Track & Trace Market is expected to reach US$ 33.48 billion by 2030

Demand for Transparent Transportation Drives Track & Trace Market Growth

According to our latest study on "Track & Trace Market Forecast to 2030 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component, Organization Size, Application, and End User," the market was valued at US$ 10.42 billion in 2022 and is expected to reach US$ 33.48 billion by 2030; it is estimated to record a CAGR of 15.7% from 2022 to 2030. The track & trace market report emphasizes the key factors driving the market and exhibits the developments of prominent players. 

The report includes growth prospects from the current track & trace market trends and their foreseeable impact during the forecast period. Track & trace commonly refers to the process of determining the time-based locations of an item. In general, mass serialization is preferred by manufacturers to assign their products with a distinctive identifier, such as an Electronic Product Code (EPC), for tracking and tracing purposes. The labeling or "tagging" of products is usually completed as part of the manufacturing process by using combinations of machine or human-readable technologies such as barcodes or radio-frequency identification (RFID). In response to a mounting number of recall incidents across different industry verticals, several hardware, software, and consulting service providers have entered the market over the last decade to offer a range of traceability solutions and tools. Barcode and RFID are two widespread technologies used to deliver traceability. RFID is a commonly utilized technology for track-and-trace solutions and plays a critical role in supply chains. Since it is a code-carrying technology, it can replace barcodes to enable non-line of sight-reading. The high costs had hindered the deployment of RFID solutions previously. However, the decreasing cost of the technology has prompted its rising usage.

Barcoding is the most common and cost-effective method for implementing traceability at the item and case levels. Barcodes containing multi-variate data in an alphanumeric code format can be put on the packaging or label. The secure data can be used to pass traceability information and can also aid in correlating with manufacturing or packaging data such as time to market and product quality.

Enabling Remote Authentication to Offer Lucrative Opportunities for Track & Trace Market Growth During Forecast Period

Authentication for brand protection focuses on safeguarding brands and products from getting counterfeited, tampered with, or reproduced without proper authorization. The rise of globalization and digitalization has increased the requirement for brand protection, making authentication requirements paramount for businesses worldwide. With the swift advancement in information & communication technology (ICT), the demand for secure data transmission among businesses has amplified. Firms are increasingly leaning toward vigorous authentication and brand protection methods to bypass the intricate data security challenges accompanying such data exchange. Moreover, the surge in cyberattacks targeting corporate data further emphasizes the mounting requirement for fortified authentication and brand protection strategies. Hence, enterprises channel additional resources into advanced technological solutions to shield their operations and intellectual assets. The track & trace market size is likely to surge by 2030 owing to the rise in demand for authentication for brand protection.

Track & Trace Market Regional Overview:

North America holds a major track & trace market share. The market in North America is segmented into the US, Canada, and Mexico. The region is one of the largest pharmaceutical and medical device manufacturers, with the presence of several large companies from the life sciences industry. Additionally, the US Food & Drug Administration (FDA) is a leading regulatory body that enforces several stringent regulations to ensure the safety of pharmaceutical products. Hence, there is a rising application of track & trace solutions, fueling the growth of the market in North America.

Track & Trace Market Segmental Overview

The track & trace market is categorized on the basis of component, organization size, application, and end user. Based on component, the market is segmented into hardware, software, and service. The hardware has been further segmented into labeling & printing, monitoring & verification, and others. The software segment has been further segmented into line controller, plant manager, and others. Based on organization size, the market is bifurcated into SMEs and large enterprises. In terms of application, the market is segmented into aggregation; serialization; and tracking, tracing, and reporting. Based on end user, the market is segmented into automotive, consumer goods, electronics, life sciences, retail & e-commerce, and others. The scope of the track & trace market report encompasses North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

Track & Trace Market Competitive Landscape and Key Developments  

ACG Group, Axway Software, Mettler Toledo, Open Text Corporation, Optel Group, Sea Vision Srl, Sepasoft Inc, Softgroup AD, Tracelink Inc, and Zebra Technologies Corporation are among the key players that were profiled during the study. Several other important players were also analyzed during this track & trace market analysis to get a holistic view of the global market and its ecosystem. The leading players focus on feature upgrades, expansion and diversification, collaboration, and acquisition strategies, which enable them to grab new business opportunities and increase their global track & trace market share. As per company press releases, below are a few key developments:

• In April 2023, TraceLink Inc.—the leading digital network platform company that connects more than 290,000 entities across the healthcare and life sciences industry—announced Multienterprise Information Network Tower (MINT), a new solution to power end-to-end supply chain visibility, collaboration, and intelligence with a digital network platform. Leveraging the proven, industry-wide integration capabilities of the Opus platform and TraceLink network, MINT provides the foundational capabilities required for supply chain participants to finally gain full visibility with a supply network through the exchange of interoperable commerce, inventory, logistics, and other supply chain data.
• In January 2022, Mettler-Toledo PCE launched new Integrated Mark & Verify systems and software to help pharmaceutical manufacturers fulfill the increasing product safety and compliance requirements they are faced with by making it easier to integrate code marking and verification capabilities into their production lines. These capabilities will also assist manufacturers in other industries that face growing requirements for traceability of the products they manufacture—for example, the food & beverages industry, where product quality is critical to consumer health and safety, and clothing, cosmetics, and petrochemicals industries, where significant counterfeiting activity threatens legitimate business success.

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