Report: Track-and-Trace Solutions Market Anticipated to Hit $9.8 Billion by 2028

Last year, the track-and-trace solutions market (in terms of revenue) was estimated to be valued at $5.5 billion. According to the latest MarketsandMarkets report, it is anticipated reach $9.8 Billion by 2028, growing at a compound annual growth rate CAGR of 12.2% from 2023 to 2028.¹

Various factors are responsible for this market growth, including manufacturers' continued prioritization of brand protection, along with the rising regulatory burden on end-user segments to adopt these solutions. It is also important to keep in mind that there could be some financial obstacles in regard to initial setup costs. This specific MarketsandMarket breakdown divides the track-and-trace solutions market by five categories:

1. Product
2. Technology
3. Application
4. End user
5. Region

The product segment of the track and trace solutions market is divided into software solutions, hardware components, and standalone platforms. In 2022, the software solutions segment was powered by a growing awareness of secure packaging, the omnipresence of counterfeit drugs, and increasing focus on brand protection. At this point, due to the demand for standalone platforms, this particular sector continues to be projected to exhibit the highest CAGR during the five-year forecast period.

When it comes to application, the market is divvied into serialization solutions, aggregation solutions, and tracking, tracing, and reporting. Analysts are predicting this segment to exhibit the highest growth rate during the forecast year, particularly due to various regulatory factors regarding the packaging and supply chain space that can impact the authorization of serialization solutions.

Table Credit: MarketsandMarkets

As one can see in the table above, this market is categorized into five key regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America held the largest market share in the track-and-trace solutions market, but forecasters are predicting that Asia Pacific will be the most rapidly growing region during the aforementioned period. The key factors propelling this growth include significant economic development in Southeast Asian countries and the increasing number of pharmaceutical and biotechnology companies in the region.

A plethora of companies in the track-and-trace space are covered in the report—many of which are covered by Pharma Commerce daily—including Antares Vision, TraceLink, Zebra Technologies, and Axway.

Reference

1. Track and Trace Solutions Market is Expected to Reach $9.8 Billion. MarketsandMarkets. News release. January 18, 2024. Accessed January 18, 2024. https://www.globenewswire.com/news-release/2024/01/18/2811432/0/en/Track-and-Trace-Solutions-Market-is-Expected-to-Reach-9-8-Billion-MarketsandMarkets.html