According to the latest research study, the report predicts the global size & share of Track and Trace Solutions Market to reach around USD 9.33 Billion by 2028 from USD 2.51 Billion in 2020. The global Track and Trace Solutions Market is anticipated to register a significant CAGR of 18.9% by 2028.
Track and trace is the procedure of recognizing the past and prevalent location of objects. Therefore, status can be observed all through the total supply chain. Even after the delivery, the transport process can still be recalled. There are many technologies used in the tracking and tracing process. Parcels can be tracked and traced through a barcode read by a scanner each time the property changes location. RFID works based on a transponder, a data carrier with an antenna, and data can be read without touch and visual contact.
Real-time location systems include GPS, mobile phone tracking, and Bluetooth. The applicability of the technologies varies, depending on the area of application. GPS stands for global positioning system and is a system of satellite navigation that authorizes worldwide positioning. Through the exchange through 3-4 satellite that gives out radio signals that are coded, the position can be decided up to a significant number of meters precisely. In this system, the delivery can not only be traced but also be safeguarded against stealing.
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· 2021 improvised report introduction, outline, and comprehensive, in-depth industry analysis
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· 175+ pages research report
· Involves renovated regional inspection with a graphical depiction of size, share, and trends
· The report provides the topmost market players with their business strategy, sales volume, and revenue analysis
Key Offerings
· Market size and forecast by revenue (2021-2028)
· Market dynamics – restraints, prime trends, investment opportunities, and growth drivers
· Market segmentation – A detailed analysis by product, technology, application, end-use, and region
· Competitive analysis – most essential and crucial sellers
Important Questions Being Answered by The Market Report
· What is the market size?
· Which kind of product is dominated by the type of the product segment?
· Which is the dominant application segment for the global track and trace solutions market?
· Who are the key players operating the global track and trace solution market?
· What is the leading type of technology segment?
Top Market Players
· OPTEL GROUP
· Mettler-Toledo International Inc.
· Systech International Inc.
· TraceLink Inc.
· Antares Vision
· SAP
· Xyntek Inc.
· SEA Vision Srl
· Syntegon
· Körber Medipak Systems AG
· Siemens AG
· Uhlmann Group
· JEKSON VISION
· Videojet Technologies Inc.
· Zebra Technologies Corporation
· Axway Inc.
· ACG Worldwide
· Laetus GmbH
· WIPOTEC-OCS
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Track And Trace Solutions Market: Growth Leading Factors
There is an escalation in the acquisition of advanced track and trace solutions, favorable government intervention, and strict regulation and basis for the application of serialization. Pharmaceutical companies are anticipating legislation on the anti-replication and traceability of drugs worldwide. Many governments globally choose the execution of serialization directives. There is a growth in compliance that is regulatory for serialization, which is acting as a concentrated area for pharmaceutical manufacturers and partners of the supply chain.
An aggregation is an approach that includes codes of higher level, which are on the exterior of packs and pallets that identify end-user level products within. There can be innumerable aggregations in some cases, depending on the distribution stage. The collection makes it easy for supply chain companies to obtain additional information in context to contents of the consignment removing the individual accounting for each pack. The scheme of track and trace might be furthered by gauging and monitoring the vehicle position and containers with the property of interest retained.
Due to the covid-19 pandemic, digitization has been accelerated, and thereby the utilization of RFID technology in the healthcare sector grew in 2020. These technologies are being utilized in tracking and validating diagnostic kits, vaccines, and alternative devices. With the advancement of the covid-19 vaccine and several treatments and diagnostic gadgets and instruments to restrict the pandemic, the probability of copied drugs and diagnostic devices grew globally, which influenced the pharmacy automation market. Such occurrences are anticipated to drive the acquisition of track and trace solutions.
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Track And Trace Solutions Market: Key Segmentation
· Insight by product, technology, application, end-use, and region
The track and trace solutions market is divided into hardware and software based on the product. The software solution aims to register the fastest growth because of its scaling acquisition in biotechnology, medical device companies, and pharmaceuticals to endlessly handle manufacturing facilities, case and bundle tracking, products lines, and warehousing and shipping. Dependent on technology, the market is segmented into bar code and radio frequency identification. The RFID segment is anticipated to showcase a substantial market viewpoint in the next few years because of the rise in the application of biotechnology and pharmaceutical companies and hospitals. Based on application, the market is segmented into serialization and aggregation solutions. By end-use, the pharmaceutical and biotechnology companies segment saw the predominance because of change in the number of fake drugs, especially in developing countries, and strict regulations.
By region, North America will dominate the market because of acquiring track and trace solutions by pharmaceuticals and biopharma companies. The reason for its domination is the strict laws charged by the government for serialization and labeling of goods. In the Asia Pacific region, China dominates due to the growing number of sites of offshore production and robust attendance of market players of track and trace solutions of the area.
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The market predominantly depends on the product, technology, application, end-use, and region
Track and Trace Solutions Market: By Product
- Hardware
- Printing & Marking
- Monitoring & Verification
- Labeling
- Others
- Software
- Plant manager
- Line controller
- Bundle tracking
- Others
Track and Trace Solutions Market: By Technology
- Barcodes
- RFID
Track and Trace Solutions Market: By Application
- Serialization
- Bottle
- Label
- Carton
- Data matrix
- Aggregation
- Case
- Bundle
- Pallet
Track and Trace Solutions Market: By End-Use
- Pharmaceutical & biopharmaceutical Companies
- Medical device companies
- Healthcare
- Food & Beverage
- Consumer goods
- Luxury goods
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