How will COVID-19 impact Track and Trace Solutions Market

Pune, India, 2020-Apr-13 — /EPR Network/ —

The ongoing COVID-19 pandemic—and the worldwide reaction to it—has compelled companies to radically rethink their strategies and the way they operate. We salute the industry experts helping companies survive and sustain in this pandemic.

At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Track and Trace Solutions Market. We are working diligently to help companies take rapid decisions by studying:

• The impact of COVID-19 on the Track and Trace Solutions Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market
• The rapid shifts in the strategies of the Top 50 companies in the Track and Trace Solutions Market
• The shifting short-term priorities of the top 50 companies’ clients and their client’s clients

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According to the recent report “Track and Trace Solutions Market by Product (Plant Manager, Checkweigher, Barcode Scanner, Verification) Technology (2D Barcode, RFID) Application (Serialization, Aggregations, Reporting) End User (Pharmaceutical, Medical Devices) – Global Forecast to 2024″,published by MarketsandMarkets™, is projected to reach USD 4.21 billion by 2024 from USD 2.16 billion in 2019, at a CAGR of 14.2%.

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By Software type, the plant manager software segment accounted for the largest share of the track and trace software market

Based on types of software, the track and trace solutions market is segmented into plant manager, line controller, enterprise & network manager, bundle tracking, warehouse & shipment manager, case tracking, and pallet tracking software. The plant manager segment accounted for the largest market share in 2018. The rising need to secure the supply chain of pharmaceutical and medical devices manufacturing industries along with strict government legislation are the key factors driving the growth of the plant manager segment.

Tracking, tracing, and reporting application segment to witness the highest growth in the track and trace solutions market, by application

Based on application, the track and trace solutions market is segmented into serialization, aggregation, and tracking, tracing, and reporting solutions. The tracking, tracing, & reporting solutions segment is expected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the increasing number of regulations such as DSCSA, UDI, and Medical Device Reporting (MDR) for medical devices and pharmaceutical products.

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North America is the largest regional market for track and trace solutions

North America accounted for the largest share of the track and trace solutions market in 2018, followed by Europe. Factors such as the presence of a large number of pharmaceutical & biotechnology companies and medical device manufacturers, stringent regulations regarding serialization, and the growing medical devices market, are driving the growth of the track and trace solutions market in North America.

Prominent players in the track and trace solutions market are OPTEL Group (Canada), Mettler-Toledo International Inc. (US), Systech International Inc. (US), TraceLink Inc. (US), Antares Vision (Italy), SAP (US), Xyntek Inc. (US), Adents International (France), SEA Vision Srl (Italy), Robert Bosch (Germany), Körber Medipak Systems AG (Switzerland), Siemens AG (Germany), Uhlmann Group (Germany), Jekson Vision (India), Videojet Technologies, Inc. (US), Zebra Technologies Corporation (US), Axway Inc. (US), NJM Packaging (US), rfxcel Corporation (US), ACG Worldwide (India), Laetus GmbH (Germany), WIPOTEC-OCS (Germany), Domino Printing Sciences plc (UK), Kevision Systems (India), Grant Soft (Turkey), SL Control Ltd. (US), and Arvato Bertelsmann (Germany).