[Research Report] The track & trace 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.
Track & Trace Market Analyst Perspective:
The track & trace market report emphasizes the key factors driving the market and exhibits the developments of prominent players. The track & trace process starts with the assignment of a unique identifier (UID) to a product, which distinguishes it throughout the entire supply chain. A supporting traceability platform ensures visibility of the product's location at every instance. Track & trace solutions are important tools for improving the safety of the supply chain in a progressively complex market, especially the life sciences industry. Origin of active pharmaceutical ingredients (API), manufacturing of the product, packaging, and transportation of the distribution-ready final product are the key points for the pharmaceutical supply chain. It needs to be secured effectively to ensure that the products are authentic and safe for the end user.
Additionally, to prevent counterfeit medicines, regulators have been enforcing stringent standards of transparency and traceability throughout the industry's supply chain. Thus, access to insightful supply chain reporting tools for securing the supply chain is becoming important for manufacturers.
Track & Trace Market Overview:
The report includes growth prospects in light of current track & trace market trends and driving factors influencing the market growth. The global track & trace market is experiencing extensive growth and is estimated to continue expanding in the coming years. Driven mainly by compliance requirements from governments, enterprises are implementing mass serialization, along with robust inspection and authentication tools, to provide traceability records and ensure compliance as a measure to protect their brands. Vision inspection systems and other evolving technologies enable the control of the flow of data between production lines and the other related systems inside a manufacturing plant. It thus allows for automated procurement, efficient order fulfillment, and effective production planning, and it mitigates challenges arising from supply chain disruptions. Supply chain disruptions can result in significant production downtime, loss of revenue, and increased operational costs. Organizations utilizing track & trace solutions can utilize the data to anticipate where and when disruptions could occur, respond to the same, and mitigate any damage. The track & trace market forecast is estimated by considering all such trends, along with various secondary and primary research findings.
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Track & Trace Market: Strategic Insights
Market Size Value in US$ 10.42 billion in 2022 Market Size Value by US$ 33.48 billion by 2030 Growth rate CAGR of 15.7% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Track & Trace Market: Strategic Insights
| Market Size Value in | US$ 10.42 billion in 2022 |
| Market Size Value by | US$ 33.48 billion by 2030 |
| Growth rate | CAGR of 15.7% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Track & Trace Market Driver:
Focus on Prevention of Counterfeit Products Fuels Track & Trace Market Growth
On one hand, the advancement of technology has led to an improvement in customer experience. On the other hand, it has enabled counterfeiters to increase the accuracy of their replicas. Hence, manufacturers are required to be more vigilant and adopt advanced solutions to deter such counterfeits. Transparency is one of the significant benefits of trace & track solutions. Enterprises can ensure their products' correct and efficient handling by improving their visibility through the supply chain. Such transparency fosters trust between the enterprise, its suppliers, and customers. Moreover, it guarantees accountability of each party for their part in the supply chain, thus ensuring compliance with quality and safety standards. Hence, the focus on the prevention of counterfeit products is contributing to the growing track & trace market size.
Track & Trace Market Segmental Analysis:
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 segment 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).
The hardware segment held the largest share of the track & trace market in 2022. Hardware includes various labeling and printing machines, barcode stickers, RFID tags, and machine vision systems. The use of disposable tags and stickers is a strong promoter of growth for the hardware segment. However, the service segment is anticipated to witness the fastest growth during the forecast period.
Track & Trace Market Regional Analysis:
In terms of revenue, APAC dominated the track & trace market share. APAC is diverse in terms of demographics and is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. The region is one of the largest manufacturers and suppliers of pharmaceutical and medical devices worldwide. With nations such as the US, Germany, and the UK increasing their stringency on life sciences products imported, suppliers from APAC are increasingly opting for track & trace solutions to comply with such regulations and requirements. Additionally, precision medicine is gaining prominence with the growing trend of specialized and personalized patient care in the region. Rising lifestyle diseases and increasing awareness of such diseases are certain factors promoting precision medicines. Thus, to provide more effective care, the individual needs of a patient are utilized for designing such medicines. Track & trace labels can effectively store such data and ensure that the product of one patient is not administered to another. All these factors promote the track & trace market growth in the region.
Track & Trace Market Key Player Analysis:
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.
Track & Trace Market Report Scope
Track & Trace Market Recent Developments:
The market players adopt inorganic and organic strategies to expand their market penetration. As per company press releases, below are a few key developments:
- In January 2024, MeCure Industries Plc launched a Track-and-trace solution to ensure product safety and elevate patient safety standards in Nigeria. This solution was developed in response to the Nigerian pharmaceutical industry's dual imperative to balance the accessibility of medicines and the growing threat of fake and counterfeit drugs in the market.
- In March 2023, ID TECH, a prominent RFID manufacturer from India, launched IDT 87 IN RFID integrated reader. The solution was launched mainly to cater to the transportation, manufacturing, and retail sectors.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Organization Size, Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The hardware segment held largest market share in 2022, but service segment is expected to grow with the highest CAGR during the forecast period 2023-2030.
The key players, holding majority shares, in track & trace market includes ACG Group, Axway Software, Mettler Toledo, Open Text Corporation, and Zebra Technologies Corp.
The track & trace market was valued at US$ 10.42 billion in 2022 and is expected to grow at a CAGR of 15.7% during 2022–2030.
North America held the largest market share in 2022, followed by Europe and Asia Pacific.
Factors such as growing demand for protection from counterfeits and increasing need for transparent transportation are the driving the track & trace market growth.
The track & trace market is expected to reach US$ 33.48 billion by 2030.
Asia Pacific is anticipated to grow with the highest CAGR over the forecast period.
Integration of blockchain in track & trace software is expected to be a key future trend of the track & trace market.
1. Introduction
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. Research Methodology
4. Track and Trace Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Track and Trace Market - Key Market Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. Track and Trace Market - Global Market Analysis
6.1 Track and Trace - Global Market Overview
6.2 Track and Trace - Global Market and Forecast to 2030
7. Track and Trace Market – Revenue Analysis (USD Million) – By Component, 2020-2030
7.1 Overview
7.2 Hardware
7.2.1 Labeling and Printing
7.2.2 Monitoring and Verification
7.2.3 Others
7.3 Software
7.3.1 Line Controller
7.3.2 Plant Manager
7.3.3 Others
7.4 Service
8. Track and Trace Market – Revenue Analysis (USD Million) – By Organization Size, 2020-2030
8.1 Overview
8.2 SMEs
8.3 Large Enterprises
9. Track and Trace Market – Revenue Analysis (USD Million) – By Application, 2020-2030
9.1 Overview
9.2 Aggregation
9.3 Serialization
9.4 Tracking, Tracing and Reporting
10. Track and Trace Market – Revenue Analysis (USD Million) – By End User, 2020-2030
10.1 Overview
10.2 Automotive
10.3 Consumer Goods
10.4 Electronics
10.5 Life Sciences
10.6 Retail and E-Commerce
10.7 Others
11. Track and Trace Market - Revenue Analysis (USD Million), 2020-2030 – Geographical Analysis
11.1 North America
11.1.1 North America Track and Trace Market Overview
11.1.2 North America Track and Trace Market Revenue and Forecasts to 2030
11.1.3 North America Track and Trace Market Revenue and Forecasts and Analysis - By Component
11.1.4 North America Track and Trace Market Revenue and Forecasts and Analysis - By Organization Size
11.1.5 North America Track and Trace Market Revenue and Forecasts and Analysis - By Application
11.1.6 North America Track and Trace Market Revenue and Forecasts and Analysis - By End User
11.1.7 North America Track and Trace Market Revenue and Forecasts and Analysis - By Countries
11.1.7.1 United States Track and Trace Market
11.1.7.1.1 United States Track and Trace Market, by Component
11.1.7.1.2 United States Track and Trace Market, by Organization Size
11.1.7.1.3 United States Track and Trace Market, by Application
11.1.7.1.4 United States Track and Trace Market, by End User
11.1.7.2 Canada Track and Trace Market
11.1.7.2.1 Canada Track and Trace Market, by Component
11.1.7.2.2 Canada Track and Trace Market, by Organization Size
11.1.7.2.3 Canada Track and Trace Market, by Application
11.1.7.2.4 Canada Track and Trace Market, by End User
11.1.7.3 Mexico Track and Trace Market
11.1.7.3.1 Mexico Track and Trace Market, by Component
11.1.7.3.2 Mexico Track and Trace Market, by Organization Size
11.1.7.3.3 Mexico Track and Trace Market, by Application
11.1.7.3.4 Mexico Track and Trace Market, by End User
Note - Similar analysis would be provided for below mentioned regions/countries
11.2 Europe
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 United Kingdom
11.2.5 Russia
11.2.6 Rest of Europe
11.3 Asia-Pacific
11.3.1 Australia
11.3.2 China
11.3.3 India
11.3.4 Japan
11.3.5 South Korea
11.3.6 Rest of Asia-Pacific
11.4 Middle East and Africa
11.4.1 South Africa
11.4.2 Saudi Arabia
11.4.3 U.A.E
11.4.4 Rest of Middle East and Africa
11.5 South and Central America
11.5.1 Brazil
11.5.2 Argentina
11.5.3 Rest of South and Central America
12. Industry Landscape
12.1 Mergers and Acquisitions
12.2 Agreements, Collaborations, Joint Ventures
12.3 New Product Launches
12.4 Expansions and Other Strategic Developments
13. Competitive Landscape
13.1 Heat Map Analysis by Key Players
13.2 Company Positioning and Concentration
14. Track and Trace Market - Key Company Profiles
14.1 ACG Group
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
Note - Similar information would be provided for below list of companies
14.2 Axway Software
14.3 METTLER TOLEDO
14.4 Open Text Corporation
14.5 Optel Group
14.6 SEA VISION Srl
14.7 Sepasoft Inc
14.8 SoftGroup AD
14.9 TraceLink Inc
14.10 Zebra Technologies Corp
15. Appendix
15.1 Glossary
15.2 About The Insight Partners
15.3 Market Intelligence Cloud
The List of Companies - Track & Trace Market
- ACG Group
- Axway Software
- Mettler Toledo
- Open Text Corporation
- Optel Group
- Sea Vision Srl
- Sepasoft Inc
- Softgroup AD
- Tracelink Inc
- Zebra Technologies Corp
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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