Report : Europe 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 15.8% CAGR, Europe Track and Trace Solutions Market is Projected to be Worth US$ 6,050.11 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Europe track and trace solutions market was valued at US$ 1,873.77 million in 2022 and is expected to reach US$ 6,050.11 million by 2030, registering a CAGR of 15.8% from 2022 to 2030. Continuous technological advancements and supply chain optimization are among the critical factors attributed to drive the Europe track and trace solutions market growth.
The companies have an opportunity to optimize supply chain operations through track and trace solutions. These solutions offer real-time visibility into the movement of goods across the supply chain, enabling companies to identify inefficiencies, streamline processes, and enhance overall performance. By leveraging track and trace technologies, businesses can proactively monitor inventory levels, identify bottlenecks, and improve resource allocation. This optimization leads to shorter lead times, reduced costs, and enhanced reliability in meeting customer demands. Additionally, track and trace solutions enable companies to implement proactive maintenance strategies, ensuring the quality and safety of products throughout their lifecycle. This can further help in improving patient outcomes, complying with regulatory requirements, and maintaining a competitive edge in the market.
On the contrary, the high cost of products and implementation hurdle the growth of Europe track and trace solutions market.
Based on component, the Europe track and trace solutions market is bifurcated into hardware and software. The software segment held 58.8% market share in 2022, amassing US$ 1,102.63 million. It is projected to garner US$ 3,586.72 million by 2030 to register 15.9% 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 Europe track and trace solutions market is segmented into SMEs and large enterprise. The large enterprise segment held 61.3% share of Europe track and trace solutions market in 2022, amassing US$ 1,149.08 million. It is anticipated to garner US$ 3,591.69 million by 2030 to expand at 15.3% CAGR during 2022-2030.
By application, the Europe track and trace solutions market is divided into serialization solutions and aggregation solutions. The serialization solutions segment held 62.4% share of Europe track and trace solutions market in 2022, amassing US$ 1,168.64 million. It is projected to garner US$ 3,811.63 million by 2030 to expand at 15.9% CAGR from 2022 to 2030.
In terms of end user, the Europe track and trace solutions market is categorized into pharmaceutical, medical devices, consumer goods, food & beverages, and others. The consumer goods segment held 24.8% share of Europe track and trace solutions market in 2022, amassing US$ 464.85 million. It is projected to garner US$ 1,512.17million by 2030 to expand at 15.9% CAGR from 2022 to 2030.
Based on country, the Europe track and trace solutions market is categorized into Germany, France, Italy, the UK, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 25.5% share of Europe track and trace solutions market in 2022. It was assessed at US$ 478.72 million in 2022 and is likely to hit US$ 1,639.28 million by 2030, registering a CAGR of 16.6% during 2022-2030.
Key players operating in the Europe track and trace solutions market are ALLTEC Angewandte Laserlicht Technologie GmbH, Catalyx, Domino Printing Sciences plc, Jekson Vison Pvt Ltd, Kezzler AS, Korber AG, rfxcel Corp, SAP SE, Uhlmann Pac-Systeme GmbH & Co KG, Videojet Technologies Inc, and WIPOTEC GmbH, among others.
- In January 2022, OPTEL GROUP acquired the track-and-trace unit of the Korber Business Area Pharma, formerly known as Traxeed, based in Germany. The acquisition allowed OPTEL to leverage the unit's expertise in pharmaceutical and agrochemical track-and-trace technologies, providing the company with a second foothold in the European marketplace and contribute to its diversification plans.
- In July 2022, SAP SE and NTT DATA, part of the NTT Group, announced a new co-innovation solution to improve supply chain insurance management. The new solution is known as Connected Product. It is a packaged offering jointly developed by NTT DATA and SAP SE. The product responded to needs showcased by monitoring the location and environmental conditions of goods in transit. It is designed to track fragile goods, such as bulk liquids like wine and olive oil; sensitive cold chain shipments, such as cheese, pharmaceuticals, and vaccines; and solar panels.
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