New York, Sept. 07, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Track And Trace Solutions Global Market Report 2022” – https://www.reportlinker.com/p06318591/?utm_source=GNW
The global track and trace solutions market is expected to grow at a compound annual growth rate (CAGR) of 15.9%, from $3.19 billion in 2021 to $3.69 billion in 2022. tracking and tracing solutions is expected to reach $6.47 billion in 2026 at a CAGR of 15%.
The track and trace solutions market includes sales of track and trace solutions by entities (organizations, individual traders, and partnerships) that are used by the logistics industry to track vehicle, increase security, reduce insurance costs and provide alert systems that help in monitoring the vehicle during the transition period. A track and trace solution refers to a software service to track vehicles, load units, shipments or products along the supply chain from supplier to consumer.
Major product types in the track and trace solutions market are hardware systems and software solutions. Hardware systems refer to the physical parts or components of a computer or application that are used to track the physical components such as desktops, laptops, and servers they are purchased until they are retired.
The different technologies involved are 2D barcodes, radio frequency identification (RFID) and linear barcodes. Applications include serialization, aggregation, tracking, tracing, and reporting.
The various end users are the pharmaceutical, biopharmaceutical, medical device, food and beverage industries.
North America was the largest region in the track and trace solutions market in 2021. Asia-Pacific is expected to be the fastest growing region during the forecast period.
Regions covered in the Track and Trace Solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle -East and Africa.
The Track and Trace Solutions Market research report is part of a series of new reports that provide statistics on the Track and Trace Solutions market, including the industry’s global market size Track and Trace Solutions, Regional Shares, Competitors with Track and Trace Solutions Market Share, Detailed Tracking and Track and Trace Solutions Market Segments, Market Trends and Opportunities , along with any other data you may need to thrive in the track and trace solutions industry. This Track and Trace Solutions Market research report offers a comprehensive perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Strict regulations and standards for the implementation of serialization are expected to propel the growth of the track and trace solutions market in the future. Regulatory standards refer to the rules, laws, regulations and advisory opinions of regulatory authorities applicable to the manufacture, marketing and reimbursement of any product.
Strict regulations and standards adopted by the government are helping to improve capacity and improve surveillance and investigation of foodborne infections through the Pulse Net, Integrated Food Safety Centers of Excellence and other programs. For example, in 2021, according to the European Commission, a UK-based executive of the European Union, the major development related to serialization and traceability in the medical device sector is the EU-MDR regulation.
The EU’s MDR is a new set of laws that came into force on May 26, 2021. Its aim is to improve the safety and performance of medical devices throughout their life cycle by strengthening regulation and putting the emphasis on market vigilance, which was lacking when the previous MDD (Medical Devices Directive) was passed in 1992.
Hence, strict regulations and standards for the implementation of serialization drive the track and trace solutions market.
The adoption of radio frequency identification (RFID) technology is a key trend that is gaining popularity in the track and trace solutions market. Major companies operating in the track and trace systems market are adopting RFID technology to strengthen their position in the market.
For example, in September 2020, Fresenius Kabi, a Germany-based healthcare company operating in the track and trace solutions market, embeds RFID tags into packaging for commonly used operating room medications. The track and trace system adheres to GS1’s open global standards and protects medication inventory, adding an extra layer of patient safety.
In July 2021, Zeiser, a Germany-based security printing service provider, acquired Inspection’s track and trace software for an undisclosed sum. With this acquisition, Zeiser strengthens its leading position as a provider of serialization solutions and services for the security printing industry.
Document Inspection is a UK based technology provider of document inspection and track and trace software.
The countries covered in the Track and Trace Solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, Korea of the South, the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06318591/?utm_source=GNW
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