace systems. Companies must ensure compliance with these regulations to avoid hefty fines and reputational damage, which can increase the complexity and cost of implementing track and trace solutions. Moreover, regulatory scrutiny and potential fines for non-compliance can impact a business's reputation and financial viability.
Covid-19 Impact:
The Covid-19 pandemic has had a mixed impact on the track and trace solutions market. On one hand, the pandemic has disrupted supply chains and reduced demand in some industries, leading to delayed investments in track and trace solutions. Moreover, the pandemic has highlighted the importance of supply chain visibility and traceability, particularly in the pharmaceutical and medical device industries, where the need to track vaccines and personal protective equipment (PPE) has increased.
The hardware segment is expected to be the largest during the forecast period
The hardware segment is expected to be the largest segment in the track and trace solutions market during the forecast period. This is due to the critical role of hardware components in enabling the physical tracking and tracing of products. The increasing adoption of serialization and aggregation solutions across industries is driving the demand for hardware components, such as barcode scanners, RFID readers, and label printers.
The retail & e-commerce segment is expected to have the highest CAGR during the forecast period
The retail and e-commerce segment is expected to have the highest compound annual growth rate in the track and trace solutions market during the forecast period. The growth of online shopping and the increasing complexity of retail supply chains are driving the demand for track and trace solutions in this segment. Additionally, retailers and e-commerce companies are investing in track and trace solutions to improve inventory visibility, optimize fulfillment processes, and enhance the customer experience by providing real-time tracking information.
Region with largest share:
The North American region, particularly the United States, is expected to dominate the track and trace solutions market. This is due to the presence of a large number of pharmaceutical and medical device companies in the region, which are subject to strict serialization and traceability regulations. Additionally, the region has a well-established supply chain infrastructure and a high adoption rate of advanced technologies, which further drives the growth of the track and trace solutions market.
Region with highest CAGR:
The Asia Pacific region is expected to have the highest CAGR in the track and trace solutions market during the forecast period. This growth is driven by the increasing adoption of serialization and traceability regulations in countries such as China, India, and South Korea. The region is also home to a large number of manufacturing and logistics companies that are investing in track and trace solutions to improve supply chain efficiency and meet the demands of global customers, which further fuels market growth.
Key players in the market
Some of the key players in Track and Trace Solutions Market include ACG Worldwide, Adents International, Alien Technology LLC, AlpVision SA, Antares Vision, Axway, Cognex Corporation, Datalogic S.p.A., Honeywell International Inc., IBM Corporation, Mettler-Toledo International Inc., Microscan Systems, Inc., OPTEL Group, SEA Vision S.r.l., Siemens AG, Systech International, Terso Solutions Inc., TraceLink Inc. and Zebra Technologies Corporation.
Key Developments:
In October 2022, TraceLink announced a new Location and Tracking Specialization for partners focused on RFID and real-time location systems as part of its PartnerConnect program.
In April 2019, Alien Technology, an industry leader in Radio Frequency Identification (RFID) Ultra High Frequency (UHF) products and services, today announced the Higgs-9 IC, the first release of its next-generation of Higgs RFID semiconductor integrated circuits. The company also announced its newest high-memory inlays. The products were unveiled at RFID Journal LIVE! 2019 and are being featured in Alien’s Booth #803 throughout the event, April 2-4.
Components Covered:
• Hardware
• Software
• Services
Technologies Covered:
• 2D Barcodes
• Radio Frequency Identification (RFID)
• QR code (Quick-Response Code)
• Other Technologies
Applications Covered:
• Serialization Solutions
• Aggregation Solutions
• Other Applications
End Users Covered:
• Automobile
• Cosmetics
• Electrical and Electronics
• Food & Beverage
• Medical Device Companies
• Pharmaceutical & Biopharmaceutical Companies
• Retail and E-commerce
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Track and Trace Solutions Market, By Component
5.1 Introduction
5.2 Hardware
5.2.1 Barcode Scanners
5.2.2 Monitoring and Verification
5.2.3 Printing and Marking
5.2.4 Radio Frequency Identification (RFID) Readers
5.2.5 Other Hardware
5.3 Software
5.3.1 Bundle Tracking
5.3.2 Case Tracking
5.3.3 Line Controllers
5.3.4 Plant Managers
5.3.5 Other Software
5.4 Services
5.4.1 Implementation Services
5.4.2 Integration Services
5.4.3 Support and Maintenance Services
5.4.4 Training Services
6 Global Track and Trace Solutions Market, By Technology
6.1 Introduction
6.2 2D Barcodes
6.3 Radio Frequency Identification (RFID)
6.4 QR code (Quick-Response Code)
6.5 Other Technologies
7 Global Track and Trace Solutions Market, By Application
7.1 Introduction
7.2 Serialization Solutions
7.2.1 Bottle Serialization
7.2.2 Carton Serialization
7.2.3 Data Matrix Serialization
7.2.4 Label Serialization
7.3 Aggregation Solutions
7.3.1 Bundle Aggregation
7.3.2 Case Aggregation
7.3.3 Pallet Aggregation
7.4 Other Applications
8 Global Track and Trace Solutions Market, By End User
8.1 Introduction
8.2 Automobile
8.3 Cosmetics
8.4 Electrical and Electronics
8.5 Food & Beverage
8.6 Medical Device Companies
8.7 Pharmaceutical & Biopharmaceutical Companies
8.8 Retail and E-commerce
8.9 Other End Users
9 Global Track and Trace Solutions Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 ACG Worldwide
11.2 Adents International
11.3 Alien Technology LLC
11.4 AlpVision SA
11.5 Antares Vision
11.6 Axway
11.7 Cognex Corporation
11.8 Datalogic S.p.A.
11.9 Honeywell International Inc.
11.10 IBM Corporation
11.11 Mettler-Toledo International Inc.
11.12 Microscan Systems, Inc.
11.13 OPTEL Group
11.14 SEA Vision S.r.l.
11.15 Siemens AG
11.16 Systech International
11.17 Terso Solutions Inc.
11.18 TraceLink Inc.
11.19 Zebra Technologies Corporation
List of Tables
1 Global Track and Trace Solutions Market Outlook, By Region (2021-2030) ($MN)
2 Global Track and Trace Solutions Market Outlook, By Component (2021-2030) ($MN)
3 Global Track and Trace Solutions Market Outlook, By Hardware (2021-2030) ($MN)
4 Global Track and Trace Solutions Market Outlook, By Barcode Scanners (2021-2030) ($MN)
5 Global Track and Trace Solutions Market Outlook, By Monitoring and Verification (2021-2030) ($MN)
6 Global Track and Trace Solutions Market Outlook, By Printing and Marking (2021-2030) ($MN)
7 Global Track and Trace Solutions Market Outlook, By Radio Frequency Identification (RFID) Readers (2021-2030) ($MN)
8 Global Track and Trace Solutions Market Outlook, By Other Hardware (2021-2030) ($MN)
9 Global Track and Trace Solutions Market Outlook, By Software (2021-2030) ($MN)
10 Global Track and Trace Solutions Market Outlook, By Bundle Tracking (2021-2030) ($MN)
11 Global Track and Trace Solutions Market Outlook, By Case Tracking (2021-2030) ($MN)
12 Global Track and Trace Solutions Market Outlook, By Line Controllers (2021-2030) ($MN)
13 Global Track and Trace Solutions Market Outlook, By Plant Managers (2021-2030) ($MN)
14 Global Track and Trace Solutions Market Outlook, By Other Software (2021-2030) ($MN)
15 Global Track and Trace Solutions Market Outlook, By Services (2021-2030) ($MN)
16 Global Track and Trace Solutions Market Outlook, By Implementation Services (2021-2030) ($MN)
17 Global Track and Trace Solutions Market Outlook, By Integration Services (2021-2030) ($MN)
18 Global Track and Trace Solutions Market Outlook, By Support and Maintenance Services (2021-2030) ($MN)
19 Global Track and Trace Solutions Market Outlook, By Training Services (2021-2030) ($MN)
20 Global Track and Trace Solutions Market Outlook, By Technology (2021-2030) ($MN)
21 Global Track and Trace Solutions Market Outlook, By 2D Barcodes (2021-2030) ($MN)
22 Global Track and Trace Solutions Market Outlook, By Radio Frequency Identification (RFID) (2021-2030) ($MN)
23 Global Track and Trace Solutions Market Outlook, By QR code (Quick-Response Code) (2021-2030) ($MN)
24 Global Track and Trace Solutions Market Outlook, By Other Technologies (2021-2030) ($MN)
25 Global Track and Trace Solutions Market Outlook, By Application (2021-2030) ($MN)
26 Global Track and Trace Solutions Market Outlook, By Serialization Solutions (2021-2030) ($MN)
27 Global Track and Trace Solutions Market Outlook, By Bottle Serialization (2021-2030) ($MN)
28 Global Track and Trace Solutions Market Outlook, By Carton Serialization (2021-2030) ($MN)
29 Global Track and Trace Solutions Market Outlook, By Data Matrix Serialization (2021-2030) ($MN)
30 Global Track and Trace Solutions Market Outlook, By Label Serialization (2021-2030) ($MN)
31 Global Track and Trace Solutions Market Outlook, By Aggregation Solutions (2021-2030) ($MN)
32 Global Track and Trace Solutions Market Outlook, By Bundle Aggregation (2021-2030) ($MN)
33 Global Track and Trace Solutions Market Outlook, By Case Aggregation (2021-2030) ($MN)
34 Global Track and Trace Solutions Market Outlook, By Pallet Aggregation (2021-2030) ($MN)
35 Global Track and Trace Solutions Market Outlook, By Other Applications (2021-2030) ($MN)
36 Global Track and Trace Solutions Market Outlook, By End User (2021-2030) ($MN)
37 Global Track and Trace Solutions Market Outlook, By Automobile (2021-2030) ($MN)
38 Global Track and Trace Solutions Market Outlook, By Cosmetics (2021-2030) ($MN)
39 Global Track and Trace Solutions Market Outlook, By Electrical and Electronics (2021-2030) ($MN)
40 Global Track and Trace Solutions Market Outlook, By Food & Beverage (2021-2030) ($MN)
41 Global Track and Trace Solutions Market Outlook, By Medical Device Companies (2021-2030) ($MN)
42 Global Track and Trace Solutions Market Outlook, By Pharmaceutical & Biopharmaceutical Companies (2021-2030) ($MN)
43 Global Track and Trace Solutions Market Outlook, By Retail and E-commerce (2021-2030) ($MN)
44 Global Track and Trace Solutions Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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