Global Track and Trace Solutions market, by Application, by End User, and by Region, Size.

The global Track and Trace Solutions market was valued at USD 2,217.8 million in 2019 and is expected to reach USD 6,287.9 million by 2027, growing at a CAGR of 14.07% from 2020 to 2027.

The report on the Track and Trace Solutions market, as found on Qualiket Research website, is in- depth analysis of the market dynamics which are impacting both present market as well as the upcoming. The market dynamics are anticipated to provide lasting impression on the holistic growth of the target market. This report has been analyzed well by adept market reviewers through the immense knowledge and the expertise in the subject.

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Market Restraints:

High cost associated with the implementation of serialization

Implementation of serialization and aggregation is tedious process. Manufacturers need to analyze shop floor systems, packaging lines, and related engineering investments, along with larger supply chain system like warehouse edge systems.

Serialization products should properly incorporate with manufacturing lines to facilitate overall production and packaging with an ongoing focus on necessities of the evolving serialization regulatory requirements. Track and trace hardware systems & software solutions are expensive, as well as the other related elements such as system maintenance, software licensing, and support and project implementation increases the total project cost.

The Track and Trace Solutions market is quite fragmented and it is a tough competition which is going on, owing the presence of various established names vying for the top position. The target market is also witnessing an ingress of new entrants who are posing challenges to established names with tactical moves like product innovation & new product portfolios. Major companies are countering these challenges by having their own collaboration, merger, acquisition, and other strategies. The Track and Trace Solutions market report is also keeping an eye on the geographies to understand demographical features.

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Track and Trace Solutions market share by types, 2019 & 2027

Software solutions held the largest share in 2019 due to its growing adoption in healthcare industry. Software solutions segment dominated the overall market in terms of revenue in 2019 with 55%. Rising popularity of software solutions for continuous management of manufacturing facilities, product lines, case & bundle tracking, and warehousing & shipping are some factors accounting for its maximum share in the market.

Track and Trace Solutions market share by Application, 2019 & 2027

Serialization solutions held the highest revenue share in the track and trace solutions industry due to the increasing focus of regulatory bodies on implementation of serialization. The federal agencies, country governments, and healthcare industry are taking measures to decrease product diversion & drug counterfeiting.

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