Acumen Research and Consulting, Recently Published Report On “Track and Trace Solutions Market Size, Share, Trends, Growth and Forecast 2019-2026”
LOS ANGELES, June 26, 2019 (GLOBE NEWSWIRE) -- The global track and trace solutions market is estimated to grow at CAGR above 18.0 % over the forecast time frame 2019 to 2026 and reach the market value around USD 7.2 billion by 2026.
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Tracking and trace solutions involve the distribution and logistics of a broad variety of goods which facilitate the place of the item of concern both presently and before. The main techniques used in the monitoring of product shipment include RFID and barcode recognition. Recently, the recall of products has been increasing and so the track and track system companies have been developing software, equipment and consulting services. These products provide a broad variety of alternatives for tracing catering goods to various sectors.
During the era foreseen, the worldwide tracking and tracking solutions sector is anticipated to see important development owing to variables like increasing the application of track and trace alternatives to drug counterfeit products and structured regulatory structure and standards application by medical devices and pharmaceutical manufacturers. While these variables increase the market growth, high installation costs associated with serialization and aggregation alternatives significantly hinder market growth. The increased deployment of businesses in pharmaceutical and medical equipment will fuel development. False use of pharmaceutical products is a significant issue facing firms. So businesses adopt these alternatives for the surveillance of the supply chain.
In the production sector, tracking and trace solutions are essential regardless of the item being manufactured. Such alternatives have become essential in sectors like the pharmaceutical, food and drink sectors, consumer products and luxury products. Different sectors have specific regulatory policies and mandates in order to guarantee consumer safety.
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The food and beverage, pharmaceutical, and medical devices sectors are the two most significant sectors requiring continuous application of these mandates. A variety of end-to-end alternatives are expected in this sector, such as traceability of products, final products traceability, blockchain enabler, serialization processing, conformity management, traceability of food and beverages, and environmental tracking.
Manufacturers face difficulties, mainly in pharmaceutical industry, owing to the increasing complexity and variety of serialization needs. Variations in national norms and regulations, as well as aggregated complicated information management make it hard for companies to implement track and track serialisation. The growing rate of falsification of pharmaceuticals and other health products however leads to serialization in the supply chain. The application of bar code technology has resulted in the healthcare industry to government regulations and the rise in the sale of forged drugs. For example, a notice announcing the implementation of an embedded track and trace system bar code technology has been released by the Directorate general for Foreign Trade, for exporting pharmaceuticals from India. As a result, demand for the track and trace solutions technology has grown and is expected to stay high over the forecast era.
North America is the dominant regional industry and in 2018 represented the biggest share of revenues, mainly because of the existence of extremely controlled norms for serialization & aggregation and sophisticated health facilities. FDA advise pharmaceuticals and other health-care businesses to use automatic recognition systems including barcoding and RFID. In addition, the existence and implementation of extremely advanced health facilities in the US will fuel the development of the market. In developing Asian nations such as China and China, Asia Pacific is anticipated to show the greatest development owing to the elevated level of drug counterfeiting. Moreover, untapped possibilities in this area will add to the sector's development.
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Key Players & Strategies
The track and trace solutions market consists of major vendors such as Mettler-Toledo International, Inc.; Antares Vision srl; Siemens AG; Axway; Seidenader Maschinenbau GmbH; Adents International; Systech, Inc., Optel Vision; TraceLink, Inc. and ACG Worldwide.
Several small and big companies offer tracking and tracing goods which result in heavy competition between the suppliers. ATSFOUR, a software company serialization solution, was introduced by Antares Vision in 2018. The fresh ATSFOUR integrates the Antares Tracking System architecture and provides an integrated solution for all traceability networks.
The suppliers concentrate more on strategic relationships with their customers and work with other suppliers in the industry. Another key approach used by suppliers for maximizing sales in this industry is mergers and acquisitions.
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