Track and trace system is an anti-counterfeiting solution used in food & beverage and pharmaceutical industry. Track and trace system is used for printing unique identification code onto the individual product once the products are packed and ready to move. Track and trace system allows tracing the individual products throughout the supply chain. Various track and trace systems, ranging from basic to complex trace and track systems are offered by different manufacturers globally.
Global Track and Trace System Market: Drivers & Restraints
The growth of global track and trace system market is driven by the demand for anti-counterfeiting measures in the industries such as pharmaceuticals and food & beverages. Counterfeiting is rising as a major concern in the developing markets. The instances of forgery in pharmaceutical products are very high in developing markets such as India, China, Brazil as compared to developed markets. To overcome counterfeiting issues companies are opting for technological measures to secure their supply chain, which in turn is augmenting the demand for track and trace system market globally. Furthermore, pharmaceutical and food & beverage industries growth along with the consumer awareness towards the authenticity of the products are supplementing the demand for track and trace system market globally. Trends identified in the global track and trace system market are regulatory bodies such as US FDA (Food and Drug Administration), and European Federation of Pharmaceutical Industries and Associations (EFPIA) are mandating the pharmaceutical industry to print unique identification code on the medical package. However, this trend is followed in mostly the developed countries, whereas, in the developing countries where the regulations are lenient might hamper the growth of track and trace system market globally.
Global Track and Trace System Market: Segmentation
The global track and trace system market is segmented on the basis of track and trace system types, end-use and region
On the basis of track and trace system types, the global track and trace system market is segmented into:
- Linear Barcodes
- 2D Barcodes
- Radio-frequency Identification (RFID) Tags
- Real-time Locating System (RTLS)
On the basis of end-use industry, the global track and trace system market is segmented into:
- Food & Beverages
Track and Trace System Market: Regional Outlook
Based on the geographies, global track and trace system market is segmented into five key regions - North America, Latin America, Europe, APAC, and the Middle East & Africa. Among the regions mentioned above, North America accounts for a significant share of track and trace packaging market. The dominance of pharmaceutical packaging industry is a key factor contributing to the growth of track and trace system market in North America as compared to the other regions. Government regulations minimizing the counterfeiting practices in the food & beverage and pharmaceutical products is another factor attributing to the growth of track and trace system market in the region. North America is followed by Europe, following the similar trend. Asia-Pacific is anticipated to grow a significant rate over the forecast period, owing to the rapid industrialization in the region and promising pharmaceutical industries in the region. Overall, the global track and trace market is anticipated to register a healthy CAGR over the forecast period.
Global Track and Trace System Market: Key Players
Some of the major players identified in the global track and trace system market include Robert Bosch GmbH, Siemens AG, pester pac automation, Werum IT Solutions GmbH, Uhlmann Packaging Systems LP, Global Healthcare Exchange, LLC., Marchesini Group S.p.A., and Weber Marking Systems GmbH.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.