The "Track And Trace Solutions Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global track and trace solutions market.
The global track and trace solutions market is expected to grow at a compound annual growth rate (CAGR) of 15.9% from $3.19 billion in 2021 to $3.69 billion in 2022.The track and trace solutions market is expected to grow to $6.47 billion in 2026 at a CAGR of 15%.
Major players in the track and trace solutions market are Adents, ACG Worldwide, rfXcel, Laetus GmbH, Grant-Soft Ltd, SL Controls Ltd, Arvato Systems, Syntegon Technology, Korber Medipak Systems AG, and Systech International Inc.
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The track and trace solutions market consists of sales of track and trace solutions by entities (organizations, sole traders, and partnerships) that are used by the logistics industry to track the vehicle, increase security, reduce insurance costs, and provide alert systems that help in tracking the vehicle in the transition period. A track and trace solution refers to a software-based service to track vehicles, loading units, shipments, or products throughout the entire supply chain, from supplier to consumer.
The main types of products in the track and trace solutions market are hardware systems and software solutions. Hardware systems refer to the physical parts or components of a computer or application that are used to track physical components like desktops, laptops, and servers from the time they are purchased until they are retired. The various technologies involved are 2D barcodes, radio frequency identification (RFID), and linear barcodes. The applications include serialization, aggregation, tracking, tracing, and reporting. The various end-users are the pharmaceutical, biopharmaceutical, medical device, food, and beverage industries.
North America was the largest region in the track and trace solution market in 2021. 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, the Middle East, and Africa.
Stringent regulations and standards for the implementation of serialisation are expected to propel the growth of the track and trace solutions market going forward. Regulatory standards refer to rules, laws, regulations, and regulatory authority advisory opinions applicable to the manufacturing, marketing, and reimbursement of any product. Stringent regulations and standards passed by the government help to improve capacities and improve surveillance and investigation of foodborne infections through the pulse net, the integrated food safety centres of excellence, and other programs.
For instance, in 2021, according to the European Commission, a UK-based executive of the European Union, the major development related to serialisation and traceability in the medical device sector is the EU-MDR regulation.
The EU MDR is a new set of laws that took effect on May 26, 2021. Its goal is to improve the safety and performance of medical devices throughout their lifecycle by strengthening regulations and emphasising market vigilance, which was lacking when the previous MDD (Medical Devices Directive) law was passed in 1992. Therefore, stringent regulations and standards for the implementation of serialization are driving the track and trace solutions market.
The adoption of radio-frequency identification (RFID) technology is a key trend gaining popularity in the track and trace solution market. Major companies operating in the track and trace system market are adopting RFID technology to strengthen their position in the market.
For example, in September 2020, Fresenius Kabi, a Germany-based healthcare company operating in the track and trace solutions market, is integrating RFID labels into packages for routinely used operating room drugs. The track-and-trace system adheres to open GS1 worldwide standards and protects drug inventory, adding an added layer of patient safety.
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.
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.
For more information about this report visit https://www.researchandmarkets.com/r/3q03n6-and-trace?w=4
View source version on businesswire.com: https://www.businesswire.com/news/home/20230127005220/en/
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