Track and Trace Solutions Market Analysis, Geographical Segmentation, Drivers, Challenges, Forecast Report 2019
The major factors driving the growth of this Track and Trace Solutions Market include the stringent regulations & standards for the implementation of serialization, increasing focus of manufacturers on brand protection, increasing number of packaging-related product recalls, high growth in the generic and OTC markets, and the growing medical device industry.
What the Market Looks Like?
Predicted to grow at a CAGR of 14.2% during the forecast period, the Global Track and Trace Solutions Market is estimated to reach USD 4.21 billion by the end of 2024. In 2018, North America held the largest market share, followed by Europe and Asia-Pacific. However, Asia-Pacific is expected to register the fastest growth over the forecast period.
Based on application, the Track and Trace Solutions Market is segmented into serialization, aggregation, and tracking, tracing, and reporting solutions. The tracking, tracing, & reporting solutions segment is expected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the increasing number of regulations such as DSCSA, UDI, and Medical Device Reporting (MDR) for medical devices and pharmaceutical products.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=158898570
What Drives the Market?
The growth of the global market for Track and Trace Solutions is primarily influenced by the following factors:
- Stringent Regulations & Standards for the Implementation of Serialization
- Increasing Focus of Manufacturers on Brand Protection
- Growth in the Number of Packaging-Related Product Recalls
- High Growth in the Generic and OTC Markets
- Growth in the Medical Device Industry
Geographical growth scenario of Track and Trace Solutions Market
North America accounted for the largest share of the Track and Trace Solutions Market in 2018, followed by Europe. Factors such as the presence of many pharmaceutical & biotechnology companies and medical device manufacturers, stringent regulations regarding serialization, and the growing medical devices market, are driving the growth of the Track and Trace Solutions Market in North America.
Leading market players and strategies adopted
The prominent players in the Track and Trace Solutions Market include OPTEL Group (Canada), Mettler-Toledo International Inc. (US), Systech International Inc. (US), TraceLink Inc. (US), Antares Vision (Italy), SAP (US), Xyntek Inc. (US), Adents International (France), SEA Vision Srl (Italy), Robert Bosch (Germany), Körber Medipak Systems AG (Switzerland), Siemens AG (Germany), Uhlmann Group (Germany), Jekson Vision (India), Videojet Technologies, Inc. (US), Zebra Technologies Corporation (US), Axway Inc. (US)
Read More: https://www.marketsandmarkets.com/PressReleases/track-trace-solution.asp
