The Global Track and Trace Solutions Market worth $8.6 billion by 2027, growing at a CAGR of 11.6% in the upcoming years.
The increasing focus of manufacturers on brand protection and the stringent regulations imposed by the government for the implementation of serialization are the major drivers fueling market growth. However, budgetary constraints and huge upfront capital investments are expected to restrain market growth to some extent.
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Key Market Players
The global track and trace solutions market is highly fragmented, with prominent players, such as OPTEL Group (Canada), Uhlmann Group (Germany), SEA Vision S.r.l. (Italy), Syntegon (Germany), and Antares Vision S.p.A. (Italy), accounting for 20-25% of the total market share. The key players in the track and trace solutions market are based in developed regions such as Europe and North America. However, in the past few years, many smaller players specializing in pharmaceutical serialization solutions have emerged from niche markets. They are competing with global players based on product scope and innovation. The lucrative growth opportunities in the Asia Pacific and Latin American markets encourage market players to strengthen their presence in these regions.
DRIVERS: Increasing focus of manufacturers on brand protection
Counterfeiting is a growing threat for companies that bring to market medicines, medical devices, cosmetics, and pharmaceutical packaging. Growing international trade and the lack of stringent regulations have increased the use of counterfeit drugs and other products across the globe. Counterfeiting applies to both branded and generic products; that includes products with incorrect/false ingredients, without active ingredients, with an incorrect amount of active ingredients, and with fake packaging. Manufacturers invest large amounts of resources in developing a brand, and counterfeiters use this brand identity to sell counterfeit products. This creates significant damage to the original manufacturer revenue and also hampers the brand image. Hence, in order to prevent counterfeiting, the use of track-and-trace technologies such as barcodes and RFID is imperative. Many manufacturers use a combination of different track-and-trace technologies throughout their supply chain to enhance product traceability and security. A uniquely serialized product allows for item-level traceability across the supply chain, helping brand owners collect more information for deeper insights than lot- or container-level traceability. Thus, the growing focus of manufacturing companies is on brand building, which, in turn, is increasing the usage of serialisation and thereby driving the market for track and trace solutions.
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OPPORTUNITIES: Remote authentication of products
Traditional brand protection technologies such as anti-theft and authentication are meant to protect individual items rather than protecting the entire supply chain. Hence, there is a possibility of false products being introduced at any stage in the supply chain. To combat this, solutions with automatic and non-line-of-sight capabilities are required. The demand for technologies with modular designs that meet enterprise needs has increased in the last few years. For example, track-and-trace technologies based on RFID maintain an electronic pedigree that tracks the transaction information of products within the supply chain. This approach proved to be a standout for protecting the supply chain against infiltration, theft, and fraud and supporting remote authentication in the brand protection supply chain.
CHALLENGES: Existence of technologies to deter counterfeiters
Some track and trace technologies come with their own limitations. For instance, RFID has limitations in terms of obscuration, orientation, and multiple tracking. Traditional anti-counterfeiting/a methods that involve tamper-resistant packaging and special hologram labels can be inadequate, as counterfeiters can inexpensively duplicate labels. Barcodes, which account for the largest share of the market, are even easier to copy and account for a major share of the track-and-trace market. Hence, it is imperative to develop and implement next-generation technologies, that can deter counterfeiters and are cost-efficient for companies.
Recent Developments:
- In May-2022, OPTEL Group launched OPTCHAIN, a suite of the modular intelligent supply chain (ISC) that will enable easy capturing and digitization of Critical Tracking Events (CTEs) and Key Data Elements (KDEs) along the entire supply chain of the food and beverage industry.
- In March 2022, Zebra Technologies Corporation (US) launched Reflexis solutions across the Asia Pacific with the vision to have every asset and worker on edge visible, connected and fully optimized.
- In January 2022, OPTEL Group acquired the pharmaceutical track and trace unit of Korber to expand its expertise in pharmaceutical and agrochemical track and trace technologies, thereby expanding its foothold in the European marketplace.
- In April 2021, Syntegon entered into a partnership with Kezzler (Norway). This partnership will offer best-in-class solutions to effectively implement product digitization and traceability strategies with a minimal operational burden.
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