The global track and trace solutions market size is anticipated to gain astronomical growth from 2023 to 2033. According to the research report published by FMI, the global market is projected to surpass a valuation of US$ 6.51 billion in 2023.
It is anticipated to hit a valuation of US$ 33.52 billion by 2033. The market is projected to showcase a monumental CAGR of 17.8% from 2023 to 2033.
Tracking and tracing solutions are essential in providing real-time product location data and maintaining a record of the supply chain’s history. The growing emphasis on improving supply chain efficiency is expected to boost the demand for track and trace solutions.
This increase in demand is likely to be experienced across various end-use industries, including electrical and electronics, automotive, pharmaceutical, cosmetics, and others.
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Asia Pacific is poised to attain rapid growth in the coming years. The increasing population and industrialization across India and China are boosting the demand that effective solutions that track products during their entire lifecycle.
China is likely to hold a dominant share of Asia Pacific’s market due to strong retail and e-commerce chains and the presence of prominent electrical and electronic component providers. The expanding pharmaceutical industry in India is likely to create growth avenues.
As a result, many track and trace solution providers are fortifying their capabilities to cater to the growing demand. For instance, DHL Logistics Company aims to launch more than 10,000 cargos with traceability and tracking capabilities in India by 2025.
Europe is anticipated to gain considerable growth during the forecast period. The increasing government regulations are expected to favor market expansion. Additionally, the rising adoption of track and trace solutions in the automobile industry to track cargo supplies, car deliveries, and others are expected to fuel market growth in Europe.
Key Takeaways from Track and Trace Solutions Market:
- In 2018, the global market size at nearly US$ 2.87 billion.
- In 2022, the global market share accounted for US$ 5.53 billion in 2022.
- The software segment is anticipated to acquire a prominent market share due to the growing demand for data analytics and business intelligence.
- The pharmaceutical segment is anticipated to attain immense due to increasing health complexities across the ever-increasing global population.
- The United States is likely to dominate the region due to the presence of prominent companies across various industries, including pharmaceuticals, automobiles, retail and e-commerce, and others.
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Recent Developments Observed by FMI:
- Systech International Inc. established a partnership with Spherity in August 2022 to offer pharmaceutical solutions with more secure traceability. In accordance with the Drug Supply Chain Security Act, businesses are collaborating to provide quick and simple integrated solutions.
- In February 2023, DispatchTrack, a provider of last-mile delivery services, released a new track and trace feature to its last-mile platform. This feature allows for the collection, organization, and presentation of large amounts of data to provide consumers with the precise information they require.
Track and Trace Solution Market Segmentation
By Component:
- Software
- Hardware
By Technology:
- Linear Barcode
- 2D Barcode
- Radiofrequency Identification
- Others in Track and Trace Solution
By Type:
- Serialization
- Aggregation
By End-user:
- Pharmaceutical
- Consumer Durables
- Retail and Ecommerce
- Automobile
- Electrical and Electronics
By Region:
- North America Market
- Asia Pacific Market
- Europe Market
- Latin America Market
- Middle East and Africa Market
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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