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Global Track and Trace Solutions Market to reach USD 20.33 billion by the end of 2030

Global Track and Trace Solutions Market Size Study & Forecast, 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 E-commerce, Automobile, Others), and Regional Analysis, 2023-2030

Product Code: HLSHIT-48083569
Publish Date: 20-01-2024
Page: 200

Global Track and Trace Solutions Market is valued at approximately USD 5.52 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 17.7% during the forecast period 2023-2030. Track and trace solutions are technological systems designed to monitor and record the movement of products throughout the supply chain, ensuring transparency and efficiency. These 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 market growth.

In addition, the surge in the number of counterfeit drugs is exhibiting a positive influence on the demand of track and trace solutions across the globe. According to the World Health Organization, approximately 10% of medical products circulating in low- and middle-income countries are either substandard or falsified, with the percentage believed to be higher in sub-Saharan African nations, ranging from 19-50%. This issue is a key driver behind the increasing adoption of track-and-trace solutions among drug manufacturers and other stakeholders. Additionally, in December 2020, Janssen Pharmaceutical, a Johnson & Johnson subsidiary, reported the distribution of counterfeit SYMTUZA (darunavir/cobicistat/emtricitabine/tenofovir alafenamide) to more than three pharmacies in the United States. Janssen is actively collaborating with the US Food and Drug Administration (FDA) to halt further distribution and assist in the agency’s investigation into these reported incidents. Consequently, these factors are poised to contribute significantly to market growth. Moreover, the rise in the trend towards offshore pharmaceutical manufacturing, as well as the increasing number of packaging-related product recalls presents various lucrative opportunities over the forecasting years. However, the lack of common standards for serialization and aggregation, along with the high setup costs for technologies are hindering the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Track and Trace Solutions Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. 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.

Major market players included in this report are:
Laetus GmbH
Systech International Inc.
Zebra Technologies Corporation
International Business Machines (IBM) Corporation
Accenture plc
Siemens S.A.
Honeywell International Inc.
HCL Technologies Limited

Recent Developments in the Market:
Ø In February 2023, DispatchTrack, a leading provider of last-mile delivery solutions, incorporated an innovative track and trace feature into its last-mile platform. This feature is specifically crafted to efficiently capture extensive data, organize it systematically, and present it in a user-friendly manner, allowing end-users to access precisely the information that is required.
Ø In October 2022, Zebra Technologies Corporation introduced an enhanced solution called PartnerConnect, catering to its partners utilizing RFID and Real-time Location Systems (RTLS). This latest offering provides businesses with a competitive advantage by facilitating active tracking and empowering real-time decision-making capabilities.
Ø In August 2022, Systech International Inc. decalred the company’s partnership with Spherity aimed at enhancing the security of pharmaceutical product traceability. Through this partnership, the companies are delivering seamlessly integrable and rapid solutions, by meeting the requirements of the Drug Supply Chain Security Act.

Global Track and Trace Solutions Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Component, Technology, End-user, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Serialization Solutions
Aggregation Solutions

By Component:

By Technology:
Linear Barcode
2D Barcode
Radiofrequency Identification (RFID)

By End-user:
Consumer Durables
Retail and Ecommerce
Electrical and Electronics

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Track and Trace Solutions Market, by Region, 2020-2030 (USD Billion)
1.2.2. Track and Trace Solutions Market, by Type, 2020-2030 (USD Billion)
1.2.3. Track and Trace Solutions Market, by Component, 2020-2030 (USD Billion)
1.2.4. Track and Trace Solutions Market, by Technology, 2020-2030 (USD Billion)
1.2.5. Track and Trace Solutions Market, by End-user, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Track and Trace Solutions Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Track and Trace Solutions Market Dynamics
3.1. Track and Trace Solutions Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Flourishing growth in medical devices and pharmaceutical industries Surge in number of counterfeit drugs
3.1.2. Market Challenges Lack of common standards for serialization and aggregation High setup costs for technologies
3.1.3. Market Opportunities Rise in trend towards in offshore pharmaceutical manufacturing Increasing number of packaging-related product recalls
Chapter 4. Global Track and Trace Solutions Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Track and Trace Solutions Market, by Type
5.1. Market Snapshot
5.2. Global Track and Trace Solutions Market by Type, Performance – Potential Analysis
5.3. Global Track and Trace Solutions Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. Track and Trace Solutions Market, Sub Segment Analysis
5.4.1. Serialization Solutions
5.4.2. Aggregation Solutions
Chapter 6. Global Track and Trace Solutions Market, by Component
6.1. Market Snapshot
6.2. Global Track and Trace Solutions Market by Component, Performance – Potential Analysis
6.3. Global Track and Trace Solutions Market Estimates & Forecasts by Component 2020-2030 (USD Billion)
6.4. Track and Trace Solutions Market, Sub Segment Analysis
6.4.1. Software
6.4.2. Hardware
Chapter 7. Global Track and Trace Solutions Market, by Technology
7.1. Market Snapshot
7.2. Global Track and Trace Solutions Market by Technology, Performance – Potential Analysis
7.3. Global Track and Trace Solutions Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
7.4. Track and Trace Solutions Market, Sub Segment Analysis
7.4.1. Linear Barcode
7.4.2. 2D Barcode
7.4.3. Radiofrequency Identification (RFID)
7.4.4. Others
Chapter 8. Track and Trace Solutions Market, by End-user
8.1. Market Snapshot
8.2. Global Track and Trace Solutions Market by End-user, Performance – Potential Analysis
8.3. Global Track and Trace Solutions Market Estimates & Forecasts by End-user 2020-2030 (USD Billion)
8.4. Track and Trace Solutions Market, Sub Segment Analysis
8.4.1. Pharmaceutical
8.4.2. Consumer Durables
8.4.3. Retail and Ecommerce
8.4.4. Automobile
8.4.5. Electrical and Electronics
8.4.6. Others
Chapter 9. Global Track and Trace Solutions Market, Regional Analysis
9.1. Top Leading Countries
9.2. Top Emerging Countries
9.3. Track and Trace Solutions Market, Regional Market Snapshot
9.4. North America Track and Trace Solutions Market
9.4.1. U.S. Track and Trace Solutions Market Type breakdown estimates & forecasts, 2020-2030 Component breakdown estimates & forecasts, 2020-2030 Technology breakdown estimates & forecasts, 2020-2030 End-user breakdown estimates & forecasts, 2020-2030
9.4.2. Canada Track and Trace Solutions Market
9.5. Europe Track and Trace Solutions Market Snapshot
9.5.1. U.K. Track and Trace Solutions Market
9.5.2. Germany Track and Trace Solutions Market
9.5.3. France Track and Trace Solutions Market
9.5.4. Spain Track and Trace Solutions Market
9.5.5. Italy Track and Trace Solutions Market
9.5.6. Rest of Europe Track and Trace Solutions Market
9.6. Asia-Pacific Track and Trace Solutions Market Snapshot
9.6.1. China Track and Trace Solutions Market
9.6.2. India Track and Trace Solutions Market
9.6.3. Japan Track and Trace Solutions Market
9.6.4. Australia Track and Trace Solutions Market
9.6.5. South Korea Track and Trace Solutions Market
9.6.6. Rest of Asia Pacific Track and Trace Solutions Market
9.7. Latin America Track and Trace Solutions Market Snapshot
9.7.1. Brazil Track and Trace Solutions Market
9.7.2. Mexico Track and Trace Solutions Market
9.8. Middle East & Africa Track and Trace Solutions Market
9.8.1. Saudi Arabia Track and Trace Solutions Market
9.8.2. South Africa Track and Trace Solutions Market
9.8.3. Rest of Middle East & Africa Track and Trace Solutions Market

Chapter 10. Competitive Intelligence
10.1. Key Company SWOT Analysis
10.1.1. Company 1
10.1.2. Company 2
10.1.3. Company 3
10.2. Top Market Strategies
10.3. Company Profiles
10.3.1. METTLER-TOLEDO Inc. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.3.2. Laetus GmbH
10.3.3. Systech International Inc.
10.3.4. Zebra Technologies Corporation
10.3.5. International Business Machines (IBM)Corporation
10.3.6. SAP SE
10.3.7. Accenture plc
10.3.8. Siemens S.A.
10.3.9. Honeywell International Inc.
10.3.10. HCL Technologies Limited
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
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Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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