Track And Trace Solutions Market Size Worth $9.7 Billion By 2028: Grand View Research, Inc.
SAN FRANCISCO, May 17, 2021 /PRNewswire/ -- The global track and trace solutions market size is expected to reach USD 9.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 19.0% from 2021 to 2028. The growth is attributed majorly due to the increasing focus of pharmaceutical and biopharmaceutical companies on ensuring brand protection from counterfeit products and theft. The deployment of a track and trace system helps manufacturers enhance distribution channel efficiency and reduces the frequency of counterfeit products.
Key suggestions from the report:
Read 150 page research report with ToC on "Track And Trace Solutions Market Size, Share & Trends Analysis Report By Product (Hardware, Software), By Technology (Barcodes, RFID), By Application (Serialization, Aggregation), By End-use, By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/track-trace-solutions-market
Furthermore, the rising adoption of track and trace systems by healthcare manufacturers would fuel the market growth in the long run. The introduction of advanced technology, such as RFID, provides fast reading and delivers high levels of security. However, the deployment cost of serialization and aggregation methods, as well as the lack of common regulations and standards, may hamper the market growth in few developing geographies.
US CBP and customs of other member countries as well as by the World Customs Organization reported the seizures of false coronavirus tests and personal protective equipment for example facemasks and hand sanitizers. For instace, in May 2020, Smartrac teamed up with SUKU to validate COVID-19 testing kits and personal protective equipment to permit prompt verification and deliver end-to-end supply chain transparency. Hence, it is estimated that the market will witness lucrative growth opportunities due to the COVID-19 outbreak.
Grand View Research has segmented the global track and trace solutions market on the basis of product, technology, application, end-use, and region:
List of Key Players of Track And Trace Solutions Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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