Track and Trace Solutions Market

OPTEL Group (Canada) and Antares Vision S.p.A. (Italy) are Leadig Players in the Track and Trace Solutions Market

The global track and trace solutions market is projected to reach USD 8.6 billion by 2027 from USD 4.8 billion in 2022, at a CAGR of 11.6% during the forecast period. The stringent regulations and standards for the implementation of serialization and the increasing focus of manufacturers on brand protection are the major drivers of growth for this market. On the other hand, the high costs and long implementation timeframe associated with serialization and aggregation, as well as the huge setup costs, are expected to limit market growth to a certain extent.

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.

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OPTEL GROUP

OPTEL group (Canada) is a leading player in the track and trace solutions market, accounting for a share of around 5-7% in 2021. The company’s leading position in the market is attributed to its wide product portfolio, which includes software, hardware, and standalone solutions for product traceability. In its new product launch— OPTCHAIN—the company took traceability to another level by providing intelligent supply chain solutions that boost traceability capabilities to help businesses have more performant and sustainable supply chains while complying with local regulations and international standards. OPTEL Group does product launches with agreements & partnerships to sustain its market position. The company has a wide geographical presence, with operations in Europe, Asia, and North & Latin America.

ANTARES VISION S.P.A.

Antares Vision S.p.A. (Italy) accounted for 4-6% of the track and trace solutions market in 2021. The company has a strong presence in the Americas and Europe, wherein it derived around 65% of its annual revenue in 2021. The company seeks to further enhance its geographical presence by strengthening its business operations in emerging high-growth markets. The company has a strong product portfolio that is used by the life sciences and FMCG sectors for product traceability. The company is presently engaged in inorganic growth strategies such as acquisitions and partnerships to acquire new customers and expand its portfolio into new industry verticals.

TRACELINK INC.

Tracelink Inc. (US) is the leading player in the track and trace solutions market in 2021. TraceLink forms the worlds largest track and trace network that provides cloud-based solutions to pharmaceutical companies, wholesale distributors, contract manufacturers, and packagers. The company’s Life Sciences Cloud is the world’s largest pharmaceutical track and trace network with its serialization application for supply chain efficiency. TraceLink offers suitable solutions for regulatory requirements in countries like the US, China, Brazil, India, and South Korea.  

AXWAY

Axway (US) held the second-ranking position in the global track and trace software solutions market in 2021. The company offers robust and advanced software solutions for supply chain traceability, which is an important factor for its large share in the track and trace software solutions market. The company focuses on increasing its presence in this market through continuous R&D to provide technologically advanced products to its customers. In 2021, the company invested approximately USD 55.3 million in R&D activities. To maintain its leading position in the track and trace solutions market, Axway adopts inorganic strategies such as acquisitions and partnerships with smaller similar firms to enhance its product offerings. The company provides its services in more than 100 countries with direct representation in 18 countries across 5 continents.

SAP SE AND SYSTECH INTERNATIONAL

SAP SE (Germany) and Systech International (US) held third and fourth positions, respectively, in the global track and trace solutions market in 2021. SAP offers advanced track and trace software for pharmaceuticals, whereas Systech International provides its cloud-based enterprise-level solution called UniTrace to track and trace the supply chain.

Other players in the track and trace software solutions market include Werum IT Solutions GmbH (Germany), rfxcel Corporation (US), SL Controls Ltd. (Ireland), Grant-Soft (Turkey), PharmaSecure Inc. (US), and MetaOption (US).

Related Reports:

Track and Trace Solutions Market by Product (Hardware, Software, Standalone Platforms), Application (Serialization, Aggregation, Reporting), Technology (2D Barcode, RFID) End User (Pharma, Food, Medical Devices, Cosmetics) - Global Forecast to 2027

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Track and Trace Solutions Market Size,  Share & Growth Report
Report Code
HIT 4597
RI Published ON
9/28/2022
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