According to the latest report from TechNavio, the emergence of analytics systems in this market is expected to significantly affect market growth. Analytics help organizations make informed decisions based on real-time data. These systems can also facilitate the tracking of food products in all phases of production, processing, packaging and distribution.
“Big players like IBM have come up with systems that help food distributors, retailers and health officials predict which food products are most likely to be contaminated, and speed up the investigation of an outbreak of any food-borne disease,” says Faisal Ghaus, Vice President of TechNavio.
The market is also expected to witness the strongest growth from the APAC region. The increasing demand for food products, dairy products and packaged food in this region will help the market flourish in the coming years.
“The growth of SMEs in emerging regions will also increase the adoption of food traceability systems, thus positively impacting the CAGR of this market,” says Ghaus.
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TechNavio is a leading global technology research and advisory company.
Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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