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Portland, OR, February 16, 2021 (GLOBE NEWSWIRE) – The World market for tracking and traceability solutions was set at $ 2.03 million in 2019 and is expected to reach $ 6.12 billion by 2027, with a CAGR of 14.6% from 2019 to 2027.
The increasing adoption of advanced trace and trace solutions, strict regulations and criteria for the implementation of serialization, and favorable government intervention have driven the growth of the global trace and trace solutions market. However, the high cost of infrastructure setup is hampering market growth. On the contrary, technological advancements in tracking and tracing solutions are expected to open lucrative opportunities for market players in the future.
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Covid-19 scenario:
- The demand for tracking and tracing solutions has increased during the Covid-19 pandemic, as healthcare businesses and organizations are overwhelmed by the increasing number of patients with Covid-19.
- Additionally, demand is expected to increase even after the pandemic, as it provides a stylish way to spot counterfeit drugs.
The global tracking and traceability solutions market is segmented on the basis of product type, technology, application, end user, and region. Based on product type, the hardware systems segment held the lion’s share in 2019, accounting for more than half of the market. However, the software solutions segment is expected to register the highest CAGR of 15.3% during the forecast period.
Based on application, the serialization solutions segment held the largest share in 2019, accounting for almost three-fifths of the market. Additionally, the segment is expected to post the highest CAGR of 14.9% during the forecast period.
The global tracking and traceability solutions market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market in North America dominated the market in 2019, accounting for almost two-fifths of the market. However, the Asia-Pacific region market is expected to represent the Highest CAGR of 16.2% during the forecast period.
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The Global Tracking and Traceability Solutions Market report includes an in-depth analysis of key market players such as Axway Software SA, METTLER TOLEDO International Inc., OPTEL GROUP, TraceLink Inc., Siemens AG, Adents International, Zebra Technologies Corporation , Seidenader Vision GmbH, Robert Bosch GmbH and Uhlmann Group.
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