Top 10 Leading Companies In Track And Trace Solutions Industry
The global track and trace solutions market size is expected to reach USD 9.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 19.0% from 2021 to 2028. The growth is attributed majorly due to the increasing focus of pharmaceutical and biopharmaceutical companies on ensuring brand protection from counterfeit products and theft. The deployment of a track and trace system helps manufacturers enhance distribution channel efficiency and reduces the frequency of counterfeit products.
Furthermore,
the rising adoption of track and trace systems by healthcare manufacturers
would fuel the market growth in the long run.
The introduction of advanced technology, such as RFID, provides fast reading
and delivers high levels of security. However, the deployment cost of
serialization and aggregation methods, as well as the lack of common
regulations and standards, may hamper the market growth in few developing
geographies.
US
CBP and customs of other member countries as well as by the World Customs
Organization reported the seizures of false coronavirus tests and personal
protective equipment for example facemasks and hand sanitizers. For instance,
in May 2020, Smartrac teamed up with SUKU to validate COVID-19 testing kits and
personal protective equipment to permit prompt verification and deliver
end-to-end supply chain transparency. Hence, it is estimated that the market
will witness lucrative growth opportunities due to the COVID-19 outbreak.
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Track And Trace Solutions Market Report
Highlights
·
The software solution was the
largest revenue-generating segment of the market in 2020. This contribution is
mainly because of the regulatory mandates for the execution of serialization
and aggregation in the healthcare sector
·
The serialization solution was
the largest grossing segment in 2020. Increasing application of serialization
in pharmaceuticals and medical devices packaging will be a vital factor
contributing to the growth of the segment
·
The RFID segment is expected to
exhibit the fastest growth rate during the study period. The key factors
attributing to the growth of the segment are technological advantages, such as
high durability and reusability, more data storage capacity, and no requirement
of the line of sight
·
North America dominated the
market in 2020. The rising implementation of regulatory standards and
regulations along with the high adoption rate of track and trace systems by
consumers is anticipated to contribute to the growth of the market in the
region
Key
Companies & Market Share Insights
There are multiple small and large
manufacturers offering products for tracking and tracing applications,
resulting in intense competition among vendors. The vendors are increasing
their focus on strategic partnerships with their consumers and are
collaborating with other players in the sector. For instance, in January 2021,
OPTEL partnered with Bureau Veritas and introduced a V-TRACE traceability
solution for the management of COVID-19 vaccine supply chain logistics.
Furthermore, in June 2020, Zebra Technologies Corp. introduced Zebra Motion
Works Proximity which is featured with proximity sensing at the user level that
permits alerting and contact tracing. This initiative is expected to help the
company to increase its market footprint. Some of the prominent players in the
track and trace solutions market include: Axway, Mettler-Toledo
International, Inc., Optel Vision, TraceLink, Inc., Adents International,
Antares Vision srl, Siemens AG, Seidenader Maschinenbau GmbH, ACG Worldwide,
Systech, Inc.
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