With the emergence and long-term Impact of COVID-19, Global Track and Trace Solutions Market to reach USD 20.33 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Track and Trace Solutions Market points towards a potential rise to USD 20.33 Billion by 2030. Track and trace solutions are technological systems designed to monitor and record the movement of products throughout the supply chain, ensuring transparency and efficiency. Track and trace solutions utilize technologies such as barcodes, RFID, and QR codes that facilitate real-time monitoring and updates on the location of products, offering a comprehensive supply chain history from storage to end customers.
The increasing demand for transparent and traceable goods transfer is anticipated to propel market growth. Also, the rising emphasis on the implementation of serialization, high growth in generic and OTC Markets, remote authentication of products, and flourishing growth in the medical devices and pharmaceutical industries are the key driving factors for the global Track and trace solutions market growth.
Geographically, the global Track and Trace Solutions market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the substantial investments in advanced technologies, coupled with the high availability of counterfeit drugs and medicines available in the regional market. Also, the prominent presence of leading companies in diverse sectors such as retail, e-commerce, automobiles, pharmaceuticals, and so on.
Companies in the region are prioritizing swift deliveries to meet customer demands, leading to investments in real-time tracking and tracing solutions. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. The stringent regulations related to serialization, exponential growth of the medical devices market, as well as growing population in key countries such as China and India are a major catalyst for the demand for solutions to effectively manage and monitor products throughout their lifecycle.
China is expected to hold most of the market as the leading supplier of electrical and electronic components, retail, and e-commerce chains, and so on. Likewise, in the Indian track and trace solution market, the rapid growth of pharmaceutical companies and other industries is expected to create future opportunities. For instance, DHL Logistics plans to provide over 10,000 cargos with tracking and tracing capabilities by 2025.
The global Track and Trace Solutions market is highly competitive owing to the presence of several key players such as Mettler-Toledo Inc. Laetus GmbH Systech International Inc. Zebra Technologies Corporation International Business Machines (IBM) Corporation SAP SE Accenture plc Siemens S.A. Honeywell International Inc. HCL Technologies Limited, and others.
For further analysis on this or to request a sample copy of this report, please click the link mentioned below:
Key findings of the study suggest:
- Global Track and Trace Solutions Market is anticipated to grow with a healthy growth rate of more than 17.7% over the forecast period 2023-2030.
- In the Type, Serialization Solutions emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the substantial investments in advanced technologies, coupled with the high availability of counterfeit drugs and medicines available in the regional market. Also, the prominent presence of leading companies in diverse sectors such as retail, e-commerce, automobiles, pharmaceuticals, and so on. Companies in the region are prioritizing swift deliveries to meet customer demands, leading to investments in real-time tracking and tracing solutions.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Type:
- Serialization Solutions
- Aggregation Solutions
By Component:
- Software
- Hardware
By Technology:
- Linear Barcode
- 2D Barcode
- Radiofrequency Identification (RFID)
- Others
By End-user:
- Pharmaceutical
- Consumer Durables
- Retail and Ecommerce
- Automobile
- Electrical and Electronics
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
To get a sample of this report or to purchase a copy of the study, you can directly contact us at: sales@bizwitresearch.com
About Us
Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
Contact US
Global Business Development
Phone: +1 209 498-3066
Email: Sales@bizwitresearch.com
Website: www.bizwitresearch.com
