Europe Track and Trace Solutions Market
No. of Pages: 113 | Report Code: BMIRE00030435 | Category: Technology, Media and Telecommunications
No. of Pages: 113 | Report Code: BMIRE00030435 | Category: Technology, Media and Telecommunications
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; it is estimated to register a CAGR of 15.8% from 2022 to 2030.Increasing Number of Packaging-Related Product Recalls Drive Europe Track and Trace Solutions Market
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. They are the leading cause of product recalls in the pharmaceutical industry.
In the EU and across the world, pharmaceutical MAHs and other authorities are facing the same recall challenge. Although automated vision systems can prevent or limit a few recalls during manufacturing before the products go to market, others cannot be anticipated.
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.Europe Track and Trace Solutions Market Overview
The European track & trace solution market is segmented into Germany, the UK, France, Italy, Spain, and the Rest of Europe. The region holds a significant market share in the track & trace solution market. The European track & trace solution market is expected to witness significant growth during the forecast period due to factors such as the launch of innovative products by market players in the region and presence of top competitive players.
According to an article published on the Mondaq website, in February 2020, the German Federal Government passed a resolution regarding improving the traceability of food and feed products. Also, the Federal Council recommended that the German government should announce an amendment to the German Food and Feed Code, regulating the obligations to transmit information for the traceability of food. As per the proposal, food and feed manufacturers will be required to submit traceability information in electronic form and a uniform format to the competent authority within 24 hours. Such recommendations for traceability will assist in quickly and effectively tracing the delivery routes of food products.
The government of Germany provides funding for research and development in food safety and traceability, thereby helping its development and quick market introduction. In Germany the track and trace solution for food and beverages has expanded in the last few years by advancing new technologies in the industry. However, products such as vegetables, fruits, grains, and processed foods had contamination cases by pathogenic microorganisms such as bacteria, which led to more than 40% of the product recall in Germany. Hence, food traceability is important and has major potential in the market to improve efficiency and reduce product recalls.
Europe Track and Trace Solutions Market Revenue and Forecast to 2030 (US$ Million)
Strategic insights for the Europe Track and Trace Solutions provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market. The geographic scope of the Europe Track and Trace Solutions refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Report Attribute
Details
Market size in 2022
US$ 1,873.77 Million
Market Size by 2030
US$ 6,050.11 Million
Global CAGR (2022 - 2030)
15.8%
Historical Data
2020-2021
Forecast period
2023-2030
Segments Covered
By Component
By Enterprise Size
By End Users
Regions and Countries Covered
Europe
Market leaders and key company profiles
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Europe Track and Trace Solutions Market Segmentation
The Europe track and trace solutions market is categorized into component, enterprise size, application, end users, and country.
Based on component, the Europe track and trace solutions market is bifurcated into hardware and software. The software segment held a larger Europe track and trace solutions market share in 2022. 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 a larger Europe track and trace solutions market share in 2022.
By application, the Europe track and trace solutions market is divided into serialization solutions and aggregation solutions. The serialization solutions segment held a larger Europe track and trace solutions market share in 2022.
In terms of end users, the Europe track and trace solutions market is categorized into pharmaceutical, medical devices, consumer goods, food & beverages, and others. The consumer goods segment held the largest Europe track and trace solutions market share in 2022.
Based on country, the Europe track and trace solutions market is categorized into Germany, France, Italy, the UK, Spain, and the Rest of Europe. Germany dominated the Europe track and trace solutions market share in 2022.
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 are some of the leading companies operating in the Europe track and trace solutions market.
1. ALLTEC Angewandte Laserlicht Technologie GmbH
2. Catalyx
3. Domino Printing Sciences plc
4. Jekson Vison Pvt Ltd
5. Kezzler AS
6. Korber AG
7. rfxcel Corp
8. SAP SE
9. Uhlmann Pac-Systeme GmbH & Co KG
10. Videojet Technologies Inc
11. WIPOTEC GmbH
The Europe Track and Trace Solutions Market is valued at US$ 1,873.77 Million in 2022, it is projected to reach US$ 6,050.11 Million by 2030.
As per our report Europe Track and Trace Solutions Market, the market size is valued at US$ 1,873.77 Million in 2022, projecting it to reach US$ 6,050.11 Million by 2030. This translates to a CAGR of approximately 15.8% during the forecast period.
The Europe Track and Trace Solutions Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Track and Trace Solutions Market report:
The Europe Track and Trace Solutions Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Track and Trace Solutions Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Track and Trace Solutions Market value chain can benefit from the information contained in a comprehensive market report.
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