DUBLIN--(BUSINESS WIRE)--The "Track and Trace Solutions Market by Product Type, Technology, Application and End User: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The global track and trace solutions market was valued at $2,034.9 million in 2019, and is projected to reach $6,120.8 million by 2027, registering a CAGR of 14.6% from 2020 to 2027.
Track and trace solution companies assist pharmaceutical and biotechnology companies, medical device companies, contract manufacturing organizations along with contract packaging organizations and their supply chain partners to adapt to market changes and comply with regulations on drug traceability with the integrated serialization solutions.
The growth of the global track and trace solutions market is majorly driven by rise in the adoption of advanced track and trace solutions, favorable government intervention, stringent regulations and criteria for the implementation of serialization, and growth in the number of packaging-related product recalls.
On the contrary, the high cost is required for implementing product identification setups (ground infrastructure). In developing countries such as China and India, government fails to provide ground infrastructure, such as satellite for real time tracking solutions for companies. This high cost setups is sometime not feasible for low cost products, which is anticipated to restrain the market growth during the forecast period.
Depending on product type, the market is segmented into hardware systems and software solutions. The hardware systems market is further categorized into printing & marking solutions, monitoring & verification solutions, labeling solutions, and others. The software solutions market is further classified into plant manager software, line controller software, bundle tracking software, and others. The software solutions segment is expected to register the fastest CAGR during the forecast period due to its mounting adoption in biotechnology, pharmaceutical, and medical device companies to continuously manage manufacturing facilities, product lines, case, and bundle tracking, and warehousing and shipping.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global track and trace solutions market size along with the current trends and future estimations to elucidate the imminent investment pockets
- It offers market analysis from 2020 to 2027, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market
- A comprehensive analysis of the region assists to understand the regional market and facilitate the strategic business planning and determine prevailing opportunities
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global track and trace solutions market growth
Market Dynamics
Drivers
- Rise in the adoption of advanced track and trace solutions
- Favorable government intervention
- Stringent regulations & criteria for the implementation of serialization
Restraint
- High cost of infrastructure setup
Opportunity
- Technological advancement in track and trace solutions
- Impact analysis
Key Players
- METTLER TOLEDO International Inc.
- Axway Software SA
- TraceLink Inc.
- OPTEL GROUP
- Adents International
- Siemens AG
- Seidenader Vision GmbH
- Zebra Technologies Corporation
- Robert Bosch GmbH
- Uhlmann Group
For more information about this report visit https://www.researchandmarkets.com/r/1urn2r
