At 15.6% CAGR, the Europe Track & Trace Solution Market is projected to be worth US$ 4,438.84 million by 2028, says Business Market Insights

According to Business Market Insights research, the Europe track & trace solution market was valued at US$ 2,152.48 million in 2023 and is expected to reach US$ 4,438.84 million by 2028, registering a CAGR of 15.6% 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 Europe track & trace solution market expansion.        

Offshoring contract manufacturing is for large pharma firms looking to increase productivity and efficiency in drug manufacturing. The developing nations are significantly developing their pharmaceutical facilities and services and are heading toward technological advancements. Pharmaceutical manufacturing companies in India are one of the world’s largest sources of generic drugs, supplying 50% of global demand for a range of vaccines, and 25% of all UK medicine. China currently accounts for around 40% of APIs produced globally, and external markets such as Europe offer companies from China additional market potential for affordable generics and APIs. The plan here might be to adapt an existing product for sale in the EU, perhaps even relocating manufacturing operations or forming a local sales partnership with a European brand. Thus, the opportunities for players entering the market with cost-effective products are higher.

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

Based on component, the Europe track & trace solution market is segmented into hardware and software. The software segment held 58.9% share of Europe Track & Trace Solution Market in 2023, amassing US$ 1,267.66 million. It is projected to garner US$ 2,624.82 million by 2028 to expand at 15.7% CAGR during 2023–2028.

Based on enterprise size, the Europe track & trace solution market is segmented into SMEs and large enterprise. The large enterprise segment held 61.1% share of Europe Track & Trace Solution Market in 2023, amassing US$ 1,314.65 million. It is projected to garner US$ 2,656.62 million by 2028 to expand at 15.1% CAGR during 2023–2028.

Based on application, the Europe track & trace solution market is segmented into serialization and aggregation. The serialization segment held 62.4% share of Europe Track & Trace Solution Market in 2023, amassing US$ 1,344.17 million. It is projected to garner US$ 2,789.54 million by 2028 to expand at 15.7% CAGR during 2023–2028.

Based on industry, the Europe track & trace solution market is segmented into pharmaceutical, medical devices, consumer goods, food & beverages, and others. The pharmaceutical segment held 23.5% share of Europe Track & Trace Solution Market in 2023, amassing US$ 506.36 million. It is projected to garner US$ 1,077.97 million by 2028 to expand at 16.3% CAGR during 2023–2028.

Based on country, the Europe track & trace solution market has been categorized into Germany, the UK, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 25.7% share of Europe Track & Trace Solution Market in 2023. It was assessed at US$ 554.07 million in 2023 and is likely to hit US$ 1,185.70 million by 2028, exhibiting a CAGR of 16.4% during the forecast period.      

Key players dominating the Europe 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.

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