Pune, India, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The global track and trace solution market size was assessed at USD 5.52 billion in 2022 and the market is projected to grow from USD 6.42 billion in 2023 to USD 20.10 billion by 2030, exhibiting a CAGR of 17.7% during the 2023-2030 period. The rising adoption of blockchain technology in supply chains and growing sales of counterfeit and fake products have boosted the adoption of such solutions, thus driving market expansion. This information is provided by Fortune Business Insights, in its report titled, "Track and Trace Solution Market Forecast, 2023-2030."
Key Industry Development:
September 2022: Trinidad and Tobago Postal Corporation introduced a track and trace solution for the courier packaging sector to enhance service efficiency and customer convenience.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 17.7% |
| 2030 Value Projection | USD 20.10 Billion |
| Base Year | 2021 |
| Track and Trace Solution Market Size in 2022 | USD 5.52 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Component, Technology, Type End-user and Geography |
| Track and Trace Solution Market Growth Drivers | Growing Adoption of Blockchain Technology in Supply Chains to Aid Market |
Key Takeaways
- Blockchain technology is gaining significant traction with its increasing applications across industries.
- Increasing instances of counterfeiting and delivery of duplicate or illegal products is surging the demand for safe and secure supply chain solutions.
- Track and Trace Solution Market Size in North America was USD 1.96 Billion in 2022
- By Component Analysis: Need for Continuous Data Flow to Boost Track and Trace Software Share
- North America is likely to hold the largest revenue share during the forecast 2023-2030
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Drivers and Restraints:
- Growing Adoption of Blockchain Technology in Supply Chains to Aid Market Augmentation
- Increasing application of blockchain technology in several industries to provide visibility and traceability of products across networks is a key factor driving the track and trace solution market growth.
- Moreover, the growing adoption of blockchain technology in food & beverage sector will generate opportunities for integration of track and trace solutions.
- Other end-use industries can also significantly gain benefits by integrating blockchain technology.
- On the other hand, high implementation and installation costs and separate licensing costs associated with the adoption of these solutions will pose as challenges for businesses operating in this domain.
Segments:
Software Segment to Lead Due to Advantages Offered by Track and Trace Solutions
Based on component, the market is bifurcated into software and hardware. Among these, the software segment accounted for the largest share in the global market in 2022 due to real-time communication feature offered by the solution. Moreover, with the serial number assigned to the product, the software can trace its entire lifecycle from the manufacturer to the consumer. These advantages of the solution will propel growth of the software segment.
2D Barcode Segment to Dominate Backed by its Convenience in Tracing
As per technology, the market is split into linear barcode, 2D barcode, Radiofrequency Identification (RFID), and others. The 2D barcode segment is anticipated to hold a major share in the market due to its capability to store more information as compared to linear barcodes. This enhances convenience in tracing and helps in transferring more data, thus tracking products in large batches.
Serialization Solutions Segment to Capture Major Share Due to Their Increasing Adoption
According to type, the market is divided into serialization solutions and aggregation solutions. Among these, the serialization solutions segment held majority of the market share in the recent past. These solutions assign a unique number to the product, which helps suppliers and manufacturers to keep track of the product's efficiently by batches. The use of serialization solutions by businesses in re-engagement marketing strategy to boost loyal customers will also attribute to the growth of this segment.
Pharmaceutical Segment to Hold Substantial Share Stoked by Surging Demand for Medicines
Speaking of end-user, the market is fragmented into pharmaceutical, consumer durables, retail and ecommerce, automobile, electrical and electronics, and others. Among these, the pharmaceutical segment is expected to hold the largest share owing to rising demand for medicines due to growing population and rising health complexities. Additionally, the increasing risk of health issues due to counterfeit drugs is boosting market growth.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Regional Insights:
North America to Dominate Backed by Growing Demand from Industry Leaders in End-use Industries
North America held majority of the track and trace solution market share in 2022 owing to the presence of leading companies in end-use sectors such as automobiles, pharmaceuticals, and retail & ecommerce. The U.S. will dominate the market in this region due to growing investments in advanced technologies and increasing focus of players on offering quick deliveries to consumers.
Meanwhile, the Asia Pacific market is projected to expand rapidly in the coming years due to increasing population in major economies such as India and China and the growing need for solutions to manage and monitor the product through its lifecycle. Increasing number of pharmaceutical companies in India will also contribute to market proliferation in this region.
The Europe market is predicted to expand substantially in the coming years due to increasing implementation of regulations to control the sales of fake or counterfeit products. Moreover, surging demand for track and trace solutions from the automobile sector to track cargo suppliers and car deliveries will propel market expansion in this region.
Competitive Landscape:
Partnerships Among Industry Leaders to Propel Market Augmentation
Leading players often participate in tactical moves, such as mergers & acquisitions, collaborations, and partnerships, to boost market proliferation. One such move is partnering with other prominent companies to expand product portfolio. For instance, in July 2021, Mettler-Toledo International Inc. announced its decision to partner with product cloud specialist, EVRYTHNG to offer traceability for the food industry. The solution provided by the companies offers full visibility of packaging issues, which aids in improving the value chain in real-time.
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List of Key Players Mentioned in the Report:
• METTLER-TOLEDO (U.S.)
• Laetus GmbH (Germany)
• Systech International Inc. (U.K.)
• Zebra Technologies Corporation (U.S.)
• IBM Corporation (U.S.)
• SAP SE (Germany)
• Accenture plc (Ireland)
• Siemens S.A. (Spain)
• Honeywell International Inc. (U.S.)
• HCL Technologies (India)
Major Table of Contents:
- Global Track and Trace Solution Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Component (USD)
- Software
- Hardware
- By Technology (USD)
- Linear Barcode
- 2D Barcode
- Radiofrequency Identification
- Others
- By Type (USD)
- Serialization Solutions
- Aggregation Solutions
- By End User (USD)
- Pharmaceutical
- Consumer Durables
- Retail and Ecommerce
- Automobile
- Electrical and Electronics
- Others
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Track and Trace Solution Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Component (USD)
- Software
- Hardware
- By Technology (USD)
- Linear Barcode
- 2D Barcode
- Radiofrequency Identification
- Others
- By Type (USD)
- Serialization Solutions
- Aggregation Solutions
- By End User (USD)
- Pharmaceutical
- Consumer Durables
- Retail and Ecommerce
- Automobile
- Electrical and Electronics
- Others
- By Country (USD)
- United States
- Canada
- Mexico
- South America Track and Trace Solution Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Component (USD)
- Software
- Hardware
- By Technology (USD)
- Linear Barcode
- 2D Barcode
- Radiofrequency Identification
- Others
- By Type (USD)
- Serialization Solutions
- Aggregation Solutions
- By End User (USD)
- Pharmaceutical
- Consumer Durables
- Retail and Ecommerce
- Automobile
- Electrical and Electronics
- Others
FAQ's
What is the growth rate of global track and trace solutions market?
The global track and trace solutions market is expected to expanding at a CAGR of 17.7% over the forecast period 2023 to 2030.
What is market size of track and trace solutions market?
The Track and Trace Solutions Market Size is USD 5.52 billion in 2022.
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