Global Track and Trace Solutions Market Size, Share, Growth Analysis, By End User (Pharmaceutical Companies, Consumer Packaged Goods), By Technology (Barcode, RFID), By Component (Hardware, Software), By Region -Industry Forecast 2025-2032
Report ID:
SQMIG45B2176 |
Region:
Global |
Published Date: December, 2024
Pages:
187
|Tables:
0
|Figures:
0
Track and Trace Solutions Market Insights
Track and Trace Solutions Market size was valued at USD 4.18 Billion in 2023 and is poised to grow from USD 4.99 Billion in 2024 to USD 20.44 Billion by 2032, growing at a CAGR of 19.3% during the forecast period (2025-2032).
Growing emphasis on solving the issue of counterfeiting and imposition of stringent mandates to improve traceability of products are slated to bolster the demand for track and trace solutions over the coming years. Increasing emphasis on improving supply chain visibility and transparency is also slated to create a new business scope for track and trace solution providers going forward. Rapid expansion of the e-commerce industry and rising emphasis on optimizing logistical operations are also estimated to promote the adoption of track and trace solutions in the future. Advancements in tracking and tracing technologies are also forecasted to play a vital role in promoting track and trace solutions market outlook through 2031. However, complexity in integration, dependence on internet connectivity, limited awareness, and high implementation costs are estimated to hurt the demand for track and trace solutions across the study period and beyond.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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Track and Trace Solutions Market Segmental Analysis
The global track and trace solutions market is segmented by component, technology, application, end user, and region. Based on components, the market can be segmented into hardware and software. Based on technology, the market can be segmented into RFID and barcode. Based on application, the market can be segmented into serialization solutions and aggregation solutions. Based on end user, the market is segmented into pharmaceutical companies, medical device companies, healthcare others, food and beverage, consumer packaged goods, luxury goods, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Analysis by End User
Pharmaceutical companies are estimated to account for a major chunk of the global track and trace solutions demand going forward. Growing emphasis on reducing counterfeiting of pharmaceuticals and imposition of stringent regulations to provide proper tracking of pharmaceuticals are helping this segment lead revenue generation. Easy product recalls and easy product authentication are also key applications of track and trace solutions in the pharmaceutical industry going forward. Growing emphasis on improving supply chain visibility in the pharmaceutical industry and rising pharmaceutical manufacturing activity are also expected to bolster the dominance of this segment in the long run.
Meanwhile, the use of track and trace solutions for consumer-packaged goods is projected to increase at an impressive CAGR across the study period. Growing efforts to reduce counterfeiting of products to improve brand image and enhance brand sales are expected to create new opportunities for track and trace solution companies going forward. Clothing, footwear, handbags, watches, OTC products, household products, books, batteries, cigarettes, and video games are some popular consumer products where the use of track and trace solutions is slated to rise through 2031. Moreover, rising consumer awareness regarding product authenticity is also slated to help this segment generate new business scope.
Analysis by TechnologyThe barcode technology segment is forecasted to account for a prominent chunk of the global track and trace solutions market share in the future. Rapidly surging use of 2D barcodes around the world is projected to cement the dominance of this segment over the coming years. High accuracy and efficiency of using barcodes for tracking and tracing applications is forecasted to further boost revenue generation for track and trace solutions companies focusing on this segment. Moreover, the high storage capacity offered by 2D barcodes is also expected to favor their demand over linear barcodes in the long run.
Meanwhile, the demand for RFID (Radio-Frequency IDentification) technology is forecasted to increase at a rapid pace in the future. High durability and reusability of RFID tags is projected to make this a highly opportune segment for track and trace solutions companies over the coming years. Advancements in RFID technologies and their high affordability are also estimated to bolster the adoption of RFID in track and trace solutions going forward. No requirement for line of sight or contact for RFID tag tracking and tracing is another key benefit that helps promote its adoption across the study period.
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Track and Trace Solutions Market Regional Insights
North America is forecasted to emerge as the leader in terms of global real-time location system demand outlook. The presence of stringent serialization and aggregation standards for the healthcare industry in this region supports the dominance of this region going forward. Quick adoption of advanced tracking and tracing technologies and increasing demand for tracking across multiple industry verticals are also cementing the dominance of the North American region. Canada and the United States are slated to be the most opportune markets for track and trace solutions providers operating in this region.
On the other hand, the demand for track and trace solutions in the Asia Pacific region is slated to increase at an impressive pace in the long run. Increasing consumer purchasing power, rapid expansion of e-commerce industry, and growing sales of pharmaceuticals are slated to be key factors driving up the demand for track and trace solutions in the future. Rising efforts to improve supply chain visibility and logistics operations in the Asia Pacific region are also expected to create new business scope for track and trace solutions companies. India and China are estimated to be the leading markets in this region owing to the presence of a massive consumer base in these countries.
- Largest
- Fastest
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Track and Trace Solutions Market Dynamics
Drivers
Increasing Concerns of Counterfeiting
- Use of track and trace solutions allows companies and regulatory bodies to track the product lifecycle and ensure its authenticity as counterfeiting becomes a real issue. This not only enhanced brand security but also improves consumer safety by safeguarding them from counterfeit products that could be harmful for use.
Emphasis on Improving Supply Chain Visibility
- The increasing complexity of supply chains around the world and the need for better supply chain transparency and visibility are also slated to benefit track and trace solutions market outlook going forward. Track and trace solutions enable real-time monitoring and enhanced control, addressing the need for seamless inventory and shipment tracking to improve supply chain visibility.
Restraints
Dependence on Internet Connectivity
- Most track and trace solutions rely heavily on internet connectivity. However, lack of proper internet infrastructure in developing countries and poor internet connectivity in remote areas are expected to slow down the global track and trace solutions market growth potential in the long run.
Complexity in Integration
- Integrating track and trace solutions with existing infrastructure is projected to be a highly complex feat owing to the lack of standardization in supply chains and the absence of interoperability as well. This complexity in integration is forecasted to impede the global demand for track and trace solutions over the coming years.
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Track and Trace Solutions Market Competitive Landscape
Track and trace solution companies should focus on expanding their business scope across multiple industry verticals in the future. Integration of advanced connectivity technologies to improve the scope of track and trace solutions is also expected to present new opportunities for companies. The healthcare industry is estimated to emerge as the most opportune industry vertical for track and trace solution providers in the long run.
Top Player’s Company Profiles
- Axway
- Mettler-Toledo International, Inc.
- Optel Vision
- TraceLink, Inc.
- Adents
- Antares Vision S.r.l
- Siemens AG
- Korber AG
- ACG Worldwide
- Markem Imaje, a Dover Company
Recent Developments
- In June 2024, Dialog Axiata, a leading telecommunications company from Sri Lanka announced the launch of a new 4G tracking solution for vehicle fleet monitoring. The new solution uses a 4G network to provide data-based monitoring features.
- In November 2024, Carrier Transicold and Net Feasa, an innovator in digital supply chain solutions collaborated to launch a new dry container telematics system for asset monitoring. IoTPASS is bringing Carrier’s expertise in refrigerated container tracking to dry containers as well.
- In July 2022, Authena, a new company from Switzerland focused on product authentication announced the launch of its new tracking solution for supply chains at the CES 2022 event. Authena L1VE tracking solution uses customizable tags on a blockchain network to improve tracking and visibility.
Track and Trace Solutions Key Market Trends
- Integration of Blockchain Technology: Track and trace solution providers should focus on integrating blockchain technology with their offerings to maximize their business scope in the long run. Improved supply chain visibility, combats counterfeiting, and ensure data integrity are some key benefits offered by blockchain technology for track and trace solutions.
- Rise in Adoption of Serialization: Track and trace solution companies can capitalize on the growing demand for serialization around the world as it becomes a key identifier for several products across multiple industry verticals. Rising use of serialization to comply with regulations and traceability norms is also expected to bolster the demand for track and trace solutions in the long run.
Track and Trace Solutions Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing demand for asset tracking around the world and rising emphasis on improving supply chain visibility are forecasted to drive up the demand for track and trace solutions over the coming years. On the contrary, complexity in integration and dependence on internet connectivity are forecasted to hurt the adoption of track and trace solutions in the future. North America is estimated to lead the global track and trace solutions market forecast owing to the presence of stringent mandates for tracking and tracing in the healthcare industry. Use of blockchain technology is expected to present highly rewarding opportunities for track and trace solutions companies in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.5 Billion |
| Market size value in 2031 | USD 17.13 Billion |
| Growth Rate | 19.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Track and Trace Solutions Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Track and Trace Solutions Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Track and Trace Solutions Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Track and Trace Solutions Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Track and Trace Solutions Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Track and Trace Solutions Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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