Track & Trace Solutions Market by Function, Technology, Product, End User

Description

List of Tables

[194 Pages Report] The Track & Trace Solutions Market size was estimated at USD 6.16 billion in 2023 and expected to reach USD 6.92 billion in 2024, at a CAGR 12.71% to reach USD 14.26 billion by 2030.

Track & trace solutions comprise a suite of tools and systems designed for the real-time tracking of goods to enable visibility into the status and location of items, facilitating inventory management, enhancing security, confirming regulatory compliance, and mitigating the risk of counterfeiting. These systems enable the monitoring of products from production to final delivery by implementing tracking identifiers, such as barcodes or RFID tags, and utilizing data-capture technology. The rise in counterfeit products across various industries has resulted in a pressing need for track & trace solutions safeguarding brand integrity and consumer safety. In addition, stringent regulations across the globe necessitate adopting track & trace solutions for compliance and standardization. However, initial investments for deploying track & trace solutions can be high, primarily for small and medium-sized enterprises. In addition, integrating track & trace solutions with existing systems can pose challenges due to compatibility and operational issues, limiting product penetration. Nevertheless, the constant evolution of technology leads to more advanced and efficient solutions for tracking and tracing products. Integrating blockchain, IoT, and cloud-based solutions into track & trace solutions to offer enhanced security, transparency, and real-time tracking capabilities is expected to create growth opportunities for the track & trace solutions market in the coming years.

KEY MARKET STATISTICS
Base Year [2023]	USD 6.16 billion
Estimated Year [2024]	USD 6.92 billion
Forecast Year [2030]	USD 14.26 billion
CAGR (%)	12.71%

Function: Growing usage of track & trace solutions in serialization process

Aggregation solutions are a vital aspect of track & trace solutions, allowing companies to group and manage related products during the packaging and distribution. Bundle aggregation refers to associating individual products to a bundle, a smaller packaging unit before being boxed. Industries, including pharmaceuticals or cosmetics that sell multiple units as a part of a larger package that require bundle aggregation. Case aggregation involves the grouping of bundles or individual items into a case. Case aggregation creates a parent-child relationship between the case and the items within it, facilitating the tracking of the case as a single entity while retaining the ability to trace each product. Cases are compiled onto pallets for shipping and distribution in the pallet aggregation. Each pallet is assigned a unique identifier, effectively linking all products on the pallet to this identifier and ensuring that the entire shipment can be tracked efficiently.

Serialization solutions involve assigning a unique identifier to each saleable unit of a product. Serialization allows for more precise tracking of products, helps prevent counterfeiting, and ensures legitimate product distribution. Bottle serialization assigns unique identifiers to individual bottles particularly in the pharmaceutical industry, to track the distribution and ensure the integrity of the product. Carton serialization involves applying unique serial numbers to cartons, which can contain either a single product or multiple units. Data matrix serialization uses a two-dimensional barcode that stores large amounts of information, including a product's serial number, lot number, and expiration date. Data matrix serialization is a compact and robust form of serialization that allows for quick scanning and verification throughout the supply chain. Label serialization includes applying unique identifiers to product labels. The serialized labels can then be scanned and recorded to ensure the products are legitimate and safe for consumption.

Technology: Increasing popularity of RFID tags for real-time tracking

Barcode technology refers to an optical, machine-readable representation of data related to the object for appropriate inventory management and enhanced supply chain logistics. Barcodes are preferred when cost-effectiveness is paramount. Barcodes are suitable for businesses needing a simple and efficient way to track inventory or assets within a closed system. The simplicity of barcode scanning allows for quick employee training and integration into existing processes. Radio-frequency identification (RFID) involves using electromagnetic fields to identify and track tags attached to objects automatically. RFID systems offer valuable applications in various industries due to their ability to capture data without line-of-sight scanning, which is necessary for barcodes. RFID technology is ideal for businesses that demand real-time tracking and a hands-free operation, such as in complex supply chains dealing with high-value goods or healthcare and pharmaceutical tracking to ensure compliance and patient safety.

Product: Emerging penetration of software to efficiently manage tracking and tracing activities

Labeling solutions involve specialized hardware designed for creating and applying labels that ensure products can be tracked through their journey from manufacturer to end-user. The hardware options include simple hand-held label printers to fully automated labeling systems. Key components include thermal transfer printers, favored for their durability and capacity to print high-quality barcodes, and RFID printers, which can write information to radio-frequency identification tags, adding an extra layer of data for tracking purposes. Monitoring and verification hardware is designed to validate the authenticity and condition of products throughout the supply chain. Monitoring and verification encompasses devices such as barcode scanners and RFID readers that scan and verify the products as they move from one point to another. Printing and marking solutions are responsible for physically applying traceable information on products and packaging. Printing and marking solutions include batch coders, date coders, and inkjet/laser printers, which use unique identifiers such as lot numbers, expiration dates, and serial numbers directly onto the product in a non-intrusive manner.

Deployment and integration services are critical components of the track & trace solutions, as they involve strategically implementing tracking systems into current business infrastructures. Expert teams work closely with clients to ensure seamless installation and configure software and hardware to meet organizational needs. Maintenance and support services form the backbone of a reliable track & trace system, providing ongoing assistance, updates, and repairs necessary to ensure the tracking solutions operate at peak performance. Maintenance and support services include troubleshooting, technical support, software updates, and hardware maintenance. Training services are essential for empowering employees with the knowledge and skills to operate track & trace solutions effectively. Training can include introductory courses on basic system features, advanced analytics, and reporting workshops. It is often provided in various formats, including on-site, online, and instructional manuals.

Bundle tracking software manages and monitors the movements of grouped products or bundles within a manufacturing or distribution environment. Bundle tracking software allows for real-time tracking of bundled items through unique identifiers, ensuring that every item within the bundle remains accounted for throughout the supply chain. Line controller software is pivotal for coordinating various track and trace tasks, such as serialization, which involves assigning unique identifiers to individual products. The software facilitates the integration of equipment and databases to ensure a seamless flow of information across the entire production line. Plant manager software is a comprehensive solution designed to provide oversight and control over the entire manufacturing process at the plant level. Plant manager software connects and manages multiple production lines and integrates with other track and trace systems, offering a macro-level view of the manufacturing process. Plant manager software is instrumental in elevating overall plant productivity and ensuring the integrity and transparency of the supply chain.

End User: Significant deployment of track & trace solutions in pharmaceutical & biopharmaceutical companies

The consumer packaged goods sector requires track & trace solutions primarily for ensuring the authenticity of products and reducing counterfeit goods. Additionally, the consumer packaged goods sector uses track & trace solutions to enhance supply chain visibility and inventory management, which allows for better forecasting and reduces the chances of overproduction or stockouts. The cosmetic industry primarily uses track & trace solutions to ensure product integrity and consumer safety by preventing the infiltration of counterfeit goods. Brand protection is a significant concern in the cosmetic sector, given the high value placed on brand reputation. The food & beverage industry requires track & trace solutions to guarantee the safety and quality of food products, manage expiry dates effectively, and handle recalls efficiently. Track & trace solutions used in the food & beverage sector must be capable of tracking products from farm to table, providing thorough visibility into the supply chain. Medical device companies leverage track & trace solutions to comply with stringent regulatory requirements for device identification and maintain high patient safety standards. Track & trace solutions also help manage inventory, reduce the risk of theft, and control the distribution of sensitive equipment. Pharmaceutical and biopharmaceutical companies demand highly secure and regulated track & trace solutions to combat drug counterfeiting and ensure patient safety. Additionally, these systems are critical for compliance with global laws such as the Drug Supply Chain Security Act (DSCSA) and the Falsified Medicines Directive (FMD).

Regional Insights

The track & trace solutions market in the Americas is highly developing owing to a surge in consumer demand for transparency in product provenance following several high-profile supply chain scandals. The robust investment in pharmaceutical serializations and food safety tracking technologies drives the demand for comprehensive track & trace solutions. In the European Union (EU), strong regulatory frameworks significantly influence customer purchasing behavior, which shapes the need for compliant track & trace solutions. European consumers highly prefer goods with transparent origins, emphasizing ethically sourced and environmentally friendly products. The region is also experiencing a rise in RFID and IoT-based solutions, aiming for enhanced interoperability across member states. Track & trace solutions in the Middle East and Africa are largely driven by the need to secure pharmaceutical supply chains and control the trade of tobacco and luxury goods. The Asia-Pacific region exhibits diverse track & trace adoption patterns driven by government-led initiatives to eliminate counterfeit products, notably in pharmaceuticals and consumer goods. Emerging economies are rapidly advancing in pharmaceutical serialization and are embracing track & trace solutions to ensure the authenticity of a vast range of products.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Track & Trace Solutions Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Track & Trace Solutions Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Track & Trace Solutions Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Accenture plc, ACG Group, Amazon Web Services, Inc., Antares Vision S.p.A., Axway Inc., Bar Code India Limited, Best Barcode System Private Limited, Cognex Corporation, Datalogic S.p.A., Domino Printing Sciences plc, Dynamsoft Corporation, Grant-Soft Ltd., HOLOSTIK GROUP, Honeywell International Inc., International Business Machines Corporation, Jekson Vision Pvt. Ltd., Kevision Group, Laetus GmbH, Marchesini Group S.p.A., Mettler-Toledo International Inc., Microsoft Corporation, Monarch Graphics, NeuroTags Inc., Open Text Corporation, Optel Group, Oracle Corporation, Precoro, Inc., Robert Bosch GmbH, SAP SE, SATO Holdings Corporation, Siemens AG, SL Controls Ltd. by NNIT Group, Systech International by Dover Corporation, The Chemours Company, Trace and Track, TraceLink, Inc., Uhlmann Group, VISIOTT Technologie GmbH, VPL, Inc., WIPOTEC GmbH, Wipro Limited, and Zebra Technologies Corporation.

Market Segmentation & Coverage

This research report categorizes the Track & Trace Solutions Market to forecast the revenues and analyze trends in each of the following sub-markets:

Function
- Aggregation Solutions
  - Bundle Aggregation
  - Case Aggregation
  - Pallet Aggregation

Serialization Solutions
- Bottle Serialization
- Carton Serialization
- Data Matrix Serialization
- Label Serialization

Technology
- Barcode
- RFID

Product
- Hardware
  - Labeling Solutions
  - Monitoring & Verification Solutions
  - Printing & Marking Solutions

Services
- Deployment & Integration
- Maintenance & Support
- Training

Software
- Bundle Tracking Software
- Line Controller Software
- Plant Manager Software

End User
- Consumer Packaged Goods
- Cosmetic Industry
- Food & Beverage
- Medical Device Companies
- Pharmaceutical & Biopharmaceutical Companies

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Track & Trace Solutions Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Track & Trace Solutions Market?

3. What are the technology trends and regulatory frameworks in the Track & Trace Solutions Market?

4. What is the market share of the leading vendors in the Track & Trace Solutions Market?

5. Which modes and strategic moves are suitable for entering the Track & Trace Solutions Market?

Product Code: MRR-03147A7F3DDC

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Focus on brand protection coupled with incidences of packaging-related product recalls
  - 5.1.1.2. Significant growth in eCommerce sector worldwide
  - 5.1.1.3. Stringent regulations for the implementation of serialization
- 5.1.2. Restraints
  - 5.1.2.1. High installation costs and time-consuming implementation related to serialization and aggregation
- 5.1.3. Opportunities
  - 5.1.3.1. Growing focus and investment in supply chain automation
  - 5.1.3.2. New product launch and technology integrations in track & trace solutions
- 5.1.4. Challenges
  - 5.1.4.1. Compatibility and data breaches issues associated with track & trace solutions
5.2. Market Segmentation Analysis
- 5.2.1. Function: Growing usage of track & trace solutions in serialization process
- 5.2.2. Technology: Increasing popularity of RFID tags for real-time tracking
- 5.2.3. Product: Emerging penetration of software to efficiently manage tracking and tracing activities
- 5.2.4. End User: Significant deployment of track & trace solutions in pharmaceutical & biopharmaceutical companies
5.3. Market Trend Analysis
- 5.3.1. Ongoing advancements in track & trace solutions in the Americas
- 5.3.2. Growing expansion of the pharmaceutical industry propelling the growth of track & trace solutions in the APAC region
- 5.3.3. Rising eCommerce activities coupled with demand for real-time information about product movement in the EMEA region
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework Analysis

6. Track & Trace Solutions Market, by Function

6.1. Introduction
6.2. Aggregation Solutions
6.3. Serialization Solutions

7. Track & Trace Solutions Market, by Technology

7.1. Introduction
7.2. Barcode
7.3. RFID

8. Track & Trace Solutions Market, by Product

8.1. Introduction
8.2. Hardware
8.3. Services
8.4. Software

9. Track & Trace Solutions Market, by End User

9.1. Introduction
9.2. Consumer Packaged Goods
9.3. Cosmetic Industry
9.4. Food & Beverage
9.5. Medical Device Companies
9.6. Pharmaceutical & Biopharmaceutical Companies

10. Americas Track & Trace Solutions Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Track & Trace Solutions Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Track & Trace Solutions Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. ACG Inspection launches cloud-based offering to address VRS requirements under DSCSA regulations
- 13.3.2. Verizon Business And Zebra Technologies Launch Device And Software Solutions To Accelerate Private 5g
- 13.3.3. Auto ID Systems and WOW RFID join forces to revolutionize RFID and IoT solutions in India
- 13.3.4. Bowe Group Acquires Majority Stake In Solcon
- 13.3.5. Advanco Acquires Vantage Consulting Group
- 13.3.6. Chemours Introduces Track & Trace Technology to Provide Real-Time Visibility into Ti-Pure TiO2 Order and Delivery Status
- 13.3.7. TRACE ID Enters Exclusive Strategic Manufacturing and Channel Agreement with Identiv
- 13.3.8. Zebra introduces new PartnerConnect Location and Tracking
- 13.3.9. Parcel Perform and Quiet Platforms Launch Data Partnership to Enable Supply Chain Visibility for eCommerce Retailers and Brands
- 13.3.10. Antares Vision Group Acquires Acsis, A Saas Track And Trace Company Active Mostly In the Chemical, Food And Manufacturing Sectors
- 13.3.11. Optel Acquires Pharma Track-and-trace Unit of Korber

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio