DUBLIN--(BUSINESS WIRE)--The "Track and Trace Solutions Market by Type (Plant Manager, Checkweigher, Barcode Scanner, Monitoring), Technology (2D Barcode, RFID), Application (Serialization, Aggregations, Reporting), End User - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
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The track and trace solutions market is estimated to reach USD 3.93 Billion by 2023 from USD 1.65 Billion in 2018, at a CAGR of 18.9%.
Stringent regulations and standards for the implementation of serialization, increasing focus of manufacturers on brand protection, growth in the medical devices and pharmaceutical industries, and rising number of packaging related product recalls are the major factors driving the growth of the market.
However, the high cost associated with serialization and aggregation may hinder the growth of this market. Furthermore, the lack of common standards for serialization and aggregation is a major challenge for the growth of the track and trace solutions market.
In this report, the market is segmented by type, technology, application, end user, and region. By application, the track and trace solutions market is majorly segmented into serialization, aggregation, and tracking, tracing, & reporting. The serialization solutions segment accounted for the largest share of the track and trace solutions market in 2017. Stringent regulation for the implementation of serialization solutions in packaging and supply chain applications is a key driver for market growth in this segment.
Based on technology, the market is segmented into linear/1D barcodes, 2D barcodes, and radiofrequency identification (RFID). The RFID segment will be the fastest-growing segment during the forecast period. The high growth of this segment can primarily be attributed to the growing demand for these systems in automated pharmaceutical distribution, point-of-care solutions, and electronic medical records. However, security and privacy concerns, a large amount of initial installation cost, and lack of skilled professionals may restrain the growth of this market to a certain extent.
- ACG Worldwide
- Antares Vision
- Korber Medipak Systems
- Mettler Toledo
- Optel Group
- Sea Vision
- Zebra Technologies
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