Global Track & Trace Solutions Market to amass $3470 Mn by 2024

September 26, 2019

According to the latest study titled ‘Global Track and Trace Solutions Market Growth (Status and Outlook) 2019-2024’ available with Market Study Report LLC, the global track and trace solutions market is anticipated to reach US $3470 million by the year 2024.

Tracking and tracing solutions (TTS) help in determining the current position, past locations, and other details of each package in logistics and distribution of products. Increasing penetration of internet, growing adoption of e-commerce, need for efficient delivery and rising disposable incomes around the globe are the main factors influencing TTS market growth.

According to the study, the worldwide track and trace solutions market was worth at US $1380 million in 2019 and is predicted to register a growth of 16.6% CAGR over the projected time period. The study analyzes TTS market for industry shares and growth opportunities by different segments. Furthermore, it also provides an exhaustive understanding about trends, challenges, marketing strategies, distribution channels, consumer spectrum, and drivers influencing the market growth.

Based on product type, the industry is segmented as hardware systems and software solutions. While, on the basis of application spectrum, TTS market is divided into biopharmaceutical & pharmaceutical companies, cosmetic industry, medical devices companies, and others.

The report cites that North America track & trace solutions market from biopharmaceuticals & pharmaceuticals segment held majority share in 2015, pertaining to the availability of developed healthcare facilities, and rising R&D spending in the field across Canada and the United States. Moreover, Asia Pacific solutions market is presumed to witness substantial growth over the analysis timeline.

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Some of the key vendors that operate in the global track and trace solutions market outlined in the report comprise of Adents International, Antares Vision, Axway, Inc., Mettler-Toledo International, Optel Vision, TraceLink, Systech, Sea Vision Srl, Xyntek, Siemens AG, ACG Worldwide, and Seidenader Maschinenbau GmbH. These companies are focusing on improving solutions & process, technology innovations and expanding their footprints through strategic collaborations.