Track & Trace Solutions Market Share Report | 2023-2028

Track & Trace Solutions Market Size and Forecast to 2028 - Global Analysis by Component (Hardware and Software), Enterprise Size (SMEs and Large Enterprise), Application (Serialization and Aggregation), and Industry (Pharmaceutical, Medical Devices, Consumer Goods, Food & Beverages, and Others)

Publication Month : Jun 2023

  • Report Code : TIPHE100000989
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 226
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[Research Report] The track & trace solutions market size was valued at US$ 6,855.2 million in 2022 and is projected to reach US$ 16,553.8 million by 2028; it is estimated to register a CAGR of 15.9% from 2023 to 2028.

Analyst’s ViewPoint

Track & trace solution aims to support compliance regulations across geographies. Once adopted, it provides a comprehensive knowledge-rich environment that enables pharmaceutical companies to easily steer through Track & Trace compliance mandates, manage recalls better, and increase the overall efficiency of the manufacturing process. Stringent regulations and criteria for implementation of serialization and increasing number of packaging-related product recalls are the most impacting factors responsible for influential growth of the track & trace solutions market. Additionally, growth in offshore pharmaceutical manufacturing offers lucrative market opportunity for the overall market to grow exponentially during the forecast period. Further, continuous technological advancement acts as a future trend for the market to grow during 2023–2028. According to the segmentation profiled in the report, based on component segment, software accounts a larger share; likewise, SMEs dominate the market recording maximum share based on enterprise. Furthermore, by application, the serialization segment will account considerable share for the track & trace solution during the forecast period. In terms of end user, the pharmaceutical segment will dominate the market growth during the forecast period.

Track & trace system helps automate the process of collecting and recording information about goods tracing origin and status throughout the supply chain. For example, utilizing track & trace in production, each tracking object (raw material or finished product) will be assigned a separate barcode and stored in the database efficient for tracking logistics mobility.

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Track & Trace Solutions Market: Strategic Insights

Market Size Value inUS$ 6,855.2 million in 2022
Market Size Value byUS$ 16,553.8 million by 2028
Growth rateCAGR of 15.9% from 2023 to 2028
Forecast Period2023-2028
Base Year2022
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Market Insights

Stringent Regulations and Criteria for Implementation of Serialization

Globally, pharmaceutical companies are adhering to the regulatory compliance for serialization to ensure anti-counterfeiting and traceability of drugs. Most developed and developing economies have either already laid out the regulatory roadmap for serialization or are in the process of doing so. A few examples of government regulations mandating the serialization of medical products include:

In the US, the Drug Supply Chain Security Act (DSCSA) started in 2013. The DSCSA defines the requirements for an interoperable electronic system to identify and trace pharmaceutical products throughout their distribution in the country. As part of the requirements, pharmaceutical products must be marked with a National Drug Code (NDC), serial number, lot number, and expiration date. The entire supply chain is expected to be electronically integrated, and all nodes of traceability are to be established by November 2023. The Food and Drug Administration (FDA) mandates manufacturers to track specific devices through the entire distribution chain when and if they receive an order from the FDA to implement a tracking system. These devices could belong to Class I, II, or III.

The European Union (EU) has followed suit with a compliance requirement by enacting the Falsified Medicines Directive (FMD). Unit-level serialization and dispenser authentication have been mandated.

Component-Based Insights

Based on component, the track & trace solutions market is bifurcated into hardware and software. The software segment held a larger market share of track & trace solution in 2022 and is anticipated to register a higher CAGR during the forecast period (2023–2028). Hardware is an essential component in Track & Trace solutions for pharmaceuticals, consumer goods, medical devices, and other products. The most significant advantage of asset-tracking hardware is it assists in minimizing the loss of an enterprise-critical asset. Incorporating asset-tracking hardware into an asset, then integrating it with the accompanying asset-tracking IoT software provides real-time location information of the asset.

Likewise, track & trace software is used for various purposes and offers complete management of the entire serialization and aggregation process. The solutions provide flexibility, whether they have a single line with limited connectivity or require software for monitoring all processes across multiple production lines. The software delivers all necessary documentation and information to meet compliance. The track & trace software are used for pharmaceuticals, production, food & beverage, and seafood. Rfxcel Corp.; METTLER TOLEDO; and JDA Software Group, Inc are among the companies that offer Track & Trace software. The software provides benefits such as reduced administration and increased confidence for quality events, faster containment of quality events with a broader purview of exposed products, and protection of customers and brand image.

Enterprise Size-Based Insights

Based on enterprise size, the global track & trace solutions market is bifurcated into SMEs and large enterprises. The large enterprises segment accounted a larger market share for track & trace in 2022. The SMEs segment is expected to grow at a higher CAGR during the forecast period.

Application-Based Insights

In terms of application, the track & trace solutions market is categorized into serialization and aggregation. The serialization segment held a larger market share in 2022, and it is expected to register a higher CAGR during the forecast period.

Track & Trace Solutions Market, by Component – 2022 and 2028

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Industry Insights

Based on industry, the track & trace solutions market is divided into pharmaceutical, medical device, consumer goods, food & beverages, and others. The pharmaceutical segment held the largest market share in 2022 and is expected to register the highest CAGR in the market during the forecast period (2023–2028).

Regional Analysis

North America dominated the track & trace solutions market accounting maximum share. The market growth in this region is attributed due to the presence of large players launching innovative products (particularly related to track & trace), growing product introduction in the region, and technological advancements in track & trace solution. In North America, the US records maximum share for the track & trace solution. In the US, batch-level tracking has been mandatory since 2015, with package-level serialization obligatory since 2017. According to the Drug Supply Chain Security Act (DSCSA) report, the unit-level traceability of the supply chain is expected to be done in the US by 2023.

According to the US FDA report, food traceability comprises the movement of food products and their ingredients at every step in the supply chain. Therefore, the US market highly adopts track & trace through the FDA Food Safety Modernization Act (FSMA), addressing rapid and effective tracking and tracking of the food. Also, FSMA section 204, "Enhancing Tracking and Tracing of Food and Recordkeeping" instructs the FDA to develop additional record-keeping requirements for certain food products. Therefore, Food Traceability Final Rule establishes a standardized approach for traceability recordkeeping, adopting, harmonizing, and leverage digital traceability systems in the US for food & beverages sector.

ACG, Axway Software SA, Antares Vision SPA, Markem-Imaje AG, Mettler-Toledo International Inc, Optel Group, SEA Vision Grp, Siemens AG, TraceLink Inc, and Zebra Technologies Corp are among the leading players operating in the global track & trace solutions market growth. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. A few developments are mentioned below:

In October 2022, Zebra Technologies Corporation announced the new PartnerConnect Location and Tracking Specialization for partners focused on selling RFID and real-time location systems (RTLS). Developed as a strategic component of Zebra’s award-winning PartnerConnect program, the new Location and Tracking Specialization provides resellers with the tools they need to drive RFID and RTLS sales and help businesses successfully deploy these solutions for transformational business benefits.

In June 2022, Zebra Technologies Corporation announced to have completed the acquisition of Matrox Imaging (Matrox Electronic Systems Ltd.), a proven developer of advanced machine vision components, software, and systems. This acquisition further expands Zebra’s offerings in the fast-growing automation and vision technology solution space following the launch of its fixed industrial scanning and machine vision portfolio and recent acquisitions of Adaptive Vision and Fetch Robotics.

Company Profiles

  • ACG          
  • Axway Software SA         
  • Antares Vision SPA          
  • Markem-Imaje AG          
  • Mettler-Toledo International Inc   
  • Optel Group         
  • SEA Vision Grp     
  • Siemens AG         
  • TraceLink Inc        
  • Zebra Technologies Corp.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component, Enterprise Size, Application, and Industry

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What is the market CAGR value of Track & Trace Solutions during forecast period?

The CAGR value of the Track & Trace Solutions during the forecasted period of 2023-2028 is 15.9%.

Which are the top companies that hold the market share in Track & Trace Solutions?

Axway and ANTARES VISION S.p.A. are the top two companies that hold huge market shares in the Track & Trace Solutions.

What is Track & Trace Solutions?

Track and trace solution aims to support compliance regulations across geographies. Once adopted, it provides a comprehensive knowledge-rich environment that enables pharmaceutical companies to easily steer through track and trace compliance mandates, manages recalls better, and increases the overall efficiency of the manufacturing process. Further, a track and trace solution offer numerous benefits involving purchase order numbers, container numbers, bill of lading numbers, customer information, item counts, weight, status and delivery date, freight charges, and many more.

What are the driving factors for the Track & Trace Solutions across the globe?

Key factors that are driving the growth of this market are increase in stringent regulations and criteria for implementation of serialization and increasing number of packaging-related product recalls to boost the market growth for the Track & Trace Solutions over the years.

Which component segment leads the Track & Trace Solutions?

Software segment held the largest share of the market in the Track & Trace Solutions and held the largest market share in 2022.

Which application held the largest share in the Track & Trace Solutions?

The serialization solution segment dominated the Track & Trace Solutions and held the largest market share in 2022.

Who are the key players in the Track & Trace Solutions?

The Track & Trace Solutions majorly consists of the players such ACG, Axway Software SA, Antares Vision SPA, Markem-Imaje AG, Mettler-Toledo International Inc, Optel Group, SEA Vision Grp, Siemens AG, TraceLink Inc, Zebra Technologies Corp, and among others. .

The List of Companies - Track and Trace Solutions Market

  1. ACG
  2. Axway Software SA
  3. Antares Vision SPA
  4. Markem-Imaje AG
  5. Mettler-Toledo International Inc
  6. Optel Group
  7. SEA Vision Grp
  8. Siemens AG
  9. TraceLink Inc
  10. Zebra Technologies Corp

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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