At 16.7% CAGR, the Asia Pacific Track & Trace Solution Market is projected to be worth US$ 4,105.11 million by 2028, says Business Market Insights

According to Business Market Insights research, the Asia Pacific track & trace solution market was valued at US$ 1,899.66 million in 2023 and is expected to reach US$ 4,105.11 million by 2028, registering a CAGR of 16.7% from 2023 to 2028. Stringent regulations and criteria for implementation of serialization and increasing number of packaging-related product recalls are the critical factors attributed to the Asia Pacific track & trace solution market expansion.        

Pharmaceutical companies are adhering to the regulatory compliance for serialization to ensure anti-counterfeiting and traceability of drugs. Most developed and developing economies have either already laid out the regulatory roadmap for serialization or are in the process of doing so. The regulatory push to secure the pharmaceutical supply chain is due to the rising drug-related illegal activities and supply chain inefficiencies. Efforts are aimed at addressing drug counterfeits and unauthorized parallel supply chains, improving supply chain visibility, tracking returns or recalls, and the scarcity of data-driven tools for predicting patient behavior. A few examples of government regulations mandating the serialization of medical products include: In 2012, India’s Directorate General of Foreign Trade (DGFT) also mandated the serialization of secondary and tertiary levels and set guidelines for reporting export shipments. Several other countries have imposed similar regulations for manufacturing and imports.  Governments worldwide believe that counterfeiting is an organized crime that can be tackled significantly by implementing product serialization, and many countries are taking steps in this regard. So, serialization enables running advanced analytics programs to gather deep insights into consumption patterns, geographical penetration, sales, marketing spend effectiveness, etc. Thus, the track and trace solutions market will continue to propel significantly during the forecast period.

On the contrary, high cost of products and implementation hampers the Asia Pacific Track & Trace Solution Market.  

Based on component, the Asia Pacific track & trace solution market is segmented into hardware and software. The software segment held 63.7% share of Asia Pacific Track & Trace Solution Market in 2023, amassing US$ 1,209.60 million. It is projected to garner US$ 2,623.94 million by 2028 to expand at 16.8% CAGR during 2023–2028.

Based on enterprise size, the Asia Pacific track & trace solution market is segmented into SMEs and large enterprise. The large enterprise segment held 65.2% share of Asia Pacific Track & Trace Solution Market in 2023, amassing US$ 1,238.13 million. It is projected to garner US$ 2,622.46 million by 2028 to expand at 16.2% CAGR during 2023–2028.

Based on application, the Asia Pacific track & trace solution market is segmented into serialization and aggregation. The serialization segment held 62.4% share of Asia Pacific Track & Trace Solution Market in 2023, amassing US$ 1,185.16 million. It is projected to garner US$ 2,577.29 million by 2028 to expand at 16.8% CAGR during 2023–2028.

Based on industry, the Asia Pacific track & trace solution market is segmented into pharmaceutical, medical devices, consumer goods, food & beverages, and others. The pharmaceutical segment held 25.9% share of Asia Pacific Track & Trace Solution Market in 2023, amassing US$ 492.65 million. It is projected to garner US$ 1,108.99 million by 2028 to expand at 17.6% CAGR during 2023–2028.

Based on country, the Asia Pacific track & trace solution market has been categorized into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 30.8% share of Asia Pacific Track & Trace Solution Market in 2023. It was assessed at US$ 585.87 million in 2023 and is likely to hit US$ 1,283.26 million by 2028, exhibiting a CAGR of 17.0% during the forecast period.      

Key players dominating the Asia Pacific track & trace solution market are ACG; Antares Vision SPA; Axway Software SA; Markem-Imaje AG; Mettler-Toledo International Inc; Optel Group; SEA Vision Grp; Siemens AG; TraceLink Inc; and Zebra Technologies Corp, among others.  

• June 2022, Zebra Technologies Corporation announced it has completed the acquisition of Matrox Imaging (Matrox Electronic Systems Ltd.), a proven developer of advanced machine vision components, software, and systems. This acquisition further expands Zebra’s offerings in the fast-growing automation and vision technology solution space following the launch of its fixed industrial scanning and machine vision portfolio and recent acquisitions of Adaptive Vision and Fetch Robotics.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com