The track and trace solutions market were estimated to be worth USD 4.1 billion globally in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 11.1% over the course of the forecast period. The market is expanding due to the increasing use of track and trace systems by pharmaceutical and medical device businesses. Businesses may track a single product back to its source and follow it through the supply chain with track and trace systems.

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Growth Drivers

Strict regulations apply to sectors like logistics, food and beverage, and pharmaceuticals. To comply with these requirements and avoid expensive fines, businesses must use sterilization and traceability. A strong track and trace are necessary to coordinate shipments and handle regulatory variances in the growing amount of cross-border transportation that involves handoffs and jurisdictions.

Businesses are being encouraged to improve their products' traceability capabilities by the growing concerns of counterfeiting. Additionally, a number of firms are investing in these solutions due to the introduction of improved technology, including radio frequency identification, 2D barcodes, IoT connectivity, and more.

Market Segmentation

Track and Trace Solutions by Product

·         Hardware Systems

·         Printing & marking solutions

·         Monitoring & verification solutions

·         Labeling solutions

·         Others

·         Software Solutions

·         Plant manager software

·         Line controller software

·         Bundle tracking software

·         Others

Track and Trace Solutions Technology

·         Barcode

·         RFID

Track and Trace Solutions Application

·         Serialization solutions

·         Bottle serialization

·         Label serialization

·         Carton serialization

·         Data matrix serialization

·         Aggregation Solutions

·         Bundle aggregation

·         Case aggregation

·         Pallet aggregation

Track and Trace Solutions End-user

·         Pharmaceutical companies

·         Medical device companies

·         Healthcare others

·         Food and beverage

·         Consumer packaged goods

·         Luxury goods

By Region

·         Asia-Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Key Players

·         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

·         Other Players

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