Report : Middle East & Africa 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 15.7% CAGR, Middle East & Africa Track and Trace Solutions Market is Projected to be Worth US$ 1,080.75 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Middle East & Africa track and trace solutions market was valued at US$ 337.29 million in 2022 and is expected to reach US$ 1,080.75 million by 2030, registering a CAGR of 15.7% from 2022 to 2030. Implementation of serialization to combat counterfeit drugs and supply chain optimization are among the critical factors attributed to drive the Middle East & Africa track and trace solutions market growth.
Globally, pharmaceutical companies are adhering to the regulatory compliance for serialization to ensure anti-counterfeiting and traceability of drugs. Most developed and developing economies have either already laid out the regulatory roadmap for serialization or are in the process of doing so. The regulatory push to secure the pharmaceutical supply chain is due to the rising drug-related illegal activities and supply chain inefficiencies. Efforts are aimed at addressing drug counterfeits and unauthorized parallel supply chains, improving supply chain visibility, tracking returns or recalls, and the scarcity of data-driven tools for predicting patient behavior. A few examples of government regulations mandating the serialization of medical products include:
The deadline for Abu Dhabi's pharmaceutical serialization was January 2022. Subsequently, the GS1 barcode system became mandatory for all pharmaceutical products that were authorized by the Department of Health and registered with the Ministry for Health and Prevention. The details included in the Abu Dhabi serialization code are GTIN (Global Trade Item Number of the product), Date of expiration, Lot/Batch number, and the corresponding packaging's serial number.
Governments worldwide believe that counterfeiting is an organized crime that can be tackled significantly by implementing product serialization, and many countries are taking steps in this regard. So, serialization enables running advanced analytics programs to gather deep insights into consumption patterns, geographical penetration, sales, marketing spend effectiveness, etc.
Apart from furnishing quality, visibility, and complete traceability within the supply chain, successful serialization programs will be a key differentiator and a clear competitive reward for the companies. Thus, the track and trace solutions market will continue to propel significantly during the forecast period.
On the contrary, the high cost of products and implementation hurdle the growth of Middle East & Africa track and trace solutions market.
Based on component, the Middle East & Africa track and trace solutions market is bifurcated into hardware and software. The software segment held 62.3% market share in 2022, amassing US$ 677.23 million. It is projected to garner US$ 210.13 million by 2030 to register 15.8% 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 Middle East & Africa track and trace solutions market is segmented into SMEs and large enterprise. The large enterprise segment held 66.2% share of Middle East & Africa track and trace solutions market in 2022, amassing US$ 223.15 million. It is anticipated to garner US$ 691.32 million by 2030 to expand at 15.2% CAGR during 2022-2030.
By application, the Middle East & Africa track and trace solutions market is divided into serialization solutions and aggregation solutions. The serialization solutions segment held 62.4% share of Middle East & Africa track and trace solutions market in 2022, amassing US$ 210.34 million. It is projected to garner US$ 680.16 million by 2030 to expand at 15.8% CAGR from 2022 to 2030.
In terms of end users, the Middle East & Africa track and trace solutions market is categorized into pharmaceutical, medical devices, consumer goods, food & beverages, and others. The pharmaceutical segment held 29.6% share of Middle East & Africa track and trace solutions market in 2022, amassing US$ 99.92 million. It is projected to garner US$ 332.49 million by 2030 to expand at 16.2% CAGR from 2022 to 2030.
Based on country, the Middle East & Africa track and trace solutions market is categorized into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 29.0% share of Middle East & Africa track and trace solutions market in 2022. It was assessed at US$ 97.92 million in 2022 and is likely to hit US$ 331.03 million by 2030, registering a CAGR of 16.4% during 2022-2030.
Key players operating in the Middle East & Africa track and trace solutions market are SAP SE, Korber AG, Videojet Technologies Inc, and rfxcel Corp, among others.
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