Track and Trace Solutions Market, valued at US$4.8 billion in 2022, is forecasted to grow at a robust CAGR of 12.2%, reaching US$5.5 billion in 2023 and an impressive US$9.8 billion by 2028. This market growth is driven by manufacturers’ emphasis on brand protection and strict government regulations mandating serialization. Track and trace solutions help determine the current and past locations of a product throughout the supply chain, enhancing supply chain efficiency and security. Key players in this market include Antares Vision, Axway, OPTEL Group, and TraceLink. The pharmaceutical and biopharmaceutical sectors dominate the market, with serialization solutions experiencing rapid growth. North America holds the largest market share due to its well-established healthcare systems and stringent regulations. However, market expansion is hindered by significant initial expenses and the need for new technologies to combat counterfeiting. Opportunities exist in remote authentication of products, addressing counterfeit challenges throughout the supply chain.
Request for assumptions & how numbers were triangulated.
https://www.marketsandmarkets.com/requestsampleNew.asp?id=158898570
DRIVERS: Increasing focus of manufacturers on brand protection
Counterfeiting is a growing threat for companies that bring to market medicines, medical devices, cosmetics, and pharmaceutical packaging. Growing international trade and the lack of stringent regulations have increased the use of counterfeit drugs and other products across the globe. Counterfeiting applies to both branded and generic products; that includes products with incorrect/false ingredients, without active ingredients, with an incorrect amount of active ingredients, and with fake packaging. Manufacturers invest large amounts of resources in developing a brand, and counterfeiters use this brand identity to sell counterfeit products. This creates significant damage to the original manufacturer’s revenue and also hampers the brand’s image. Hence, in order to prevent counterfeiting, the use of track-and-trace technologies such as barcodes and RFID is imperative. Many manufacturers use a combination of different track-and-trace technologies throughout their supply chain to enhance product traceability and security. A uniquely serialized product allows for item-level traceability across the supply chain, helping brand owners collect more information for deeper insights than lot- or container-level traceability. Thus, the growing focus of manufacturing companies is on brand building, which, in turn, is increasing the usage of serialisation and thereby driving the market for track and trace solutions.
OPPORTUNITIES: Remote authentication of products
Traditional brand protection technologies such as anti-theft and authentication are meant to protect individual items rather than protecting the entire supply chain. Hence, there is a possibility of false products being introduced at any stage in the supply chain. To combat this, solutions with automatic and non-line-of-sight capabilities are required. The demand for technologies with modular designs that meet enterprise needs has increased in the last few years. For example, track-and-trace technologies based on RFID maintain an electronic pedigree that tracks the transaction information of products within the supply chain. This approach proved to be a standout for protecting the supply chain against infiltration, theft, and fraud and supporting remote authentication in the brand protection supply chain.
The key players operating in this market include OPTEL GROUP (Canada), METTLER-TOLEDO International Inc. (US), Systech International Inc. (US), TraceLink Inc. (US), Antares Vision S.p.a. (Italy), SAP SE (US), Xyntek Inc. (US), SEA Vision Srl (Italy), Syntegon (Germany), Siemens (Germany), Uhlmann Group (Germany), JEKSON VISION (India), Videojet Technologies, Inc. (US), Zebra Technologies Corporation (US), Axway (US), ACG Worldwide (India), Laetus GmbH (Germany), and WIPOTEC-OCS (Germany).
Download an Illustrative Overview:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=158898570
Recent Developments:
- In May-2022, OPTEL Group launched OPTCHAIN, a suite of the modular intelligent supply chain (ISC) that will enable easy capturing and digitization of Critical Tracking Events (CTEs) and Key Data Elements (KDEs) along the entire supply chain of the food and beverage industry.
- In March 2022, Zebra Technologies Corporation (US) launched Reflexis solutions across the Asia Pacific with the vision to have every asset and worker on edge visible, connected and fully optimized.
- In January 2022, OPTEL Group acquired the pharmaceutical track and trace unit of Körber to expand its expertise in pharmaceutical and agrochemical track and trace technologies, thereby expanding its foothold in the European marketplace.
- In April 2021, Syntegon entered into a partnership with Kezzler (Norway). This partnership will offer best-in-class solutions to effectively implement product digitization and traceability strategies with a minimal operational burden.
Content Source:
https://www.marketsandmarkets.com/Market-Reports/track-trace-solution-market-158898570.html
