Press Release

Track & Trace Solutions Market Size to Witness CAGR of 14.9% from 2019 to 2025
October 2020

Track & Trace Solutions Market Size to Witness CAGR of 14.9% from 2019-2025

According to iCognition Insights, the global track & trace solutions market size is estimated to be USD 2,351.0 million in 2019. The market is driven by the adoption of track & trace solutions for efficient packaging & logistics management, continuous transparency, and benefits of product ID verification services enabling hassle-free product movement within the sales channel.

Based on product, the market is categorized into hardware and software. On the basis of technology, the market is segmented into radio frequency identification (RFID) and barcode. By application, the market is categorized into aggregation solutions and serialization solutions. On the basis of end-user, the market is categorized into medical device manufacturers, pharmaceutical companies, and others.

In 2019, North America accounted for the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This is attributed to the presence of advanced medical infrastructure and high adoption of standardized serialization & aggregation protocols in this region. Asia Pacific market is estimated to grow at the fastest growth rate during the forecast period.

Some of the major companies in the track & trace solutions market are Mettler-Toledo International, Inc. (U.S.), Optel Group (Canada), Axway Software (France), Adents International (France), TraceLink, Inc. (U.S.), Siemens AG (Germany), Regolo S.r.l. (Italy), Körber AG (Germany), Systech Corporation (U.S.), and ACG Group (India).

Track & Trace Solutions Market: Key Datapoints-

  • Increasing adoption of track & trace solutions for efficient packaging & logistics management is a major factor propelling the market growth
  • In 2019, the software product segment accounted for the highest revenue share due to its hassle-free implementation in uninterrupted management of production operations, product lines, bundle tracking, shipping, and warehousing
  • The RFID technology segment is projected to grow at a lucrative CAGR during the forecast period owing to growing advancements in technology coupled with booming market for advanced shipping solutions with RFID
  • The serialization segment is accounted for the largest revenue share in 2019 owing to the increasing pressure by regulatory authorities for adoption of standardized labelling, rising importance for patient safety, and safeguarding brand from product deceit
  • The pharmaceutical companiesend-use segment is accounted for the largest revenue share in 2019 owing to the wide adoption of track & trace solutions for organized management of their production line and supply chain, thereby safeguarding their brand value from counterfeiting

Track & Trace Solutions Market Scope-

Track & Trace Solutions Market, By Product (Revenue, 2017-2025, USD Million)

  • Software
    • Bundle Tracking Software
    • Line Controlling Software
    • Plant Manager Software
    • Others
  • Hardware
    • Monitoring & Verification Solutions
    • Printing & Marking Solutions
    • Labelling Solutions
    • Others

Track & Trace Solutions Market, By Technology (Revenue, 2017-2025, USD Million)

  • RFID
  • Barcodes

Track & Trace Solutions Market, By Application (Revenue, 2017-2025, USD Million)

  • Aggregation Solutions
    • Bundle Aggregation
    • Case Aggregation
    • Pallet Aggregation
  • Serialization Solutions
    • Label Serialization
    • Bottle Serialization
    • Carton Serialization
    • Data Matrix Serialization

Track & Trace Solutions Market, By End-User (Revenue, 2017-2025, USD Million)

  • Medical Device Manufacturers
  • Pharmaceutical Companies
  • Others

Track & Trace Solutions Market, By Region (Revenue, 2017-2025, USD Million)

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Spain
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of LATAM
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • Rest of MEA

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Track & Trace Solutions Market