"Smart Strategies, Giving Speed to your Growth Trajectory"

Track and Trace Solution Market Size, Share & COVID-19 Impact Analysis, By Component (Software and Hardware), By Technology (Linear Barcode, 2D Barcode, Radiofrequency Identification, and Others), By Type (Serialization Solutions and Aggregation Solutions), By End-user (Pharmaceutical, Consumer Durables, Retail and Ecommerce, Automobile, Electrical and Electronics, and Others), and Regional Forecast, 2023– 2030

Region : Global | Format: PDF | Report ID: FBI106944

 

KEY MARKET INSIGHTS

The global track and trace solution market size was valued at USD 5.52 billion in 2022 and is projected to grow from USD 6.42 billion in 2023 to USD 20.10 billion by 2030, exhibiting a CAGR of 17.7% during 2023-2030. North America dominated the global market with a share of 35.50% in 2022.


Track and trace solution helps in monitoring and getting real-time updates of the product location, and also offers product supply chain history from storage to customers. The increasing demand for transparent goods transfer is expected to drive market growth. Further, the rising counterfeiting threats are encouraging businesses to enhance the traceability capabilities of the products. Also, launch of advanced hardware, such as 2D barcode, radiofrequency identification, IoT connection, and more, is driving various businesses to invest in these solutions. For instance,



  • In May 2021, Teatro Regio di Parma, an opera house, collaborated with Murata ID Solutions to implement RFID-based track and trace solutions to gain real-time visibility of its valuable stage assets.


COVID-19 IMPACT


Rapid Changes in Supply Chains Amid Pandemic to Bolster Market Share


The COVID-19 pandemic has severely disrupted supply chain and logistics in businesses across the world. Further, it has dramatically changed consumer behavior, as stated in Accenture 2021 report, 61% consumers are now more focused on sustainable and environment-friendly purchases. Businesses across the world are forced to offer transparent product lifecycle owing to the conscious buying behavior of customers. To offer transparency and to monitor the supply chain, industries are now significantly investing in track and trace solutions.


Moreover, amid pandemic, the exponential rise in COVID-19 patients triggered the risk of fake medicines. Many health associations, including the World Health Organization (WHO) issued warnings to inform consumers regarding rising sales of counterfeit products. This increased the inquiries and demand for secured supply chain solutions. As per Eltronis, the company witnessed 20% increase in track and trace solution enquiries, which indicates that the pandemic has further pushed product adoption and is expected to fuel the track and trace solution market share.


LATEST TRENDS


Request a Free sample to learn more about this report.


Adoption of Blockchain Technology to Boost Market Growth


Blockchain technology is gaining significant traction with its increasing applications across industries. One major application of blockchain technology is in the supply chain to provide visibility and traceability of the products across networks. The adoption of blockchain is showcasing significant opportunities in tracking and tracing the food sector. For instance, the tuna fish market is facing challenges owing to the rising number of illegal tuna deliveries. As per industry experts, blockchain technology can boost the supply chain velocity and help in supplying fresh caught tuna fish sustainably.


Similarly, other industries can significantly gain benefits by integrating blockchain with the track and trace solution. The systems’ complex solution directly connects with a peer-to-peer network instead of having central authority to verify, thus enhancing its real-time tracking. Thus, the availability of precise tracking through blockchain technology is expected to boost the track and trace solution market growth in the future.


TRACK AND TRACE SOLUTION MARKET GROWTH FACTORS


Rise in Counterfeiting of Supplied Products to Aid Market Expansion


Increasing instances of counterfeiting and delivery of duplicate or illegal products is surging the demand for safe and secure supply chain solutions. End-use industries, such as pharmaceuticals and medical devices, retail and ecommerce, and electrical and electronics, are getting negatively impacted due to such unlawful activities, which is further propelling market expansion. As per World Health Organization, every year, pharmaceutical companies face losses of over USD 40 billion owing to drug counterfeiting. Thus, to overcome these challenges, governments across the globe initiated regularized serialization.


European countries, the U.S., India, China, Russia, and many other nations launched regulatory requirements with unique identifying barcodes The adoption of advanced tracking and tracing tools is expected to protect supplies from counterfeiting and falsification. This is expected to surge the demand for solutions across industries worldwide.


RESTRAINING FACTOR


High Cost of Implementation to Restrain Market Proliferation


The solution requires significant set of hardware to collect and transfer data that helps in tracking and tracing the products. The initial cost of installing this hardware can be expensive for various small and medium-scale businesses. Also, the purchaser should bear the replacement of any hardware product when needed. Small and medium businesses have limited IT capitals fixed, which is expected to hamper market growth. Further, there are separate costs of licensing for such types of solutions. Thus, various businesses are not investing in such advanced solutions, which is expected to hinder market growth.


SEGMENTATION


By Component Analysis


Need for Continuous Data Flow to Boost Track and Trace Software Share


Based on component, the market is bifurcated into software and hardware.


Software segment is projected to hold dominant share during the forecast period. Track and trace software offers continuous data flow and real-time communication between the manufacturer and all other vendors, till the product reaches the customer. Further, with the assigned serial number to the product, the software can trace the entire product lifecycle from its manufacturer to consumers. Various players are investing in research and development of the software solution to enhance its offerings and applications. 


The hardware segment is slated to showcase significant growth rate during the forecast period. The increasing investment in track and trace solution is driving hardware demand to collect the information. Similarly, increasing smart Internet of things (IoT) devices capabilities are further expected to boost hardware demand.  


By Technology Analysis


More Data Storing Capacity to Boost 2D Barcode Share


Based on technology, the market is segmented into linear barcode, 2D barcode, Radiofrequency Identification (RFID), and others. 


The 2D barcode segment is projected to capture the largest market share in the coming years, owing to its capability of storing 100 times the information as compared to linear barcodes. This helps in transferring more data, increases convenience in tracing, and inspecting the products from large batches. Linear barcode is a traditional way of scanning to encode the product details. Thus, during the forecast period, the linear barcode segment will hold significant share.


The radiofrequency identification segment is anticipated to witness rapid growth rate during the forecast period. The technology uses antennas and transceivers to identify unique tags that interpret data. For instance, in November 2022, Canada-based Axem Technology launched a track and trace solution for fishing supplies using rugged UHF RFID tags.


By Type Analysis


Advanced Product Identification to Surge Serialization Solutions Demand


Based on type, the market is segmented into serialization solutions and aggregation solutions. 


Serialization segment is expected to hold a dominant share of the global market during the forecast period. The solution assigns a unique number and helps manufacturers and suppliers in keeping track of the products. The supply chain visibility offered through this solution efficiently helps in tracing and tracking the product by batches. Businesses are also using the solution in re-engagement marketing strategy to boost loyal customers.


The aggregation segment is projected to showcase steady growth during the forecast period. Its ability to expand across verticals is driving its demand across various industries.


By End-user Analysis


To know how our report can help streamline your business, Speak to Analyst


Need for Advanced Medicines Supply to Boost the Pharmaceutical Segmental Share  


Based on end-user, the market has been studied for pharmaceutical, consumer durables, retail and ecommerce, automobile, electrical and electronics, and others. 


The pharmaceutical segment is projected to dominate the revenue share during the forecast period. The growing population and increasing health complexities are driving the demand for medicines worldwide. Thus, to manage the demand and supply, pharmaceutical companies are investing in this solution. Further, the growing risk of health issues owing to counterfeit drugs is boosting market growth.


The retail and ecommerce segment is expected to showcase significant growth rate owing to increasing online shopping across the globe. Similarly, the electrical and electronic industry is implementing the solution to monitor the demand and supply of the components.  


The automobile segment is predicted to display rapid growth rate owing to the increasing demand for logistics and supply chain across the globe. With the growing demand for vehicles, the companies are investing in the track and trace solution to monitor the entire process of manufacturing, storing, and shipping the vehicles.


REGIONAL INSIGHTS


North America Track and Trace Solution Market Size, 2022 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


The market has been studied across North America, South America, Europe, the Middle East & Africa, and Asia Pacific along with their respective countries.


North America is likely to hold the largest revenue share during the forecast period. The presence of top companies across industries such as retail and e-commerce, automobiles, pharmaceuticals, and more is fueling market growth in the region. The U.S. is likely to dominate the market owing to the significant investments in advanced technologies. The companies here are focused on offering quick deliveries to their customers, and are thus investing in tracking and tracing the product through real-time solutions.


Asia Pacific is expected to record the highest growth rate across all regions during the forecast period considering the rapidly growing population across major countries such as China and India. This is significantly driving the need for solutions to manage and monitor the product through its lifecycle. With the dominant provider in electrical and electronic components, retail and e-commerce chains, and more, China is expected to hold the major share. Similarly, for the India track and trace solution market, the rapidly growing pharmaceutical companies and other industries in India are likely to generate future opportunities. For instance, till the year 2025, DHL logistics company is planning to introduce 10,000 plus cargos with tracking and traceability capabilities.


Europe is predicted to capture a significant global market share during the forecast period. The growing implementation of regulations, such as the Falsified Medicines Directive (FMD) Act, in the medical field has fueled the demand for solutions in the pharmaceutical industries of European countries. Similarly, the automobile industry is expected to boost the demand for the solution to track car deliveries, cargo suppliers, and more.


Similarly, the growing supply chain and increasing focus on exports will boost revenue generation in the Middle East & Africa to witness significant growth.


To know how our report can help streamline your business, Speak to Analyst


South America is likely to showcase steady growth during the forecast period. With the major focus on customer satisfaction through timely deliveries, the region is implementing advanced solutions to manage its supply chain efficiently.


KEY INDUSTRY PLAYERS


Strategic Partnership Between Leading Players to Boost Market Presence will Aid Market Augmentation


Key players are keen on expanding the solution offering through innovative and advanced technologies. For instance, integration of technologies, such as cloud, Internet of Things, blockchain, connected devices, and more, is expected to increase the adoption of track and trace solutions across industries. Similarly, by offering dedicated industry specific solutions, the prominent players are expanding their market share. Collaboration and strategic partnership play a key role in helping the market players to expand their global customer reach.


LIST OF KEY COMPANIES PROFILED IN TRACK AND TRACE SOLUTION MARKET:



KEY INDUSTRY DEVELOPMENTS:



  • February 2023 –DispatchTrack, a provider of last-mile delivery solutions, integrated a new track and trace feature into its last-mile platform. This feature has been designed to capture large amounts of data, organize it and display it so that end-users can access the exact data that is required.

  • October 2022 – Zebra Technologies Corporation launched a new extended solution PartnerConnect, for its partners using RFID and Real-time Location Systems (RTLS). The new launch offers the businesses a competitive edge by actively tracking and empowers in next decision making in real time. 

  • September 2022 –Trinidad and Tobago Postal Corporation launched a track and trace solution for the courier packaging sector to improve service efficiency and customer convenience.

  • August 2022 –  Systech International Inc. announced a collaboration with Spherity to provide more secured traceability of pharmaceutical products. Together, the companies are offering easy to integrate and swift solutions in compliance with the Drug Supply Chain Security Act

  • July 2021 – Mettler-Toledo International Inc. announced a partnership with product cloud specialist, EVRYTHNG to offer traceability for the food industry. The solution provided by the companies offers full visibility of the packaging issues and other standards that help in improving the value chain in real-time.


REPORT COVERAGE


An Infographic Representation of Track and Trace Solutions Market

To get information on various segments, share your queries with us



The research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.


Segmentation & Report scope 






























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 17.7% from 2023 to 2030



Unit



Value (USD million)



Segmentation



By Component, Technology, Type, End-user, and Region



By Component




  • Software

  • Hardware



By Technology




  • Linear Barcode

  • 2D Barcode

  • Radiofrequency Identification (RFID)

  • Others



 By Type




  • Serialization Solutions

  • Aggregation Solutions



 By End-user




  • Pharmaceutical 

  • Consumer Durables

  • Retail and Ecommerce

  • Automobile

  • Electrical and Electronics

  • Others (Government)



By Region




  • North America (By Component, By Technology, By Type, By End-user, and By Country)

    • U.S. (By End-user)

    • Canada (By End-user)

    • Mexico (By End-user)



  • South America (By Component, By Technology, By Type, By End-user, and By Country)

    • Brazil (By End-user)

    • Argentina (By End-user)

    • Rest of South America



  • Europe (By Component, By Technology, By Type, By End-user, and By Country)

    • U.K. (By End-user)

    • Germany (By End-user)

    • France (By End-user)

    • Italy (By End-user)

    • Spain (By End-user)

    • Russia (By End-user)

    • Benelux (By End-user)

    • Nordics (By End-user)

    • Rest of Europe



  • Middle East & Africa (By Component, By Technology, By Type, By End-user, and By Country)

    • Turkey (By End-user)

    • Israel (By End-user)

    • GCC (By End-user)

    • South Africa (By End-user)

    • North Africa (By End-user)

    • Rest of the Middle East & Africa





  • Asia Pacific (By Component, By Technology, By Type, By End-user, and By Country)

    • China (By End-user)

    • India (By End-user)

    • Japan (By End-user)

    • South Korea (By End-user)

    • ASEAN (By End-user)

    • Oceania (By End-user)

    • Rest of Asia Pacific





Frequently Asked Questions

As per the Fortune Business Insights study, the market size was worth USD 5.52 billion in 2022.

The market is likely to grow at a CAGR of 17.7% over the forecast period (2023-2030).

The 2D barcode segment will dominate the technology segment share during the forecast period.

The North America market size stood at USD 1.96 billion in 2022.

Rise in counterfeiting of supplied products is expected to drive the market growth.

Some of the top players in the market are Zebra Technologies Corporation, IBM Corporation, SAP SE, Accenture plc, Siemens S.A., and Honeywell International Inc.

North America is expected to gain maximum revenue share during the forecast period.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • Feb, 2023
  • 2022
  • 2019-2021
  • 150

    CHOOSE LICENSE TYPE

  • $4850
    $5850
    $6850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Information & Technology Clients

Panasonic
Hitachi
Lg
Google
Softbank

Client Testimonials

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X