At 15.2% CAGR, the South & Central America Track & Trace Solution Market is projected to be worth US$ 926.75 million by 2028, says Business Market Insights

According to Business Market Insights research, the South & Central America track & trace solution market was valued at US$ 456.11 million in 2023 and is expected to reach US$ 926.75 million by 2028, registering a CAGR of 15.2% 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 South & Central America track & trace solution market expansion.        

The rising need for security and safety of products has raised the demands for technically advanced devices. The current trend of devices created a dynamic shift in the market for track and trace solutions. The advancements in sensors, wireless data, and cloud computing are providing food and beverage companies unprecedented levels of visibility as the demand for the same is on the rise. The available technologies for tracking and tracing include RFID, barcode, magnetic stripe, voice and vision systems, optical character recognition, and biometrics. Several market players have excelled in this emerging field and have gained success for the track and trace solutions.  In February 2019, Axway launched the evolutions of AMPLIFY hybrid integration platform (HIP). The required time for the implantation is 20 minutes, and the device can be connected to a smartphone. The platform will explore the richness of a hybrid integration platform and its contribution to the business. In May 2022, OPTEL Group launched Optchain, a modular intelligent supply chain solution suite for the food & beverages industry. Optchain’s track-and-trace technology enables all stakeholders to easily capture and digitize critical tracking events and key data elements during the entire supply chain, whether at the item, case, or pallet packaging levels. Additionally, the track and trace solution are the current trend leading to the maximum use of tracking devices for various industries. Thus, the market will boost significantly in the coming future due to the aforementioned factors.

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

Based on component, the South & Central America track & trace solution market is segmented into hardware and software. The software segment held 65.1% share of South & Central America Track & Trace Solution Market in 2023, amassing US$ 296.92 million. It is projected to garner US$ 605.02 million by 2028 to expand at 15.3% CAGR during 2023–2028.

Based on enterprise size, the South & Central America track & trace solution market is segmented into SMEs and large enterprise. The large enterprise segment held 62.8% share of South & Central America Track & Trace Solution Market in 2023, amassing US$ 286.30 million. It is projected to garner US$ 569.96 million by 2028 to expand at 14.8% CAGR during 2023–2028.

Based on application, the South & Central America track & trace solution market is segmented into serialization and aggregation. The serialization segment held 61.8% share of South & Central America Track & Trace Solution Market in 2023, amassing US$ 245.89 million. It is projected to garner US$ 576.39 million by 2028 to expand at 15.4% CAGR during 2023–2028.

Based on industry, the South & Central America track & trace solution market is segmented into pharmaceutical, medical devices, consumer goods, food & beverages, and others. The pharmaceutical segment held 24.7% share of South & Central America Track & Trace Solution Market in 2023, amassing US$ 112.60 million. It is projected to garner US$ 236.73 million by 2028 to expand at 16.0% CAGR during 2023–2028.

Based on country, the South & Central America track & trace solution market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 55.6% share of South & Central America Track & Trace Solution Market in 2023. It was assessed at US$ 253.39 million in 2023 and is likely to hit US$ 518.38 million by 2028, exhibiting a CAGR of 15.4% during the forecast period.      

Key players dominating the South & Central America track & trace solution market is 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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