Track & Trace Market Analysis, Size and Share by 2030

[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 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

Track & Trace Market Regional Insights

The regional trends and factors influencing the Track & Trace Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Track & Trace Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Track & Trace Market Report Scope

Track & Trace Market Players Density: Understanding Its Impact on Business Dynamics

The Track & Trace Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Track & Trace Market are:

1. ACG Group
2. Axway Software
3. Mettler Toledo
4. Open Text Corporation
5. Optel Group

Disclaimer: The companies listed above are not ranked in any particular order.

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.