Track and Trace Solutions Market 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. The stringent regulations and standards for the implementation of serialization and the increasing focus of manufacturers on brand protection are the major drivers of growth for this market. On the other hand, the high costs and long implementation timeframe associated with serialization and aggregation, as well as the huge setup costs, are expected to limit market growth to a certain extent.
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DRIVERS: Increasing focus of manufacturers on brand protection
Counterfeiting is a growing threat for companies that bring to market medicines, medical devices, cosmetics, and pharmaceutical packaging. Growing international trade and the lack of stringent regulations have increased the use of counterfeit drugs and other products across the globe. Counterfeiting applies to both branded and generic products; that includes products with incorrect/false ingredients, without active ingredients, with an incorrect amount of active ingredients, and with fake packaging. Manufacturers invest large amounts of resources in developing a brand, and counterfeiters use this brand identity to sell counterfeit products. This creates significant damage to the original manufacturer’s revenue and also hampers the brand's image. Hence, in order to prevent counterfeiting, the use of track-and-trace technologies such as barcodes and RFID is imperative. Many manufacturers use a combination of different track-and-trace technologies throughout their supply chain to enhance product traceability and security. A uniquely serialized product allows for item-level traceability across the supply chain, helping brand owners collect more information for deeper insights than lot- or container-level traceability. Thus, the growing focus of manufacturing companies is on brand building, which, in turn, is increasing the usage of serialisation and thereby driving the market for track and trace solutions.
OPPORTUNITIES: Remote authentication of products
Traditional brand protection technologies such as anti-theft and authentication are meant to protect individual items rather than protecting the entire supply chain. Hence, there is a possibility of false products being introduced at any stage in the supply chain. To combat this, solutions with automatic and non-line-of-sight capabilities are required. The demand for technologies with modular designs that meet enterprise needs has increased in the last few years. For example, track-and-trace technologies based on RFID maintain an electronic pedigree that tracks the transaction information of products within the supply chain. This approach proved to be a standout for protecting the supply chain against infiltration, theft, and fraud and supporting remote authentication in the brand protection supply chain.
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).
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Recent Developments:
In May-2022, OPTEL Group launched OPTCHAIN, a suite of the modular intelligent supply chain (ISC) that will enable easy capturing and digitization of Critical Tracking Events (CTEs) and Key Data Elements (KDEs) along the entire supply chain of the food and beverage industry.
In March 2022, Zebra Technologies Corporation (US) launched Reflexis solutions across the Asia Pacific with the vision to have every asset and worker on edge visible, connected and fully optimized.
In January 2022, OPTEL Group acquired the pharmaceutical track and trace unit of Körber to expand its expertise in pharmaceutical and agrochemical track and trace technologies, thereby expanding its foothold in the European marketplace.
In April 2021, Syntegon entered into a partnership with Kezzler (Norway). This partnership will offer best-in-class solutions to effectively implement product digitization and traceability strategies with a minimal operational burden.
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https://www.digitaljournal.com/pr/track-and-trace-solutions-market-industry-share-analysis-key-players-and-future-prospect