Track and Trace Solutions Market by Product (Hardware, Software, Standalone Platforms), Application (Serialization, Aggregation, Reporting), Technology (2D Barcode, RFID) End User (Pharma, Food, Medical Devices, Cosmetics) - Global Forecast to 2027", is projected to reach USD 8.6 billion by 2027 from USD 4.8 billion in 2022, at a CAGR of 11.6% during the forecast period.
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Key Market Players
The key players operating in this market include OPTEL GROUP (Canada), METTLER-TOLEDO International Inc. (US), Systech International Inc. (US), TraceLink Inc. (US), Antares Vision S.p.a. (Italy), SAP SE (US), Xyntek Inc. (US), SEA Vision Srl (Italy), Syntegon (Germany), Siemens (Germany), Uhlmann Group (Germany), JEKSON VISION (India), Videojet Technologies, Inc. (US), Zebra Technologies Corporation (US), Axway (US), ACG Worldwide (India), Laetus GmbH (Germany), and WIPOTEC-OCS (Germany).
OPTEL group (Canada) is a leading player in the track and trace solutions market, accounting for a share of around 5-7% in 2021. The company’s leading position in the market is attributed to its wide product portfolio, which includes software, hardware, and standalone solutions for product traceability. In its new product launch— OPTCHAIN—the company took traceability to another level by providing intelligent supply chain solutions that boost traceability capabilities to help businesses have more performant and sustainable supply chains while complying with local regulations and international standards. OPTEL Group does product launches with agreements & partnerships to sustain its market position. The company has a wide geographical presence, with operations in Europe, Asia, and North & Latin America.
ANTARES VISION S.P.A.
Antares Vision S.p.A. (Italy) accounted for 4-6% of the track and trace solutions market in 2021. The company has a strong presence in the Americas and Europe, wherein it derived around 65% of its annual revenue in 2021. The company seeks to further enhance its geographical presence by strengthening its business operations in emerging high-growth markets. The company has a strong product portfolio that is used by the life sciences and FMCG sectors for product traceability. The company is presently engaged in inorganic growth strategies such as acquisitions and partnerships to acquire new customers and expand its portfolio into new industry verticals.
Tracelink Inc. (US) is the leading player in the track and trace solutions market in 2021. TraceLink forms the worlds largest track and trace network that provides cloud-based solutions to pharmaceutical companies, wholesale distributors, contract manufacturers, and packagers. The company’s Life Sciences Cloud is the world’s largest pharmaceutical track and trace network with its serialization application for supply chain efficiency. TraceLink offers suitable solutions for regulatory requirements in countries like the US, China, Brazil, India, and South Korea.
Axway (US) held the second-ranking position in the global track and trace software solutions market in 2021. The company offers robust and advanced software solutions for supply chain traceability, which is an important factor for its large share in the track and trace software solutions market. The company focuses on increasing its presence in this market through continuous R&D to provide technologically advanced products to its customers. In 2021, the company invested approximately USD 55.3 million in R&D activities. To maintain its leading position in the track and trace solutions market, Axway adopts inorganic strategies such as acquisitions and partnerships with smaller similar firms to enhance its product offerings. The company provides its services in more than 100 countries with direct representation in 18 countries across 5 continents.
SAP SE AND SYSTECH INTERNATIONAL
SAP SE (Germany) and Systech International (US) held third and fourth positions, respectively, in the global track and trace solutions market in 2021. SAP offers advanced track and trace software for pharmaceuticals, whereas Systech International provides its cloud-based enterprise-level solution called UniTrace to track and trace the supply chain.
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“North America accounted for the largest share of the track and trace solutions market in 2021”
In 2021, North America accounted for the largest share of 38.7% of the global track and trace solutions market. The market growth was driven by the presence of developed healthcare systems in the US and Canada; the presence of many pharmaceutical and biotechnology companies as well as medical device manufacturers; stringent regulations regarding serialization; and the growing medical devices market.
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