Track and trace solutions market is expected to reach USD 8.6 billion

The global track and trace solutions market is expected to reach USD 8.6 billion from USD 4.8 billion in 2022, at a CAGR of 11.6% during the forecast period.

The major factors contributing to the growth of this market include the increasing regulatory burden on end-user segments for the implementation of serialization solutions and increasing awareness on brand protection. On the other hand, huge set up costs that require high upfront capital investments is expected to limit the market growth to some extent.

In 2021, the software solutions segment accounted for the largest share of 60.6% of the track and trace solutions market. The major factor contributing to the growth of this market includes growing awareness about the counterfeit products in the market that necessitates the implementation of track and trace solutions. However, standalone platforms segment are expected to grow a a highest CAGR of 15.3% during the forecast period owing to the increase in the demand for these platforms that reduce implementation timeframe and provide end-to-end traceability.

In 2021, serialization solutions segment account for the largest share of 62.3% of the applications market. This segment is also expected to witness the highest growth rate of 12.08% during the forecast period. The major factor contributing to the growth of this segment include high regulatory burden on the end-user segments to implement serialization solutions in order to prevent the entry of counterfeit products in the supply chain.

In 2021, 2D barcodes accounted for the largest share of 75.8% of the technology market. The major factor contributing to the growth of this segment include the growing adoption of 2Dbarcodes technology in the end-user segments owing to its large data storage capacity. However, RFID segment is expected to witness the highest CAGR of 13.2% due to its growing demand for automating pharmaceutical distribution systems and improving product visibility.