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According to a new market research study titled ‘Track and Trace Solutions Market – Global Analysis and Forecasts by Component, Technology, Application, and End User. The Global Track and Trace Solutions Market is expected to reach US$ 6,049.0 Mn in 2027 from US$ 1,728.3 in 2018. The market is estimated to grow with a CAGR of 15.3% from 2019-2027. The report highlights the trends prevalent in the global track and trace solutions market and the factors driving the market along with those that act as deterrents to its growth.
Stringent regulations & criteria for the implementation of serialization, increase in the number of packaging-related product recalls, and rising focus of manufacturers on brand protection. However, the factors such as high cost of products & implementation and shortage of skilled operators are likely to impact the growth of the market in the forecast period.
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Stringent Regulations & Criteria for the Implementation of Serialization is driving the market for Track and trace solutions over the forecast period.
The track and trace solutions market by component is segmented into hardware and software. In 2018, the software segment held a largest market share of 57.2% of the track and trace solutions market, by component. The software segment is expected to dominate its market share in 2027 owing to the advantages offered such as reduced administration and increased confidence for quality events. Moreover, the software segment is anticipated to witness the fastest growth rate during the forecast period, 2019 to 2027.
The players operating in track and trace solutions market are, OPTEL GROUP, Axway, Körber Medipak Systems AG, ZIH Corp., Siemens AG, TraceLink, Antares Vision, RFXCEL CORP., SEA VISION S.r.l., and Adents among others.
The market players have been establishing acquisitions and collaborations in the market, which enables them to hold a strong position in the market. For instance, in May 2019, OPTEL GROUP entered into an agreement with Nelipak Healthcare Packaging, a full-service global provider of custom thermoformed packaging in the field of medical devices and pharmaceuticals. The strategy would be used to explore commercial opportunities to bring a new seal inspection technology to the medical device market. The developments performed by the companies are helping the market to grow in the coming years.
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Strategic acquisition and product launches were observed as the most adopted strategy in global track and trace solutions industry. Few of the recent product launch and acquisitions are listed below;
2019: SEA Vision Group completed the acquisition of Lixis, provider of pharmaceutical vision, control and serialization. The acquisition would help the former company to hold a stronger position in the LATAM market.
2018: OPTEL acquired GeoTraceability, a provider of technical solutions to increase the visibility of suppliers and products in intricate supply chains. This strategic move has helped OPTEL expand its traceability offering.
2017: rfxcel Corporation acquired Frequentz, Inc., a provider of life science and food traceability. The acquisition has enabled rfxcel to offer better serialization and traceability solutions.