At 15.9% CAGR, the North America Track & Trace Solution Market is projected to be worth US$ 6,288.69 million by 2028, says Business Market Insights

According to Business Market Insights research, the North America track & trace solution market was valued at US$ 3,003.92 million in 2023 and is expected to reach US$ 6,288.69 million by 2028, registering a CAGR of 15.9% 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 North America track & trace solution market expansion.        

Product recalls caused by issues with artwork and packaging are an ongoing problem for many consumer and pharmaceutical companies. The problems can come from several areas, such as non-standardized bills of material, translation mistakes, typos, and poor proofreading, expired digital assets, poor printing quality, third-party artwork suppliers, and printing shops.

Product recalls not only cause financial damage to companies but they also harm their status and can cause a drop in sales figures in the future. Stricter regulations, especially in the pharmaceuticals and food segments, and rising consumer awareness about product quality have increased the need for innovative solutions to ensure product safety during the entire value chain. Pharmaceutical labeling errors have generated many global headlines. They are the leading cause of product recalls in the pharmaceutical industry. In November 2020, Aurobindo Pharma USA recalled 7,440 bottles of Ibuprofen oral suspension drug due to a labeling error. In 2019, Dr. Reddy's Laboratories recalled 2,770 bags (277 selling units) of epilepsy drug Levetiracetam Sodium Chloride injection from the US market on account of a labelling error. Further, Packaging Machinery Manufacturers Institute estimates that more than 50% of pharma product recalls are related to labeling or packaging artwork errors. These errors are problematic, and the details can lead to significant pharmaceutical packaging and labeling inaccuracies. Common mistakes include gross errors, which occur, when necessary, information is missing from artwork, content mistakes, context and meaning flaws, and technical errors, such as dysfunctional barcodes. Once a problem occurs, it is necessary to identify the source to avoid reoccurrence. Preventing labeling errors is as crucial as containing inaccuracies in drug development. The RFID labeling can be integrated into highly secure and effective track-and-trace systems to reduce the cases of labeling errors. Thus, the rising cases of product recalls is positively influencing the growth of the North America track and trace solutions market.

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

Based on component, the North America track & trace solution market is segmented into hardware and software. The software segment held 60.5% share of North America Track & Trace Solution Market in 2023, amassing US$ 1,816.22 million. It is projected to garner US$ 3,816.85 million by 2028 to expand at 16.0% CAGR during 2023–2028.

Based on enterprise size, the North America track & trace solution market is segmented into SMEs and large enterprise. The large enterprise segment held 65.2% share of North America Track & Trace Solution Market in 2023, amassing US$ 1,959.26 million. It is projected to garner US$ 4,020.23 million by 2028 to expand at 15.5% CAGR during 2023–2028.

Based on application, the North America track & trace solution market is segmented into serialization and aggregation. The serialization segment held 63.5% share of North America Track & Trace Solution Market in 2023, amassing US$ 1,907.89 million. It is projected to garner US$ 4,016.94 million by 2028 to expand at 16.1% CAGR during 2023–2028.

Based on industry, the North America track & trace solution market is segmented into pharmaceutical, medical devices, consumer goods, food & beverages, and others. The pharmaceutical segment held 23.7% share of North America Track & Trace Solution Market in 2023, amassing US$ 712.88 million. It is projected to garner US$ 1,550.69 million by 2028 to expand at 16.8% CAGR during 2023–2028.

Based on country, the North America track & trace solution market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 81.0% share of North America Track & Trace Solution Market in 2023. It was assessed at US$ 2,431.79 million in 2023 and is likely to hit US$ 5,093.40 million by 2028, exhibiting a CAGR of 15.9% during the forecast period.      

Key players dominating the North America 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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