Track And Trace Solutions Market Expected To Hit Double Digit CAGR Of 13% By 2023
The global track and trace solutions market is expected to value at nearly US$ 2 Bn in 2019, and is expected to register a CAGR of 13%.
The first five-year cumulative revenue (2018–2022) is projected to be more than US$ 15 Bn, which is expected to increase rather moderately over the latter part of the five-year forecast period.
Track and trace solutions are implemented using various electronics such as traceability electronic chips which works to be efficient tool to fight against the falsification and illicit distribution of medical products. These solutions can be based on clustered units, on a product batch, on units of sale, immediate or primary packaging.
Increasing number of counterfeit drugs that are entering into main supply chain is a kay factor to drive growth of the global market. in addition, availability of counterfeit drugs is hampering major revenue growth of prestigious players that are operating in the global market.
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Increasing adoption of barcode systems by medical shops, malls, retail shops, supermarkets, hypermarkets etc., to organize inventory, maintain accounting, and track sales processes is also a factor to boost growth of the target market in the near future.
Growing need to track inventory whereabouts and distribution of various food packages is vital in the food & beverage industry. Thus increasing deployment of barcodes system. These systems provide traceability and manageability functionality of any food product that moves along the supply chain (i.e. from warehouse to wholesaler/retailer). Aforementioned is the factor to support growth of the potential market.
However, high cost associated with procurement, deployment, and use of track and trace systems are among some of the major challenging factors that could hamper adoption rate of track and trace solutions and is expected to hamper growth of the global track and trace market to a certain extent.
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Global Track and Trace Solutions Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global track and trace solutions market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global track and trace solutions market is expected to register a CAGR of 13% during the forecast period.
Global Track and Trace Solutions Market: Segmental Snapshot
The market report has been segmented on the basis of of solution type, technology, application, end-use industry, and region. The solution type segment includes hardware systems and software solutions. The technology segment includes 2D barcode and Radiofrequency Identification (RFID). The application segment includes serialization solutions, aggregation solutions, and tracking, tracing, & reporting solutions. The end use industry segment includes pharmaceutical and food. The region includes the North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By Solution Type: The software solutions segment is expected to register CAGR of over 13.2% over the forecast period in the global market
By Technology: The open surgery segment is expected to register CAGR of over 13% over the forecast period in the global market
By Application: The serialization solutions segment is expected to register CAGR of over 13.5% over the forecast period in the global market
By End-use Industry: The hospital segment is expected to register CAGR of over 13.6% over the next 10 years in the global market
By Region: The market in Asia Pacific is expected to register highest CAGR of over 14% during the forecast period in the global market
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Global Track and Trace Solutions Market: Competitive Analysis
The research report on the global track and trace solutions market includes profiles of some of the major companies such as Axway, Inc., Siemens AG, Optel Group, TraceLink, Inc., SEA VISION S.r.l., Antares Vision S.r.l., Zebra Technologies Corporation, Körber Medipak Systems GmbH, ACG Worldwide Private Limited, and Adents High Tech International SAS
The Global Track and Trace Solutions Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2019–2028 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global track and trace solutions market for 2018–2028.