Track and Trace Solutions Market by Product (Software [Plant Manager, Line Controller], Hardware), Application (Serialization, Aggregation), Technology (Barcode, RFID), Industry (Chemicals, F&B, Pharma, Cosmetics, Retail, Agriculture) - Global Forecast to

Track and Trace Solutions Market by Product (Software [Plant Manager, Line Controller], Hardware), Application (Serialization, Aggregation), Technology (Barcode, RFID), Industry (Chemicals, F&B, Pharma, Cosmetics, Retail, Agriculture) - Global Forecast to 2029

The global track and trace solutions market is expected to grow at a CAGR of 8.3% over the forecast period 2022–2029 to reach $27.27 billion by 2029.

The report carries out the key industry drivers, restraints, challenges, and opportunities with extensive secondary and primary research and an in-depth analysis of the market scenario. The growth of the track and trace solutions market is driven by new developments in track and trace solutions, growing adoption of track and trace solutions as an anticounterfeit measure, high risk of product recalls, and gradual implementation of serialization regulations across different countries. Moreover, significant opportunities from the growing medical technology and device sectors and the rise in pharma manufacturing volumes offer significant opportunities for players operating in the track and trace solutions market.

Based on product, in 2022, the software segment is estimated to account for the largest share of the track and trace solutions market. This segment is also expected to grow at the fastest CAGR over the forecast period. The software segment is segmented into plant manager, line controller, enterprise & network manager, warehouse & shipment manager, bundle & case tracking, and other software. In 2022, plant manager software is estimated to emerge as the largest revenue-generating segment. The plant manager software effectively controls the production operations and inventory in the manufacturing plant and reduces the operational loss caused by excess production, making the plant manager software ideal for managing the food, consumer goods, and pharmaceutical industries.

Based on application, in 2022, serialization is expected to account for the largest share of the global track and trace solutions market. Factors contributing to the market growth are new developments in serialization platforms and the growing adoption of serialization solutions to streamline product recalls and secure the pharma supply chain. The focus on serialization solutions among medical product manufacturers as a brand protection measure positively impacts the market growth.

Based on technology, in 2022, the barcode segment is estimated to account for the largest share of the global track and trace solutions due to the widespread adoption of data matrix technology for serialization and the cost-effectiveness of barcode technology. Barcoding is the easiest and most cost-effective method to implement item and case-level traceability. It has applications in pharmaceuticals, food & beverages, and cosmetics industries. The use of barcode-based tracking and tracing ensures consumer transparency where consumers can become aware of details on nutrition data, sourcing practices, allergy information, and sustainability facts concerning the product.

Based on industry, the pharmaceuticals & biopharmaceuticals segment is expected to grow at the fastest CAGR during the forecast period. Rapid development in the emerging economies, progressing research in biologics and small molecules, growing penetration of generics, and innovations in pharma manufacturing have created tremendous opportunities for pharma manufacturing, positively boosting the demand for track and trace solutions.

An in-depth analysis of the geographical scenario of the track and trace solutions market provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region. In 2022, North America is estimated to account for the largest share of the global track and trace solutions market, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa.

The key players operating in the global track and trace solutions market are Axway (U.S.), METTLER TOLEDO (Switzerland), OPTEL GROUP (Canada), ANTARES VISION S.p.A (Italy), ACG (India), Siemens (Germany), TraceLink Inc. (U.S.), SEA Vision S.r.l. (U.S.), Zebra Technologies Corporation (U.S.), and Systech (U.S.).

Scope of the Report:


Scope of the Report:

Global Track and Trace Solutions Market, by Product
Software
Plant Manager
Line Controller
Enterprise & Network Manager
Warehouse & Shipment Manager
Bundle/Case/Pallet tracking

Other software

(Other software include reporting and visibility and serial number generation and linking)
Hardware
Printing, Marking, and Labelling
Barcode Scanners
RFID Readers

Other Hardware

(Other hardware include checkweigher, monitoring, and verification solutions)
Services

Global Track and Trace Solutions Market, by Application

Serialization
Aggregation
Bundle Aggregation
Case
Pallet

Other Applications

(Other applications include tracking, tracing, reporting and verification and decommissioning)

Global Track and Trace Solutions Market, by Technology
Barcode
RFID

Global Track and Trace Solutions Market, by Industry

Food & Beverages
Chemicals
Pharmaceutical & Biopharmaceuticals
Medical Devices
Industrial Components
Transport & Logistics
Cosmetics

Other Industries

(Other industries include agriculture, retail, consumer electronics, raw materials, and jewelry)

Global Track and Trace Solutions Market, by Geography

North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe (RoE)
Asia-Pacific (APAC)
Japan
China
India
Rest of APAC (RoAPAC)
Latin America
Middle East & Africa

Track & Trace Solutions Market - Report Summary

Report Metrics	Details
Years Considered	2020- 2029
Base Year	2021
Forecast Period	2019-2029
Page Count	231
Units Referenced	Value (USD Million)
Segments/Key Topics	Market by Product, Technology, Application, and Industry
Key Companies Mentioned	Axway (U.S.), METTLER TOLEDO (Switzerland), Optel Vision Inc (Canada), ANTARES VISION S.p. Antares Vision S.p.A (Italy), ACG (India), Siemens AG (Germany), TraceLink Inc. (U.S.), SEA Vision S.r.l. (U.S.), Zebra Technologies Corporation (U.S.), and Sys-tech solutions, Inc (U.S.)

FAQs About the Report

Key questions answered in the report:

What is the focus of the global track and trace solutions market?

The global track and trace solutions market covers the market sizes & forecasts of track and trace solutions that are used in various industries such as pharma & biopharma, medical devices, contract packaging organizations (CPOs), contract manufacturing organizations (CMOs), food & beverage companies, consumer goods, hospitals, retail pharmacies, and wholesalers & distributors. The track and trace solutions market studied in this report involves the value analysis of various segments and sub-segments at regional and country levels.

What is the value of revenue generated from the track and trace solutions globally? At what rate is their demand expected to grow for the next 5–7 years?

The global track and trace solutions market is projected to reach $27.27 billion by 2029, at a CAGR of 8.3% during the forecast period.

Which track and trace solutions product is estimated to hold the major share of the market?

Based on product, the software segment is estimated to account for the largest market share in 2022.

Gradual implementation of track and trace solutions to comply with the serialization regulations and innovations to develop new track and trace platforms are the key factors supporting the market share.

Which application segment of the market is projected to create more traction in the track and trace solutions market?

The serialization segment is projected to grow at the fastest CAGR during the forecast period due to the mandatory implementation of serialization guidelines, supportive anticounterfeiting measures, and high risks of product recalls for medical products.

Which track and trace technology is likely to register the high CAGR?

Based on technology, the RFID segment is projected to grow at the fastest CAGR during the forecast period due to several developments in RFID technology and the growing adoption of RFID in managing product recalls in addition to the anticounterfeiting solution.

Which industry segment is projected to grow lucratively over the forecast period?

Based on industry, pharmaceuticals & biopharmaceuticals are projected to grow at the fastest CAGR over the forecast period. Growing volume of pharma production, patent expirations of biologics and branded drugs, focus of manufacturers on brand protection, and the presence of regulatory bodies controlling the pharma supply chain are collectively expected to increase the adoption of track and trace solutions over the forecast period.

What are the key factors supporting the growth of this market? Also, what are the major opportunities for existing market players and new entrants in the global track and trace solutions market?

The growth of this market is attributed to the implementation of track and trace solutions to comply with global serialization regulations, growing product recalls, and the adoption of various anticounterfeiting measures. Furthermore, the growing manufacturing of generics and over-the-counter (OTCs) medicines and growing medical devices and the MedTech sector are expected to generate opportunities for market growth during the forecast period.

Who are the major players operating in the global track and trace solutions market?

The key players operating in the global track and trace solutions market report are Axway (U.S.), METTLER TOLEDO (Switzerland), Optel Vision Inc (Canada), ANTARES VISION S.p. Antares Vision S.p.A (Italy), ACG (India), Siemens AG (Germany), TraceLink Inc. (U.S.), SEA Vision S.r.l. (U.S.), Zebra Technologies Corporation (U.S.), and Sys-tech solutions, Inc (U.S.).

Which regions/countries are expected to offer significant growth opportunities for the track and trace solutions market vendors?

Emerging economies such as China and India are expected to offer significant growth opportunities for the vendors in this market with accelerated economic growth. India and China are the largest API suppliers and pharmaceutical manufacturing hubs, and the demand for track and trace solutions is increasing in these countries, offering significant market opportunities. "