| Status : Published | Published On : Jul, 2024 | Report Code : VRHC1288 | Industry : Healthcare | Available Format :
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Page : 95 |
North America Track and Trace Solutions Market- Analysis and Forecast (2025–2030)
Industry Insights By Components (Hardware, Software and Standalone), By Enterprise Size (SMEs and Large Enterprises Sections), By Application (Serialization, Printing, Labeling and Packaging Inspection, Aggregation, Tracking, Tracing and Reporting), By End User (Pharmaceutical and Biopharmaceutical companies, Consumer Packaged Goods, Luxury Goods, Food and Beverage, Medical Device Companies, Contract Manufacturing Organizations, Repackages, Cosmetics Companies and Other) and By Geography (Canada, Mexico and The US)
Industry Overview
The North America Track and Trace Solutions Market is expected to grow from USD 2.6 billion in 2023to USD 8.6 billion by 2030, registering a CAGR of 16.1% during the forecast period ranging from 2025 to 2030.
The primary purpose of track and trace solutions is to improve supply chain operations by enhancing visibility. It monitors products right production to delivery. The technologies that are commonly used for tracking and tracing include RFID, barcode, magnetic stripe, voice and vision systems, optical character recognition, and biometrics. All these allow precise product tracking and provide real-time data updates that help in improving inventory control and management to ensure regulatory compliance as well as enhance customer satisfaction. Ongoing technological advancements and optimization of supply chain are two of the most crucial factors that drive the growth of the North America track and trace solutions market. In addition, the growing requirement for safety and security of products has raised the demandfor more technically sophisticated devices. This has also contributed significantly to the market expansion. The growth of the market is seriously impeded by the growing concerns over data privacy. In addition, the strict regulations and compliance requirements that mandate protection of sensitive information by GDPR and CCPAcomplicate the application and operation of these systems. However, the expanding e-commerce industry in North America offers significant opportunities for track and trace solutions due to the rise in online shopping and demand for reliable and efficient tracking systems to ensure accurate and timely deliveries.
Market Segmentation
Insight by Component
The North America track and trace solutions market is divided by components into hardware and software segments. Also, the software segment is further divided into plant manager, line controller, and others. On the other hand, the hardware segment is subdivided into barcode scanner, radiofrequency identification (RFID) reader, and others. Out of the two major divisions, it is the software segment that is expected to hold a larger market share in comparison to the hardware segment due to higher demand.
Insight by Enterprise Size
On the basis of the enterprise size, the North America track and trace solutions market is segmented into SMEs and large enterprise. Out of them, the large enterprise segment is expected to hold the larger market share during the forecast period due to higher adoption and widespread use across different industry verticals.
Insight by Application
The wide range of applications also divide the North America track and trace solutions market into major subsections namely, serialization and aggregation solutions. . Among these two major segments, it is the serialization segment that will hold the larger share of the market is expected to grow at a higher rate during the forecast period due to higher applicability and its effective adoption in preventing drug counterfeiting.
Insight by End Users
The different end users divide the North America track and trace solutions market into pharmaceutical, medical devices, consumer goods, food & beverages, and others. Among all these segments, it is the pharmaceuticals segment that will dominate the market with its large share and also grow significantly during the forecast period due to higher adoption and usage by this particular sector.
North America Track and Trace Solutions Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
|
Market Size in 2023 |
U.S.D. 2.6 Billion |
|
Revenue Forecast in 2030 |
U.S.D. 8.6 Billion |
|
Growth Rate |
16.1% |
|
Segments Covered in the Report |
By Components, By Enterprise Size, By Application and By End User |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
Canada, Mexico and The US |
Industry Dynamics
Industry Trends
The prevailing trend of the market shows a dynamic shift in terms of the devices created for track and trace solutions. A significant development in wireless data, sensors, and cloud computing is also noticed within the market which is facilitating tracking and tracing with better solutions created, especially in the food and beverage sector. These solutions offer extraordinary levels of visibility, which is resulting in its widespread adoption.
Growth Drivers
The most significant factor that drives the growth of the North America track and trace solutions market is the notable rise in eCommerce industry. This helps in more efficient management of the large volumes of products and order that they handle daily to ensure precise and timely deliveries. In addition, the strict regulatory measures and compliance requirements within specific industry verticals such as pharmaceuticals, food and beverages, and automotive need a solid and more efficient track and trace systems to ensure product authenticity, safety, and compliance, which is promoting market growth. Furthermore, increasing awareness and demand among consumers for product traceability and transparency especially regarding their authenticity and source drive companies to implement innovative tracking systems to meet their demands. Also, the significant growth in the retail industry, omnichannel retailing in particular, contribute to the market growth in this region since it needs effective track and trace solutions to integrate several sales channels and competent logistics management seamlessly.
Challenges
The high cost of products is one significant challenge to the growth of the North America track and trace solutions market. In addition, the higher cost involved in their implementation also hamper the market growth. Apart from that, the complexities of the technologies involved makes it difficult to integrate these solutions with the legacy systems by several businesses across North America since they do not want to discard the old systems completely due to higher dependence. Such implementations are also costly, posing significant challenge to the market growth.
Opportunities
Opportunities for market growth are created by the market players themselves engaging in new product launches and developments that are more effective in performance as well as in compliance requirements. In addition, developments to create better and more effective supply chain solutions to ensure seamless operation using specific data elements and sophisticated technologies are creating new growth opportunities.
Geographic Overview
The North America track and trace solutions market is divided by region into Canada, Mexico, and the US. The market in the US region will dominate and grow significantly during the forecast period due to stringent regulatory frameworks, growing awareness among the endusers, strong healthcare infrastructure, and growing focus on drug counterfeiting. In Canada, the market growth is mainly driven by the growing adoption of advanced technologies like IoT and blockchain to promote transparency in supply chain and the strict regulatory environment, especially in the food and pharmaceutical sectors, that need such effective and reliable track and trace systems to ensure product safety and compliance. In Mexico, the market will grow due to the growing manufacturing sector that needs such systems for effective inventory management and logistics as well as the increase in e-commerce and cross-border tradesfor their need to streamline operations and warrant timely deliveries.
Competitive Insight
The major players of the North America track and trace solutions market include names like the SAP SE,Sys-Tech Solutions Inc, Uhlmann Pac-Systeme GmbH & Co KG, Korber AG, Videojet Technologies Inc, WIPOTEC GmbH,Domino Printing Sciences plc, NeuroTags Inc, Catalyx, Kezzler AS, Zebra Technologies Corporation, rfxcel Corp, and Jekson Vison Pvt Ltd, among others.
Recent Developments by Key Players
Sys-Tech Solutions Inc recently announced the promotion of the UniSecure platform into the market to offer a comprehensive product security solution that will help in detectingcounterfeiting and diversion via smartphones through the supply chain process.
Zebra Technologies Corporation declared the new PartnerConnect Location and Tracking Specialization for partners selling RFID and real-time location systems (RTLS) to provide them with the tools needed to drive RFID and RTLS sales and help them deploy these solutions successfully to transform their business reimbursements.
Segments Covered in the Report
- Component
- Hardware
- Software
- Standalone
- Enterprise Size
- SMEs
- Large Enterprises Sectionse
- Application
- Serialization
- Printing
- Labeling and Packaging Inspection
- Aggregation
- Tracking
- Tracing
- Reporting
- End-User
- Pharmaceutical and Biopharmaceutical Companies
- Consumer Packaged Goods
- Luxury Goods
- Food and Beverage
- Medical Device Companies
- Contract Manufacturing Organizations
- Repackages
- Cosmetics Companies
- Others
Region Covered in the Report
- Canada
- Mexico
- The US
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Source: VynZ Research
Source: VynZ Research
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North America Track and Trace Solutions Market