TRACK AND TRACE SOLUTIONS MARKET ANALYSIS

Track And Trace Solutions MarketSize and Trends

The global track and trace solutions market size was valued at US$ 3,056.4 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 14.79% from 2023 to 2030. The growth of the market is largely driven by the increasing focus of manufacturers on brand protection and stringent regulations imposed by the government for the implementation of serialization. The market also benefits from the increase in packaging-related product recalls and counterfeit drug cases, which have contributed to the growing need for tracking and tracing solutions. The rise in the number of manufacturing companies that are investing heavily in these technologies is anticipated to create new business opportunities for vendors. 

Global Track and Trace Solutions Market Trends:

RFID technology is gaining traction in the market

The role of radio-frequency identification technology plays a significant role in inventory management and supply-chain operations, as well as in product handling and improvement of security. Due to its major benefits in tracking and tracing, the demand for RFID technology is increasing across several industries. With increasing counterfeiting activities, the demand for these solutions is expected to continue in the market, which in turn will support growth of the global track and trace solutions market over the forecast period.

Increase in adoption in pharmaceutical industry

The use of track and trace solution has increased in the pharmaceutical industry for verification of product ID, management of logistics and packaging. Government regulations across the globe need pharmaceutical companies to serialize their products. Moreover, advanced solutions of track and tracing are increasingly being adopted across pharmaceutical industry. Thus, this trend is expected to continue in the global track and trace solutions market over the forecast period.