Track and Trace Solutions Market

The global track and trace solutions market is projected to reach USD 9.8 billion by 2028 from USD 5.5 billion in 2023, at a high CAGR of 12.2% during the forecast period. Key factors propelling this growth include stringent regulations mandating serialization and a growing emphasis by manufacturers on safeguarding their brands. However, market expansion may be restrained to some extent due to the substantial costs and extended implementation timelines associated with serialization and aggregation, along with significant setup expenses.

Prominent players in the track and trace solutions market include ANTARES VISION S.p.A (Italy), Axway (France), OPTEL GROUP (Canada), TraceLink Inc. (US), Syntegon Technology GmbH (Germany), ACG (India), Marchesini Group S.p.A. (Italy), Markem-Imaje, a Dover Company. (Switzerland), Uhlmann (Germany), Siemens (Germany), SAP SE (Germany), Zebra Technologies Corp. (US), METTLER TOLEDO (US), IBM (US), WIPOTEC GmbH (Germany), VISIOTT Technologie GmbH (Turkey), Jekson Vision (India), Kevision (India), TrackTraceRX Inc. (US), Arvato - Bertelsmann SE & Co. KGaA (Germany), 3KEYS GmbH (Germany), RN Mark Inc (Canada), Kezzler (Norway), Shubham Automation Pvt. Ltd. (India), and Bar Code India Limited (India). These companies adopted strategies such as product launches, expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their market presence in the track and trace solutions market.

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ANTARES VISION S.p.A is one of the global leaders in end-to-end product traceability solutions that offer solutions based on integrated data management, artificial intelligence, and blockchain technology. The combined strengths of technology and automation help the company acquire a prominent market share. The company is active in Life Science (pharmaceutical, biomedical devices, and hospitals) and FMCG (fast-moving consumer goods). As a world leader in track & trace solutions for pharmaceutical products, the company provides major global manufacturers (over 50% of the top 20 multinationals) and numerous government authorities with solutions, monitoring their supply chains and validating product authenticity. The company achieves its target of rapid growth by strengthening its product offerings with acquisitions and partnerships. For instance, in 2022, Antares acquired 100% of Packital Srl (Italy) and of Ingg. Vescovini Srl (Italy), through its subsidiary company FT System, consolidates its market positioning through a portfolio of quality control and inspection systems. In 2022, the company recorded a 24.9% in orders compared to 2021, wherein the life sciences sector had an increase of 24.1%, and the FMCG sector had an increase of 26.1%. Its rapid innovation and decision-making abilities have enabled the company to develop innovative solutions.

Axway is one of the leading players in the track and trace solutions market. The company has a strong presence in the US and seeks to enhance its geographical presence by strengthening its business operations in emerging markets. The company has a robust and diverse product portfolio in API management, IPaaS, MFT technology, electronic data exchange, mobile, and more, which has helped the company gain a sizable share of the market. The company is presently focusing on amplifying the hybrid integration platform, thereby refining its customer-centric strategies to continuously create value in its offerings. To strengthen its position in the track and trace solutions market, Axway focuses on partnerships to enhance its capabilities in management. For instance, in June 2020, the company partnered with HM Health Solutions to help deliver new and enhanced digital experiences to its health plan customers. Moreover, being a research-driven company, Axway invested EUR 57.3 million in R&D activities in 2022 and filed 28 technology patents in the same year.

OPTEL GROUP is among the leading players in the track and trace market. The company has a strong presence and scale and is directly represented in more than 70 countries worldwide, with main production sites in Ireland, India, and Brazil. OPTEL provides a comprehensive array of track and trace solutions, spanning a breadth of traceability solutions and vision systems for end user segments, including pharmaceuticals, CPG, food and beverage, and agrochemicals. The company’s business model is based on long-term contracts wherein the company has installed more than 6000 traceability systems worldwide for tracking 25 billion products every year. OPTEL deploys its expertise in digital traceability and vision systems with a complete end-to-end technology stack. Long-term client partnerships, a strong track record with a proven platform, and renowned client onboarding are some of the major key differentiators for the company. To sustain its position in the market, OPTEL focuses on inorganic growth strategies such as partnerships and acquisitions. For instance, in January 2022, the company acquired the pharmaceutical track and track unit of Körber (Germany) to expand its expertise in pharmaceutical and track-and-trace technologies, thereby expanding its foothold in the European marketplace.

Related Reports:

Track and Trace Solutions Market by Product(Bundle Tracking, Checkweigher, Barcode Scanner, Labeler), Serialization (Carton, Bottle, Blister, Vial), Aggregation (Case, Pallet), Technology (2D Barcode, RFID), End User (Pharma, Food) - Global Forecast to 2028

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