The study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, competitive leadership mapping, key market dynamics, and key player strategies.
According MarketsandMarkets Research – The Track and Trace Solutions Market is projected to reach USD 4.21 billion by 2024 from USD 2.16 billion in 2019, at a CAGR of 14.2%
The Key Factors Who will Drives the Market Growth?
- 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
- Growth in the Medical Device Industry
Major Market Growth Opportunities:
- Increase in Offshore Pharmaceutical Manufacturing
- Remote Authentication of Products
- Technological Advancements
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Track and Trace Solutions Market Segmentation in Detailed:
Based on types of software, segmented into plant manager, line controller, enterprise & network manager, bundle tracking, warehouse & shipment manager, case tracking, and pallet tracking software. The plant manager segment accounted for the largest market share in 2018. The rising need to secure the supply chain of pharmaceutical and medical devices manufacturing industries along with strict government legislation are the key factors driving the growth of the plant manager segment.
Based on application, segmented into serialization, aggregation, and tracking, tracing, and reporting solutions. The tracking, tracing, & reporting solutions segment is expected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the increasing number of regulations such as DSCSA, UDI, and Medical Device Reporting (MDR) for medical devices and pharmaceutical products.
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Leading Key Players in the Worldwide Industry:
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), Adents International (France), SEA Vision Srl (Italy), Robert Bosch (Germany), Körber Medipak Systems AG (Switzerland), Siemens AG (Germany), Uhlmann Group (Germany), Jekson Vision (India), Videojet Technologies, Inc. (US).
Geographical Regions Mapped in Report:
North America accounted for the largest share of the track and trace solutions market in 2018, followed by Europe. Factors such as the presence of a large number of pharmaceutical & biotechnology companies and medical device manufacturers, stringent regulations regarding serialization, and the growing medical devices market, are driving the growth of the market in North America.