OTTAWA, Nov. 2, 2020 (GLOBE NEWSWIRE) – The global market length for track and trace responses is estimated at $ 2. 09 billion in 2019, according to a new study from Precedence Research.
Tracking and traceability technologies track the status of a product in the price chain and, in retrospect, recognize and verify its route. Tracking and traceability responses are connected to the logistics and distribution of a wide variety of products, allowing us to notice the existing and past position of the object. Key technologies used to track product delivery come with barcodes and radio frequency identification. Lately, there has been an increase in product recall that has led to the progression of hardware, software and consulting systems through tracking and traceability system brands. The products offer a wide variety of responses to track products for various industries.
Growth factors
Some of the key influencers at the site of the tracking and traceability response market come with strict criteria and regulations for serialization execution, expanding the manufacturer’s attention to logo protection and an increasing number of packaging product recalls. and the progression of the medical device industry is driving the expansion of market locations. The increase in the number of product recalls is also driving the expansion of tracking and traceability responses. Recalls were revealed in 2018. As a result, acceptance of follow-up and traceability responses is essential in the production sector, regardless of manufactured products such as medical devices for food and beverages and the pharmaceutical industry.
Strict criteria and regulations for the use of serialization are expected to stimulate global market growth. The pharmaceutical, medical and food and beverage industries are the main corporations that will have to comply with these mandates. Many end-to-end solutions, adding element Traceability, food and beverage traceability, blockchain facilitator, serialization processing, environmental monitoring, traceability of finished products, compliance control are expected to succeed in the market and forecasting period.
Highlights of the report
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Regional snapshots
The place of the North American market is mainly fueled through highly regulated serialization and aggregation principles and a physical care infrastructure. There are many distributors large and small that provide a pletletty of tracking and traceability responses that make the festival in the market fiercer in this region. Asia-Pacific is estimated to have a higher CAGR due to collective tension to decrease the frequency of counterfeit drugs in emerging Asian countries such as China and India.
Keys and strategies
Many small and giant corporations are offering a multitude of answers for tracking and traceability of uses, after an excessive festival between suppliers. Leading corporations that meet the call for follow-up responses and traceability in the market are Optel Vision, TraceLink, Inc. , Adents International, Axway, Siemens AG, Mettler-Toledo International, Inc. , Antares Vision srl, ACG Worldwide, Seidenader Maschinenbau GmbH and Systech, Inc. , among other things.
Related reports
In 2018, Antares Vision introduced its product, ATSFOUR, an enterprise-level serialization software solution. The new ATSFOUR features the Antares tracking formula architecture and provides a large-scale solution that enables the broadest connection capacity for any traceability network.
In 2018, RopackPharma Solutions partnered with TraceLink (USA) to comply with the DSCSA for its pharmaceutical customers.
In 2017, Antares Vision extended its partnership with Xyntek, where Xyntek will continue to sell and the Antares Tracking System platform responds throughout the United States.
Market segmentation
By product
By application
End user
From regional perspectives
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