Report : Asia Pacific Track and Trace Solutions Market Forecast to 2030 - Regional Analysis - by Component (Hardware and Software), Enterprise Size (SMEs and Large Enterprise), Application (Serialization and Aggregation), and End Users (Pharmaceutical, Medical Devices, Consumer Goods, Food & Beverages, and Others)
At 16.9% CAGR, Asia Pacific Track and Trace Solutions Market is Projected to be Worth US$ 5,701.21 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific track and trace solutions market was valued at US$ 1,638.54 million in 2022 and is expected to reach US$ 5,701.21 million by 2030, registering a CAGR of 16.9% from 2022 to 2030. Increasing number of packaging-related product recalls and supply chain optimization are among the critical factors attributed to drive the Asia Pacific track and trace solutions market growth.
Product recalls caused by issues with artwork and packaging are an ongoing problem for many consumer and pharmaceutical companies. The problems can come from several areas, such as non-standardized bills of material, translation mistakes, typos and poor proofreading, expired digital assets, poor printing quality, third-party artwork suppliers, and printing shops.
Product recalls not only cause financial damage to companies but they also harm their status and can cause a drop in sales figures in the future.
Stricter regulations, especially in the pharmaceuticals and food segments, and rising consumer awareness about product quality have increased the need for innovative solutions to ensure product safety during the entire value chain. Pharmaceutical labeling errors have generated many global headlines.
Further, Packaging Machinery Manufacturers Institute estimates that more than 50% of pharma product recalls are related to labeling or packaging artwork errors. These errors are problematic, and the details can lead to significant pharmaceutical packaging and labeling inaccuracies. Common mistakes include gross errors, which occur when necessary information is missing from artwork, content mistakes, context and meaning flaws, and technical errors, such as dysfunctional barcodes. Once a problem occurs, it is necessary to identify the source to avoid reoccurrence. Preventing labeling errors is as crucial as containing inaccuracies in drug development. The RFID labeling can be integrated into highly secure and effective track-and-trace systems to reduce the cases of labeling errors. Thus, the rising cases of product recalls is positively influencing the growth of the track and trace solutions market.
On the contrary, the high cost of products and implementation hamper the growth of Asia Pacific track and trace solutions market.
Based on component, the Asia Pacific track and trace solutions market is bifurcated into hardware and software. The software segment held 63.7% market share in 2022, amassing US$ 1,044.08 million. It is projected to garner US$ 3,657.72 million by 2030 to register 17.0% CAGR during 2022-2030. Furthermore, the software segment is subcategorized into plant manager, line controller, and others. Additionally, the hardware segment is subsegmented into barcode scanner, radiofrequency identification (RFID) reader, and others.
In terms of enterprise size, the Asia Pacific track and trace solutions market is segmented into SMEs and large enterprise. The large enterprise segment held 65.3% share of Asia Pacific track and trace solutions market in 2022, amassing US$ 1,070.38 million. It is anticipated to garner US$ 3,606.72 million by 2030 to expand at 16.4% CAGR during 2022-2030.
By application, the Asia Pacific track and trace solutions market is divided into serialization solutions and aggregation solutions. The serialization solutions segment held 62.3% share of Asia Pacific track and trace solutions market in 2022, amassing US$ 1,021.36 million. It is projected to garner US$ 3,589.62 million by 2030 to expand at 17.0% CAGR from 2022 to 2030.
In terms of end users, the Asia Pacific track and trace solutions market is categorized into pharmaceutical, medical devices, consumer goods, food & beverages, and others. The pharmaceutical segment held 25.9% share of Asia Pacific track and trace solutions market in 2022, amassing US$ 423.91 million. It is projected to garner US$ 1,572.91 million by 2030 to expand at 17.8% CAGR from 2022 to 2030.
Based on country, the Asia Pacific track and trace solutions market is categorized into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 32.8% share of Asia Pacific track and trace solutions market in 2022. It was assessed at US$ 536.69 million in 2022 and is likely to hit US$ 1,906.27 million by 2030, registering a CAGR of 17.2% during 2022-2030.
Key players operating in the Asia Pacific track and trace solutions market are SAP SE, Uhlmann Pac-Systeme GmbH & Co KG, WIPOTEC GmbH, Bar Code India Ltd, Korber AG, Videojet Technologies Inc, Domino Printing Sciences plc, Kezzler AS, rfxcel Corp, NeuroTags Inc, and Jekson Vison Pvt Ltd, among others.
- In November 2022, Sys-Tech Solutions Inc announced the launch of the UniSecure platform into the market. The platform is a comprehensive product security solution to detect diversion and counterfeiting. It offers unique product identification, traceability, and product verification through smartphones throughout the supply chain process. The newly launched platform caters to pharmaceutical, nutraceutical, medical products, skin care, and other markets.
- In October 2021, Mettler-Toledo's new campaign "Every Drop Counts" reflected the market realities and helped manufacturers meet them: the two new solutions that are StarWeigh Checkweigher, for precision weighing of liquid pharmaceuticals and T60 Integrated 360 Series, brought advanced Track & Trace capabilities to the market for round objects such as bottles and vials.
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