Track And Trace Solutions Market is Estimated to Register 18.5% CAGR till 2027

The global Track And Trace Solutions Market size is expected to reach USD 8.2 billion by 2027, according to a new report by Grand View Research, Inc., registering an 18.5% CAGR over the forecast period. The growth is attributed majorly due to increasing focus of pharmaceutical and biopharmaceutical companies on ensuring brand protection from counterfeit products and theft. The deployment of track and trace solutions helps manufacturers enhance distribution channel efficiency and reduces the frequency of counterfeit products.

Rising adoption of track and trace solutions by healthcare device and product manufacturers will fuel market growth in the long run. Introduction of advanced technologies, such as RFID, provides fast reading and delivers high levels of security. However, deployment cost of serialization and aggregation systems, as well as lack of common regulations and standards, may hamper market growth in some developing regions.

Browse Details of Report @
https://www.grandviewresearch.com/industry-analysis/track-trace-solutions-market

Further key findings from the study suggest: 

• By product, software formed the largest revenue-generating segment in the market in 2019. This is mainly because of regulatory mandates for the execution of serialization and aggregation in the healthcare sector
• The serialization application was the largest grossing segment in 2019. Increasing application of serialization in pharmaceuticals and medical devices packaging will be a vital factor contributing to segment growth
• Based on technology, the RFID segment is expected to exhibit the fastest growth rate during the study period. Key factors contributing to segment growth are technological advantages such as high durability and reusability, more data storage capacity, and no requirement of line of sight
• North America is dominated the global market in 2019. Rising implementation of regulatory standards and regulations, along with high adoption rate of track and trace solutions by consumers is anticipated to contribute to market growth
• Some of the key players in the track and trace solutions market are Axway; Mettler-Toledo International, Inc.; Optel Vision; Adents International; Antares Vision srl; TraceLink, Inc.; Siemens AG; ACG Worldwide, Seidenader Maschinenbau GmbH; and Systech, Inc.

 About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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