Global Track & Trace Solutions Market is Expected to Grow At Over 19.1% During the Forecast Period Due to Robust Expansion of Track & Trace Solutions Services in the U.S. Region
At Proficient Market, Global Track & Trace Solutions Market research report presents a comprehensive overview of market size, share, evolution, trends, and forecast, and growth opportunities of track & trace solutions market by product type, application, key manufacturers and key regions and countries. This report offers comprehensive analysis on global track & trace solutions market along with, market trends, drivers, and restraints of the track & trace solutions market. In-depth study of market size with data Tables, Bar & Pie Charts, and Graphs & Statistics which helps easy to understand detailed breakdown of market.
According to the report, Global Track & Trace Solutions Market in 2019 stood at USD 2.7 billion and is expected to reach USD 6.6111 billion by 2027 growing at a CAGR of 19.1% from 2020 to 2027.
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Track and Trace solutions can help in processing and determining the current and past locations as well as well as other information of a product/property during distribution & logistics. The track and trace solutions use certain technologies like: barcodes (2d/1d) and radio-frequency identification (RFID readers).The solutions model is maintained by means of reporting & estimating the position of vehicles, containers and other transportation means that consists the property or product of concern, stored in a real time database and provides reports of the status and position of the product. It aids in recording the arrival/departure, identification, location where the object was observed, time and status and provides reliability and completeness for companies/industries/manufacturers and customers as the product is tracked from the warehouse till it has been dispatched/delivered to the customer.
Track & Trace Solutions Market Key Players: The research study includes profiles of leading companies operating in the global Track & Trace Solutions market. Key players profiled in the report include:
Mettler-Toledo International Inc.
Systech International Inc.
SEA Vision Srl
Körber Medipak Systems AG
Zebra Technologies Corporation
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ACG Worldwide Drivers for the Global Track & Trace Solutions Market: Rising demand of Track & Trace Solutions as they facilitate stress-free product transfer by offering constant clarity, packaging, logistics management, product-id verification services within a distribution channel, increasing number of products to be remembered by various healthcare companies that require better inventory management, verifications by different manufacturers & vendors and Growing occurrence of imitated pharmaceuticals & medical products overflowing in the market globally are owing to increase the disposable income and growth of the industry. Hence these factors are the major drivers and will drive the industry further.
Opportunities for the Global Track & Trace Solutions Market: Moreover, increasing logistic/distribution channels, online stores providing delivery services, growing frequency of regulations to implement unique identification methods for various products from establishments and Rising need of over-the-counter & generic medicinal products.
Restrains for the Global Track & Trace Solutions Market: However, high cost/expenditure linked with the establishment & operations of the track & trace solutions and rising consumption of various resources to carry out the components necessary for the conduction the solutions. Hence these factors can majorly hamper the growth of the Track & Trace solutions industry.
Region Wise, Global Track & Trace Solutions Market Analysis: North America held major share in the market due to general economic conditions, investment in new technology, incidence of extremely controlled serialization & aggregation standards and presence of vastly developed healthcare infrastructure. Besides Europe and China held a large share in the market.
Global Track & Trace Solutions Market: Product analysis
On the basis of type, software solutions accounted for largest share of total revenue generated. Because, of its advanced adoption in healthcare companies like: medical device manufacturers, biopharmaceuticals & pharmaceuticals. As the software solutions aid in providing constant supervision of manufacturing amenities, product lines, case & bundle tracking and warehousing & shipping till the delivery of the property/product.
Global Track & Trace Solutions Market: Application analysis
Medical Device Serialization Aggregation Solutions
Tracking, Tracing & Reporting Solutions
The demand of Global Track & Trace Solutions Market is highest from Serialization Solutions, due to increasing number of fake/altered drugs and strict government regulations for the execution of serialization for the track & trace serialization solutions.
Global Track & Trace Solutions Market: Application analysis
Pharmaceutical & Biopharmaceutical Companies
Medical Device Companies
Food & Beverages
Consumer Packaged Goods
The demand of Global Track & Trace Solutions Market is highest from pharmaceutical & biopharmaceutical companies, because the track and trace solutions aid in ensuring safe product track and trace capabilities through various units all through the supply chain by applying serialization as it is a critical step to acknowledge the challenges confronted by pharmaceutical/biopharmaceutical companies.
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Global Track & Trace Solutions: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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