At 15.5% CAGR, the Middle East & Africa Track & Trace Solution Market is projected to be worth US$ 794.43 million by 2028, says Business Market Insights

According to Business Market Insights research, the Middle East & Africa track & trace solution market was valued at US$ 387.07 million in 2023 and is expected to reach US$ 794.43 million by 2028, registering a CAGR of 15.5% 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 Middle East & Africa 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. The TruScan RM Analyzer launched in July 2017 enables drug inspection and timely decisions concerning the release of all drug shipments entering the UAE. The analyzer was launched for patients suffering from chronic diseases, heart ailments, and cancer, and it is part of the ministry's commitment to protecting patients in need of medicine. Apart from medicine and medical devices UAE is also considered one of the major hubs for consumer goods, food items, luxury good and others. These all factors will promote the growth of UAE track and trace solution market during the forecasted year. 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 Middle East & Africa Track & Trace Solution Market.  

Based on component, the Middle East & Africa track & trace solution market is segmented into hardware and software. The software segment held 62.3% share of Middle East & Africa Track & Trace Solution Market in 2023, amassing US$ 241.33 million. It is projected to garner US$ 496.89 million by 2028 to expand at 15.5% CAGR during 2023–2028.

Based on enterprise size, the Middle East & Africa track & trace solution market is segmented into SMEs and large enterprise. The large enterprise segment held 65.2% share of Middle East & Africa Track & Trace Solution Market in 2023, amassing US$ 252.46 million. It is projected to garner US$ 507.42 million by 2028 to expand at 15.0% CAGR during 2023–2028.

Based on application, the Middle East & Africa track & trace solution market is segmented into serialization and aggregation. The serialization segment held 62.4% share of Middle East & Africa Track & Trace Solution Market in 2023, amassing US$ 241.59 million. It is projected to garner US$ 498.74 million by 2028 to expand at 15.6% CAGR during 2023–2028.

Based on industry, the Middle East & Africa track & trace solution market is segmented into pharmaceutical, medical devices, consumer goods, food & beverages, and others. The pharmaceutical segment held 29.4% share of Middle East & Africa Track & Trace Solution Market in 2023, amassing US$ 113.66 million. It is projected to garner US$ 239.18 million by 2028 to expand at 16.0% CAGR during 2023–2028.

Based on country, the Middle East & Africa track & trace solution market has been categorized into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 29.7% share of Middle East & Africa Track & Trace Solution Market in 2023. It was assessed at US$ 114.80 million in 2023 and is likely to hit US$ 229.21 million by 2028, exhibiting a CAGR of 14.8% during the forecast period.      

Key players dominating the Middle East & Africa track & trace solution market is ACG; Markem-Imaje AG; Mettler-Toledo International Inc; Siemens AG; 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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