Stringent Regulations & Criteria for the Implementation of Serialization is driving the market for Track and trace solutions over the forecast period.

According to a new market research study titled ‘Track and Trace Solutions Market - Global Analysis and Forecasts by Component, Technology, Application, and End User. The Global Track and Trace Solutions Market is expected to reach US$ 6,049.0 Mn in 2027 from US$ 1,728.3 in 2018. The market is estimated to grow with a CAGR of 15.3% from 2019-2027. The report highlights the trends prevalent in the global track and trace solutions market and the factors driving the market along with those that act as deterrents to its growth.

The track and trace solutions market by component is segmented into hardware and software. In 2018, the software segment held a largest market share of 57.2% of the track and trace solutions market, by component. The software segment is expected to dominate its market share in 2027 owing to the advantages offered such as reduced administration and increased confidence for quality events. Moreover, the software segment is anticipated to witness the fastest growth rate during the forecast period, 2019 to 2027.

Stringent regulations & criteria for the implementation of serialization, increase in the number of packaging-related product recalls, and rising focus of manufacturers on brand protection. However, the factors such as high cost of products & implementation and shortage of skilled operators are likely to impact the growth of the market in the forecast period.

Some of the players operating in track and trace solutions market are, OPTEL GROUP, Axway, Körber Medipak Systems AG, ZIH Corp., Siemens AG, TraceLink, Antares Vision, RFXCEL CORP., SEA VISION S.r.l., and Adents among others. The market players have been establishing acquisitions and collaborations in the market, which enables them to hold a strong position in the market. For instance, in May 2019, OPTEL GROUP entered into an agreement with Nelipak Healthcare Packaging, a full-service global provider of custom thermoformed packaging in the field of medical devices and pharmaceuticals. The strategy would be used to explore commercial opportunities to bring a new seal inspection technology to the medical device market. The developments performed by the companies are helping the market to grow in the coming years.

Global Track and Trace Solutions Market, By Regions, 2018 (%)

Source: The Insight Partners Analysis

The report segments the global track and trace solutions market as follows:

Global Track and Trace Solutions Market - By Component
Plant Manager
Line Controller
Enterprise & Network Manager
Bundle Tracking
Case Tracking
Pallet Tracking
Printing & Marking
Barcode Scanners
RFID Readers

Global Track and Trace Solutions Market - By Technology
RFID (Radio-Frequency Identification)
Global Track and Trace Solutions Market - By Application
Serialization Solutions
Carton Serialization
Bottle Serialization
Medical Device Serialization
Blister Serialization
Vials & Ampoules Serialization
Aggregation Solutions
Case Aggregation
Pallet Aggregation
Bundle Aggregation
Tracking, Tracing, & Reporting Solutions
Global Track and Trace Solutions Market - By End User
Pharmaceutical Industry
Medical Devices Industry
Global Track and Trace Solutions Market - By Geography
North America
Asia Pacific (APAC)
South Korea
Middle East & Africa (MEA)
South Africa
Saudi Arabia
South & Central America (SCAM)