As per the report, the global track and trace solutions market is estimated at USD 8.2 billion by 2027. It is expected to witness 18.5% CAGR during the period of the forecast.
Increasing acceptance of track and trace solutions by the manufacturing companies of healthcare products and devices will power the expansion of the market. The presentation of sophisticated technologies like RFID offers speedy interpretation as well as provides high level of protection.
Mostly, the development is credited to the growing concentration of the biopharmaceutical and pharmaceutical companies to confirm the security of the brand name from the theft and fake products. The employment of track and trace solutions assists the manufacturing companies, to boost the effectiveness of the delivery network and decrease the occurrence of bogus products.
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Further key findings from the report suggest:
• In 2019, North America ruled the global market. Increasing execution of regulatory values along with the policies, in conjunction with greater acceptance speed of track and trace solutions by the clients, is expected to add to the expansion of the track & trace solutions market.
• The serialization purpose was the biggest sector in 2019. Growing use of serialization in medicinal devices and pharmaceuticals packing will be a crucial issue beneficial for the development of the sector.
• The RFID sector is projected to display the highest speed of the development, on the basis of technology, for the duration of the forecast. Important issues contributing to the enlargement of the sector are line of sight not required, storage capability for additional data, and greater sturdiness along with reusability.
• Software shaped the biggest revenue creating sector in 2019, by product. Mostly, this is due to the authoritarian consent for the implementation of serialization and aggregation in the region of healthcare.
Million Insights segmented the global track and trace solutions market based on Product, Application, Technology, End Use and Region.
Track and Trace Solutions Product Outlook (Revenue, USD Million, 2016 - 2027)
• Hardware Systems
• Printing & Marking Solutions
• Monitoring & Verification Solutions
• Labeling Solutions
• Software Solutions
• Plant Manager Software
• Line Controller Software
• Bundle Tracking Software
Track and Trace Solutions Technology Outlook (Revenue, USD Million, 2016 - 2027)
Track and Trace Solutions Application Outlook (Revenue, USD Million, 2016 - 2027)
• Serialization Solutions
• Bottle Serialization
• Label Serialization
• Carton Serialization
• Data Matrix Serialization
• Aggregation Solutions
• Bundle Aggregation
• Case Aggregation
• Pallet Aggregation
Track and Trace Solutions End Use Outlook (Revenue, USD Million, 2016 - 2027)
• Pharmaceutical Companies
• Medical Device Companies
• Healthcare Others
• Food and Beverage
• Consumer Packaged Goods
• Luxury Goods
Track and Trace Solutions Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
• South Africa
• Saudi Arabia
Some of the companies for track and trace solutions market are: Systech, Inc., Seidenader Maschinenbau GmbH; An tares Vision SRL, Trace Link, Inc., Mettler-Toledo International, Inc., ACG Worldwide, Siemens AG; Adents International, Optel Vision, and Ax way.