Press release
Track and Trace Solutions Market to Increase at Steady Growth Rate 2021-2031
Track and trace solutions provide comprehensive information related to cross-border shipments, and are widely used for monitoring specific products or goods across the globe.The track and trace solutions encompass label that mentions every commercial unit with a code carrying a serial number, and a tamper-evident seal with product. The track and trace solutions are gaining extensive traction from medical devices sector, as they provide authentic information about the location of devices, when the need arises.
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Track and Trace Solutions Market – Segmentation
Based on type, the track and trace solutions market is segmented into:
• Hardware Systems
• Printing and Marking
• Monitoring and Verification
• Labeling
• Checkweighers
• RFID Readers
• Barcode Scanners
Software Solutions
• Plant Manager
• Line Controller
• Bundle Tracking
• Warehouse and Shipment Manager
• Case Tracking
• Pallet Tracking
• Enterprise and Network Manager
High Cost Remains a Key Challenge Ahead of Stakeholders
The high cost associated with the implementation of track and trace solutions has been impeding the growth of stakeholders.
Furthermore, many pharmaceutical companies have traditional system architectures in pace, which require high degree of system customization for the implementation of track and trace solutions. As such customizations create significant cost increases, many companies refuse to adopt track and trace solutions.
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Track and Trace Solutions Market – Notable Developments
Some of the leading players in track and trace solutions market include Siemens, OPTEL Group, Körber Medipak Systems, Sea Vision, METTLER TOLEDO, Zebra Technologies, Antares Vision, Geoforce, Systech, Xyntek, ACG Worldwide, Axway, TraceLink, and Adents High Tech International SAS.
Notable developments in the competitive landscape of track and trace solutions market include,
• In April 2019, CIBC Innovation Banking provided Geoforce with flexible US$ 5 million working capital financing. The global provider of field asset tracking solutions Geoforce will use the debt capital to enhance its product delivery and to bring its client growth strategies into effect.
• In June 2018, Italian pharmaceutical manufacturer and CMO, IBI Lorenzini selected a leading trace and trace solutions provider, TraceLink to comply with worldwide serialization regulations.
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