Track & Trace Solutions Market is expected to reach US$ 16,553.82 million by 2028

Publisher: The Insight Partners

Software Held Larger Share of Component Segment in Track & Trace Solution Market

According to our new research study on "Track & Trace Solutions Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Enterprise Size, Application, and Industry," the market was valued at US$ 6,855.20 million in 2022 and is expected to reach US$ 16,553.82 million by 2028. It is estimated to register a CAGR of 15.9% during 2023–2028.

Track & trace solution aims to support compliance regulations across geographies. Once adopted, it provides a comprehensive knowledge-rich environment that enables pharmaceutical companies to easily steer through track & trace compliance mandates, manage recalls better, and increase the overall efficiency of the manufacturing process. Further, a track & trace solution offer numerous benefits involving purchase order numbers, container numbers, bill of lading numbers, customer information, item counts, weight, status and delivery date, freight charges, and many more.

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/sample/TIPHE100000989 Based on component, the market is bifurcated into hardware and software. In 2022, the software segment accounted for a larger market share and is anticipated to register a higher CAGR during the forecast period due to the rising awareness about brand protection, counterfeit products, and manufacturers striving to attain brand protection. Track & trace software is used for various purposes and offers complete management of the entire serialization and aggregation process. The solutions provide flexibility, whether they have a single line with limited connectivity or require software for monitoring all processes across multiple production lines. The software delivers all necessary documentation and information to meet compliance. The track & trace software are used for pharmaceuticals, production, food & beverage, and seafood.

Rfxcel Corp.; METTLER TOLEDO; and JDA Software Group, Inc are among the companies that offer track & trace software. The software provides benefits such as reduced administration and increased confidence for quality events, faster containment of quality events with a broader purview of exposed products, and protection of customers and brand image.

Impact of COVID-19 Pandemic on Track & Trace Solution Market

During the COVID-19 pandemic, the imposition of containment measures drastically impacted the supply chain process, mainly food & beverages. Therefore, digital supply chain networks make businesses less vulnerable in the long run. For example, track & trace solutions help businesses to focus on supply chain bottlenecks. Also, artificial intelligence (AI)-based tools revolutionized business processes and scenario management, leading to reduced costs and risks associated with the manufacturing processes. Moreover, consumers have become more health-conscious and seek fresh, additive-free food with traceable origins, which has become a high preference for locals. Also, barcodes affixed to individual containers offered recipients granular data about the container and its contents throughout manufacturing. In disruptive supply chain processes, traceability allows manufacturers to have an electronic record of each asset being cleaned, inspected, and scanned before its utility in the next process.

Track & trace solutions played an important role in monitoring the COVID-19 vaccine supply chain. For example, the US government, drug makers, and delivery companies collaborated and developed a network of monitory devices and detection systems. Each vaccine cartridge was equipped with a GPS beacon, a temperature monitor, and a barcode. In case the vaccines get deviated from the target destination or if the vials turn too hot or cold, officials at the companies and government were immediately alerted about the problem. Thus, there was a positive impact of COVID-19 on Track & Trace Solutions Market as this solution played a crucial role in managing the distribution and administration of COVID-19 vaccines. Moreover, there was an increased focus on implementing track & trace solutions to improve visibility and traceability in the supply chain for healthcare, food & beverage, consumer goods, and other industries. 

ACG, Axway Software SA, Antares Vision SPA, Markem-Imaje AG, Mettler-Toledo International Inc, Optel Group, SEA Vision Grp, Siemens AG, TraceLink Inc, and Zebra Technologies Corp are among the leading companies operating in the track & trace solution market.

The report segments the Track & Trace Solutions Market as follows:

The Track & Trace Solutions Market is segmented into component, enterprise size, application, and industry. Based on component, the market is bifurcated into hardware and software. By enterprise size, the market is segmented into SMEs and large enterprises. In terms of application, the market is bifurcated into serialization solutions and aggregation solutions. Based on industry, the market is segmented into segmented into pharmaceuticals, medical devices, consumer goods, food & beverages, and others. Geographically, the track & trace market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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