Track and Trace Solutions Global Market Report 2024

The track and trace solutions market size has grown rapidly in recent years. It will grow from $4.06 billion in 2023 to $4.6 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth observed in the historic period can be linked to several factors such as a focus on regulatory compliance, efforts to prevent counterfeiting, the need for enhanced supply chain visibility, rising customer demands for transparency, and incidents driving product recalls.

The track and trace solutions market size is expected to see rapid growth in the next few years. It will grow to $8 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The anticipated growth in the forecast period is expected due to industry-specific demands, a heightened focus on environmental sustainability, the increasing trend of global market expansion, and the growing significance of data analytics and business intelligence. Foreseen trends in this period encompass the integration of advanced technologies, the digital transformation of supply chains, and an increased emphasis on sustainability and environmental considerations.

Stringent regulations and standards governing serialization are anticipated to drive the growth of track and trace solutions. These regulations, exemplified by the EU MDR introduced in 2021, aim to bolster safety and oversight in the medical device sector. Enhanced regulatory measures improve surveillance, fortify capacities, and foster investigation mechanisms for issues such as foodborne infections, consequently fueling the track and trace solutions market.

The rapid expansion of E-commerce is expected to be a significant driving force for the track and trace solutions market. E-commerce, encompassing online trade and financial transactions, heavily relies on track and trace solutions to streamline operations and ensure supply chain integrity, fostering a more efficient and reliable online shopping experience. For instance, data from the United States Census Bureau in November 2023 revealed a remarkable 7.8% increase in retail e-commerce sales during the third quarter of 2023, amounting to an estimated $284.1 billion. Thus, the swift growth of E-commerce is propelling the track and trace solutions market.

Major players in the track and trace solutions market are intensively concentrating on cutting-edge technologies for real-time order tracking and delivery status enhancement to bolster their market position. Technologies enabling real-time tracking and delivery status provide comprehensive monitoring across the supply chain. For instance, in February 2023, the Chemours Company, a US-based chemical company, introduced Track & Trace, an advanced order tracking technology for its Ti-Pure Flex and Connect customers. This solution grants customers real-time order tracking through eCommerce portals, ensuring heightened visibility and supply reliability. Chemours plans to expand this beta version globally, integrating ocean and road/truck monitoring into Ti-Pure Flex and Connect portals, emphasizing their commitment to digital tools for increased efficiency and customer benefit.

Leading entities in the track and trace solutions market are prioritizing partnerships as a strategy to augment their market profitability. Partnerships in this domain entail collaborative alliances among various entities involved in developing, implementing, and utilizing systems designed for product or asset tracking throughout their lifecycle. For instance, in June 2022, The SEA Vision Group, an Italy-based provider of pharmaceutical software solutions, partnered with Marchesini Group, an Italy-based pharmaceutical packaging solutions provider, to introduce an innovative blister serialization and aggregation technology. This state-of-the-art technology revolutionizes healthcare product identification, tackling challenges related to counterfeiting. Its features include rapid blister foil printing, online/offline printing options, and a sophisticated track-and-trace system crafted by SEA Vision.

In July 2021, Zeiser, a Germany-based security printing service provider, acquired track and trace software from Inspection for an undisclosed amount. Through this acquisition, Zeiser expands its leading position as a provider of serialisation solutions and services for the security printing industry. Document Inspection is a UK-based technology provider of document inspection and tracking and tracing software.

Major companies operating in the track and trace solutions market report are Robert Bosch Apparatebau GmbH, Siemens AG, Bertelsmann SE & Co. KGaA., Körber Medipak Systems AG, Grant-Soft Ltd., Mettler-Toledo International Inc., Syntegon Packaging Technology Ltda., Axway Software SA, Uhlmann Pac-Systeme GmbH & Co., Markem Imaje a Dover Company, Antares Vision SpA, SL Controls Ltd., Zetes Industries S.A., TraceLink Inc., Systech International Inc., WIPOTEC-OCS GmbH, Laetus GmbH, Sea Vision SRL, Seidenader Maschinenbau GmbH, TraceAir Technologies Inc., Rfxcel Corp., Optel Group, Stottler Henke Associates Inc., Circularise Corporate Company, Kezzler AS, BlueTrace BV, Alitheon Inc., Associated Capsules Group, Adents NovaTrack Company.

North America was the largest region in the track and trace solution market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the track and trace solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the track and trace solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The track and trace solutions market encompasses two primary product categories: hardware systems and software solutions. Hardware systems represent the physical elements or components employed in tracking various assets such as desktops, laptops, and servers throughout their lifecycle - from acquisition to retirement. These systems leverage technologies such as 2D barcodes, radio frequency identification (RFID), and linear barcodes. Applications span serialization, aggregation, tracking, tracing, and reporting. End-users benefiting from these solutions include industries such as pharmaceuticals, biopharmaceuticals, medical devices, as well as the food and beverage sectors.

The track and trace solutions market research report is one of a series of new reports that provides track and trace solutions market statistics, including track and trace solutions industry global market size, regional shares, competitors with a track and trace solutions market share, detailed track and trace solutions market segments, market trends and opportunities, and any further data you may need to thrive in the track and trace solutions industry. This track and trace solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The track-and-trace solutions market includes revenues earned by entities by providing information about the entire supply chain and track product distribution. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.