Track & Trace Solutions Market Analysis by Product, by Technology, by Application, by End-Users, and by Region - Global Forecast to 2029

The global track & trace solutions market size is estimated to be USD 2,951.10 million in 2021 and is expected to witness a CAGR of 14.99% during the forecast period. The market is driven by the adoption of these solutions for efficient packaging & logistics management, continuous transparency, and product ID verification services enabling hassle-free product movement within the sales channel. Factors such as drug forging, stringent regulations, and rising number of downline vendors are increasing the global market. However, high cost of implementation of these solutions, lack of adequate infrastructure, and inadequate technical knowledge in emerging economies are expected to hinder the growth.

By Product

Based on product, the market is categorized into hardware and software. The software segment is categorized into line controller software, plant manager software, bundle tracking software, and others; whereas the hardware is segmented into monitoring & verification solutions, printing & marking solutions, labeling solutions, and others. In 2021, the software 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 hardware segment is estimated to grow at lucrative CAGR during the forecast period owing to its vital role in ensuring product quality and authenticity by tracking and tracing the production and supply chain.

By Technology

Based on technology, the market is segmented into Radio Frequency Identification (RFID) and barcode. In 2021, the barcodes segment accounted for the largest revenue share owing to high adoption of barcodes by pharmaceutical and biotechnology firms, stringent regulations for standardized nomenclature, and increasing importance of right recording of data. The RFID segment is projected to grow at a lucrative CAGR during the forecast period owing to high technological advancements in technology coupled with booming market for advanced shipping solutions with RFID.

By Application

On the basis of application, the market is categorized into aggregation solutions and serialization solutions. The aggregation solutions is segmented into bundle, case, and pallet aggregation; whereas the serialization is segmented into label, bottle, carton, and data matrix serialization. In the global market, the serialization segment accounted for the largest revenue share in 2021 owing to the increasing pressure by regulatory authorities for adoption of standardized labeling, rising importance for patient safety, and safeguarding brand from product deceit. Serialization solutions enables efficient product mapping and drug counterfeiting. Serialization segment is expected to grow at a significant CAGR during the forecast period.

By End Users

On the basis of end users, the market is categorized into medical device manufacturers, pharmaceutical companies, and others. In the global market, the pharmaceutical companies segment accounted for the largest revenue share in 2021 owing to the wide adoption of track and trace solutions for organized management of their production line and supply chain, thereby safeguarding their brand value from counterfeiting. The medical device manufacturers segment is expected to grow at a steady CAGR during the forecast period owing to increase in outsourcing of spare parts manufacturing to emerging economies.

Regional Insights

North America was the highest revenue-grossing segment of the global market in 2021 and is projected to maintain its dominance during the forecast period. This is due to the presence of advanced medical infrastructure and high adoption of standardized serialization & aggregation protocols in this region. Additionally, this market is driven by technological advancements and high literacy for the benefits associated with bar coding and RFID tagging. Asia Pacific is estimated to grow at the fastest growth rate during the forecast period owing to the rising need to curb down drug counterfeiting, thereby safeguarding lives of patients and brand value of drug manufacturers. Competitor Insights 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). Investment in R&D, novel product launches, and strategic collaborations & acquisitions are some of the major strategies adopted by the leading players operating in the industry.This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2021 to 2029. The track & trace solutions market report is categorized into the following segments and subsegments:

Track & Trace Solutions Market, By Product (Revenue, 2021-2029, 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, 2021-2029, USD Million)

• RFID
• Barcodes

Track & Trace Solutions Market, By Application (Revenue, 2021-2029, 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-Users (Revenue, 2021-2029, USD Million)

• Medical Device Manufacturers
• Pharmaceutical Companies
• Others

Track & Trace Solutions Market, By Region (Revenue, 2021-2029, 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