Northbrook, IL -- (SBWire) -- 09/13/2021 --The implementation of track and trace solutions and technologies is an important strategy adopted by many manufacturing companies and regulatory bodies in recent years. Growth in Track and Trace Solutions Market is largely driven by stringent regulations & standards for the implementation of serialization, increasing focus of manufacturers on brand protection, growth in the number of packaging-related product recalls, high growth in the generic and OTC markets, and growth in the medical device industry.
On the other hand, the high costs and long implementation timeframe associated with serialization and aggregation and the huge setup costs are expected to limit market growth to a certain extent.
According to the new market research report "Track and Trace Solutions Market by Product (Plant Manager, Checkweigher, Barcode Scanner, Monitoring), Technology (2D Barcode, RFID), Application (Serialization, Aggregation, Reporting), End User (Pharma, Food, Medical Devices) – Global Forecast to 2026? published by MarketsandMarkets™, is projected to reach USD 7.3 billion by 2026 from USD 4.1 billion in 2021, at a CAGR of 12.1% during the forecast period.
Opportunities: Remote authentication of products;
Traditional brand protection technologies such as anti-theft and authentication are intended to protect individual items rather than safeguard the entire supply chain. There is a high possibility of fake products being introduced at any stage in the supply chain. To combat counterfeiting and identify massive product items, a solution with automatic and non-line-of-sight capabilities is required. The demand for technologies with modular designs, which fit enterprise needs, has increased in the last few years. For instance, track and trace technologies based on RFID maintain an electronic pedigree that records the transaction information of products within the supply chain. This approach proved to be a standout for protecting the supply chain against infiltration, theft, and fraud and supporting remote authentication in the brand protection supply chain. Technologies that are scalable from a single production line to a multi-facility/multi-line infrastructure while minimizing the initial investment are projected to gain attention in the coming future.
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Geographically; The track and trace solutions market studied in this report is divided into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 42.9% of the global track and trace solutions market, followed by Europe (33.5%). The presence of developed healthcare systems in the US & Canada; the presence of many pharmaceutical & biotechnology companies and medical device manufacturers; stringent regulations regarding serialization; and the growing medical devices market are major factors driving market growth in North America.
Asia Pacific (APAC) is the fastest-growing market and is projected to grow at the highest CAGR of 13.8% for track and trace solutions.
Some of the prominent players in the track and trace solutions market are OPTEL GROUP (Canada), Mettler-Toledo International Inc. (US), Systech International Inc. (US), TraceLink Inc. (US), Antares Vision (Italy), SAP (US), Xyntek Inc. (US), SEA Vision Srl (Italy), Syntegon (Germany), Körber Medipak Systems AG (Switzerland), Siemens AG (Germany), Uhlmann Group (Germany), JEKSON VISION (India), Videojet Technologies, Inc. (US), Zebra Technologies Corporation (US), Axway Inc. (US), ACG Worldwide (India), Laetus GmbH (Germany), and WIPOTEC-OCS (Germany).
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Market Segmentation in Detailed:
"The Software segment accounted for the largest market share in 2020."
Based on products, the track and trace solutions market is segmented into software, hardware components, and standalone platforms based on product. The software segment accounted for the largest share—60.1%—of the track and trace market in 2020. Market growth is largely driven by the increasing awareness about secure packaging, the rising number of counterfeit drugs and related products, and growing awareness of brand protection. In addition, regulatory compliance is further supporting the growth of this market.
The standalone platforms segment is expected to register the highest CAGR of 15.9% during the forecast period.
Track and Trace Solutions Market Worth $7.3 Billion by 2026 – Remote Authentication of Products
In this report, track and trace solutions market, by the type of product, application, technology, end user and region.