Report : North America 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 User (Pharmaceutical, Medical Devices, Consumer Goods, Food & Beverages, and Others)
At 16.1% CAGR, North America Track and Trace Solutions Market is Projected to be Worth US$ 8,621.45 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the North America track and trace solutions market was valued at US$ 2,607.35 million in 2022 and is expected to reach US$ 8,621.45 million by 2030, registering a CAGR of 16.1% from 2022 to 2030. Continuous technological advancements and supply chain optimization are among the critical factors attributed to drive the North America track and trace solutions market growth.
The rising need for security and safety of products has raised the demands for technically advanced devices. The current trend of devices created a dynamic shift in the market for track and trace solutions. The advancements in sensors, wireless data, and cloud computing are providing food and beverage companies unprecedented levels of visibility as the demand for the same is on the rise.
The available technologies for tracking and tracing include RFID, barcode, magnetic stripe, voice and vision systems, optical character recognition, and biometrics. Several market players have excelled in this emerging field and have gained success for the track and trace solutions.
In January 2022, Mettler-Toledo PCE launched the Integrated Mark & Verify System and Software which helps pharmaceutical to fulfill their compliance requirements. This system and software integrates code marking and verification capabilities into the manufacturers product line and also enables the printing and verification of 1D and 2 D alphanumeric texts as well as codes.
In May 2022, OPTEL Group launched Optchain, a modular intelligent supply chain solution suite for the food & beverages industry. Optchain's track-and-trace technology enables all stakeholders to easily capture and digitize critical tracking events and key data elements during the entire supply chain, whether at the item, case, or pallet packaging levels. Additionally, the track and trace solution is the current trend leading to the maximum use of tracking devices for various industries. Thus, the market will boost significantly in the coming future due to the aforementioned factors.
In June 2022, SEA Vision and Marchesini Group launched a new solution for primary pack serialization and aggregation which includes complete range of technologies to print, inspect, and pack serialized blisters and aggregate them with respective cartons.
On the contrary, the high cost of products and implementation hamper the growth of North America track and trace solutions market.
Based on component, the North America track and trace solutions market is bifurcated into hardware and software. The software segment held 60.4% market share in 2022, amassing US$ 1,575.25 million. It is projected to garner US$ 5,245.19 million by 2030 to register 16.2% 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 North America track and trace solutions market is segmented into SMEs and large enterprise. The large enterprise segment held 65.5% share of North America track and trace solutions market in 2022, amassing US$ 1,707.44 million. It is anticipated to garner US$ 5,467.46 million by 2030 to expand at 15.7% CAGR during 2022-2030.
By application, the North America track and trace solutions market is divided into serialization and aggregation. The serialization segment held 63.4% share of North America track and trace solutions market in 2022, amassing US$ 1,654.11 million. It is projected to garner US$ 5,519.42 million by 2030 to expand at 16.3% CAGR from 2022 to 2030.
In terms of end users, the North America track and trace solutions market is categorized into pharmaceutical, medical devices, consumer goods, food & beverages, and others. The pharmaceuticals segment held 23.8% share of North America track and trace solutions market in 2022, amassing US$ 619.58 million. It is projected to garner US$ 2,177.28 million by 2030 to expand at 17.0% CAGR from 2022 to 2030.
Based on country, the North America track and trace solutions market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 80.9% share of North America track and trace solutions market in 2022. It was assessed at US$ 2,110.55 million in 2022 and is likely to hit US$ 6,983.92 million by 2030, registering a CAGR of 16.1% during 2022-2030.
Key players operating in the North America track and trace solutions market are Sys-Tech Solutions Inc, SAP SE, Uhlmann Pac-Systeme GmbH & Co KG, WIPOTEC GmbH, Korber AG, Videojet Technologies Inc, Domino Printing Sciences plc, Kezzler AS, rfxcel Corp, NeuroTags Inc, Catalyx, and Jekson Vison Pvt Ltd, among others.
In November 2023, 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 2022, Zebra Technologies Corporation announced the new PartnerConnect Location and Tracking Specialization for partners focused on selling RFID and real-time location systems (RTLS). Developed as a strategic component of Zebra's award-winning PartnerConnect program, the new Location and Tracking Specialization provides resellers with the tools they need to drive RFID and RTLS sales and help businesses successfully deploy these solutions for transformational business benefits.
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