North America Track and Trace Solutions Market, By Product (Software Components, Hardware Components and Standalone Platform), Solution (Line & Site-Level Serialization, Cloud Enterprise-Level Traceability, Distribution and Warehouse Solution, Supply Chain Data-Sharing Network and Others), Application (Serialization, Printing, Labeling and Packaging Inspection, Aggregation, Tracking, Tracing, and Reporting), Technology (2D Barcodes, Radiofrequency Identification (RFID), and Linear/1D barcodes), End User (Pharmaceutical & Biopharmaceutical Companies, Consumer Packaged Goods, Luxury Goods, Food and Beverage, Medical Device Companies, Contract Manufacturing Organizations, Repackages, Cosmetics Companies, and Others), Distribution Channel (Direct Sales and Third Party Distributors), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2027.
Market Analysis and Insights: North America Track and Trace Solutions Market
Track and trace solutions market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 10.9% in the forecast period of 2020 to 2027 and is expected to reach USD 2,952.17 million by 2028. Stringent imposed laws on serialization and labeling along with rising adoption of track and trace solutions by pharmaceutical companies among more are the major drivers which propelled the demand of the track and trace solutions market in the forecast period.
The method of identifying the present and historical position (and other information) of a particular object or property involves the storage and transportation of several kinds of items, monitoring and tracking or tracking. This definition can be followed by the estimation and recording of the location of cars and containers, for instance, recorded in a real-time database. This method leaves the challenge of drawing up a cohesive description of the corresponding progress notes. Track and trace stands for linking machines to IT and data sharing at all rates. This includes strong hardware suite device modules or stand-alone systems. The major goal of track and trace solutions is to decline the chain of counterfeit drugs and fake products across globe and to provide smooth flow and traceability of the goods at each and every point.
Track and trace solutions demand has increased as compared to the precise year with increased demand of track and trace solutions along with introduction of increased technologically advanced track and trace solutions. In addition demand of track and trace solutions have increased because of increasing drug counterfeiting across the world. Further, the high cost of track and trace solutions is expected to restraint the usage of track and trace solutions and is expected to slow down the growth of the track and trace solutions market in the forecasted period.
The track and trace solutions market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the track and trace solutions market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
The track and trace solutions market is segmented on the basis of product, solution, technology, application, end user and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product, the track and trace solutions market is segmented into software components, hardware components and standalone platform. In 2020, software components segment is dominating the track and trace solutions market due to the ease of installation with limited IT resources which has enabled the end users to realize the value of software as compared to traditional business processes.
- On the basis of solution, the track and trace solutions market is segmented into line & site-level serialization, cloud enterprise-level traceability, distribution and warehouse solution, supply chain data-sharing network and others. In 2020, line & site-level serialization segment is dominating the track and trace solutions market due to the rising demand for standalone platforms to reduce the serialization implementation timeframe.
- On the basis of application, the track and trace solutions market is segmented into serialization, printing, labeling and packaging inspection, aggregation, tracking, tracing, and reporting. In 2020, the serialization segment is dominating the track and trace solutions market as a the significant share of manufacturing companies are making efforts in order to reduce complexities, counterfeiting, and theft in addition to comply to regulations.
- On the basis of technology, the track and trace solutions market is segmented into 2D barcodes, radiofrequency identification (RFID), and linear/1D barcodes. In 2020, 2D barcodes segment is dominating the track and trace solutions market due to their lower cost as compared to radiofrequency identification (RFID) technology.
- On the basis of end user, the track and trace solutions market is segmented into pharmaceutical & biopharmaceutical companies, consumer packaged goods, luxury goods, food and beverage, medical device companies, contract manufacturing organizations, repackagers, cosmetics companies, and others. In 2020, pharmaceutical & biopharmaceutical companies segment is dominating the track and trace solutions market because the regulatory support is also aiding the adoption of track and trace solutions in the pharmaceutical & biopharmaceutical industry.
- On the basis of distribution channel, the track and trace solutions market is segmented into direct sales and third party distributors. In 2020, direct sales segment is dominating the track and trace solutions market because it aids in ensuring proper functioning of software and equipment for tracking and tracing.
North America Track and Trace Solutions Market Country Level Analysis
The track and trace solutions market is segmented on the basis of product, solution, technology, application, end user and distribution channel.
The countries covered in the North America track and trace solutions market report are the U.S., Canada and Mexico.
The North America region is growing with the highest growth rate in the forecast period of 2020 to 2027 because of increasing awareness of track and trace solutions in the region. The U.S. is dominating in North America track and trace solutions market due to rising incidence of drug counterfeiting and increasing government initiatives to decrease it via imposing stringent laws.
The country section of the report also provides individual track and trace solutions market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Rising Funding in Research & Testing Labs is Creating New Opportunities for Players in the Track and Trace Solutions Market
The track and trace solutions market also provides you with detailed market analysis for every country growth in particular industry with track and trace solutions sales, impact of advancement in the track and trace solutions and changes in regulatory scenarios with their support for the track and trace solutions market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Track and Trace Solutions Market Share Analysis
The track and trace solutions market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to North America track and trace solutions market.
The major players covered in the North America track and trace solutions market report are SAP SE, METTLER TOLEDO, Grant-Soft Ltd., Zebra Technologies Corp., Arvato Systems, Axway, IBM Corporation, Domino Printing Sciences plc, ANTARES VISION S.p.A., TraceLink, ACG, Körber AG, Siemens among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launches and agreements are also initiated by the companies’ worldwide which are also accelerating the track and trace solutions market.
- In April 2020, Domino Printing Sciences plc launched UV97BK food packaging compliant black Ink for K600i digital ink jet printer. This new product launched by the company will increase its demand in the market leading to the increased sales in the revenue of the company in the future.
Collaboration, joint ventures and other strategies by the market players is enhancing the company market in the track and trace solutions market which also provides the benefit for organisation to improve their offering for track and trace solutions.
Customization Available : North America Track and Trace Solutions Market
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