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DUBLIN--(BUSINESS WIRE)--Nov 2, 2022--
The "Global Track and Trace Solutions Market by Product (Hardware, Software, Standalone Platforms), Application (Serialization, Aggregation, Reporting), Technology (2D Barcode, RFID) End-user (Pharma, Food, Medical Devices, Cosmetics), and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global track and trace solutions market is expected to reach USD 8.6 billion from USD 4.8 billion in 2022, at a CAGR of 11.6% during the forecast period. The major factors contributing to the growth of this market include the increasing regulatory burden on end-user segments for the implementation of serialization solutions and increasing awareness on brand protection. On the other hand, huge set up costs that require high upfront capital investments is expected to limit the market growth to some extent.
The software solutions segment accounted for the largest share in the track and trace solutions market
In 2021, the software solutions segment accounted for the largest share of 60.6% of the track and trace solutions market. The major factor contributing to the growth of this market includes growing awareness about the counterfeit products in the market that necessitates the implementation of track and trace solutions. However, standalone platforms segment are expected to grow a highest CAGR of 15.3% during the forecast period owing to the increase in the demand for these platforms that reduce implementation timeframe and provide end-to-end traceability.
Serialization solutions segment is expected to witness the fastest growth in the forecast period
In 2021, serialization solutions segment account for the largest share of 62.3% of the applications market. This segment is also expected to witness the highest growth rate of 12.08% during the forecast period. The major factor contributing to the growth of this segment include high regulatory burden on the end-user segments to implement serialization solutions in order to prevent the entry of counterfeit products in the supply chain.
2D barcode technology account for the largest share in the track and trace solutions market
In 2021, 2D barcodes accounted for the largest share of 75.8% of the technology market. The major factor contributing to the growth of this segment include the growing adoption of 2D barcodes technology in the end-user segments owing to its large data storage capacity. However, RFID segment is expected to witness the highest CAGR of 13.2% due to its growing demand for automating pharmaceutical distribution systems and improving product visibility.
Pharmaceutical and biopharmaceutical companies are expected to witness highest growth rate in track and trace solutions market in 2021
In 2021, the pharmaceutical and biopharmaceutical companies accounted for the largest share of 52.9% of the global track and trace solutions market. This is because of high drug counterfeiting activity in the pharmaceutical industry and hence, being a highly regulated market, the adoption of track and trace solutions is more than other end-user segments.
North America accounted for the largest share of the track and trace solutions market in 2021
In 2021, North America accounted for the largest share of 38.7% of the global track and trace solutions market. The growth for this region was majorly driven by the presence of large pool of pharmaceutical and biotechnology, stringent regulatory environment and increasing adoption of track and trace solutions by the end-user segments for brand protection.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Insights
7 Track and Trace Solutions Market, by Product
8 Track and Trace Solutions Market, by Application
9 Track and Trace Solutions Market, by Technology
10 Track and Trace Solutions Market, by End-user
11 Track and Trace Solutions Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
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KEYWORD:
INDUSTRY KEYWORD: HARDWARE LOGISTICS/SUPPLY CHAIN MANAGEMENT TRANSPORT TECHNOLOGY SOFTWARE
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/02/2022 09:26 AM/DISC: 11/02/2022 09:26 AM
http://www.businesswire.com/news/home/20221102005653/en