According to the “Track and Trace Solutions Market: Global Opportunity Analysis and Industry Forecast, 2020–2027“, report published by the Allied Market Research, the study presents impending revenue forecast of the industry for the next few years coupled with imminent market trends and opportunities. Moreover, the study also doles out different logical tables and graphs to identify the complexities of the market. A complete and wide-ranging evaluation of the aspects that drive and restrain the market growth is also provided throughout the study. This detailed exploration of the market size and its proper segmentation help the market players define the prevalent opportunities that are looming large.
The global track and trace solutions market was valued at $2.0 billion in 2019, and is projected to reach $6.1 billion by 2027, registering a CAGR of 14.6% from 2020 to 2027. The key factors that drive the growth of the global track and trace solutions market include rise in adoption of advanced track and trace solutions, favorable government intervention, and stringent regulations and criteria for the implementation of serialization.
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Track and trace solution companies assist pharmaceutical and biotechnology companies, contract manufacturing organizations along with contract packaging organizations and their supply chain partners to adapt to market changes and comply with regulations on drug traceability with the integrated serialization solutions.
The global track and trace solutions market is segmented into product type, technology, application, end user, and region. On the basis of product type, the market is bifurcated into hardware systems and software solutions. The hardware systems market is sub-segmented into printing & marking solutions, monitoring & verification solutions, labeling solutions, and others. The software solutions market is further classified into plant manager software, line controller software, bundle tracking software, and others. The hardware systems segment is anticipated to dominate the market during the forecast period. The printing & marking solutions segment fostered the growth of the market among hardware systems in 2019 as this system assists in the production and supply chain to ensure product quality and authenticity.
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Key Findings of The Study:
• On the basis of product type, the hardware systems segment was the highest contributor to the track and trace solutions market in 2019
• On the basis of technology, the RFID segment is anticipated to register the fastest track and trace solutions market growth over the forecast period
• On the basis of application, the serialization solutions segment spearheaded the market among other applications
• On the basis of end user, the pharmaceutical & biotechnology companies segment dominated the track and trace solutions market in 2019, and is expected to continue this trend during forecast period with a CAGR of 15.1%
• On the basis of region, North America accounted for the largest revenue share in 2019; while Asia-Pacific is anticipated to grow at the highest CAGR of 16.2% during the forecast period
The research offers an extensive analysis of key players active in the global Track and Trace Solutions Market include Axway Software SA, TraceLink Inc., OPTEL GROUP, Adents International, Siemens AG, Seidenader Vision GmbH, Zebra Technologies Corporation, Robert Bosch GmbH, and Uhlmann Group. For instance, in May 2019, OPTEL GROUP collaborated with Nelipak Healthcare Packaging to improve the seal inspection technology and expand its market penetration by speeding up logistics activities.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.