Global Track and Trace
The potential market for certified track and trace solutions is substantial and spans various industries and sectors. While it is challenging to provide an exact figure due to the evolving nature of the market and its dependence on factors such as regulatory requirements and industry adoption, the track and trace market is projected to experience significant growth.
Essentially, more and more people, businesses, and governments want to know more about the origin and authenticity of products and goods. This demand is increasing nearly exponentially due to increased awareness post-COVID-19:
Rapid Changes in Supply Chains Amid Pandemic to Bolster Market Share
The COVID-19 pandemic has severely disrupted the supply chain and logistics in business across the world. Further, it has dramatically changed consumer behavior, as stated in the Accenture 2021 report, 61% of consumers are now more focused on sustainable and environment-friendly purchases. Businesses across the world are forced to offer transparent product lifecycles owing to the conscious buying behavior of customers. To offer transparency and to monitor the supply chain, industries are now significantly investing in track and trace solutions.
Track and Trace Solution Market Size, Share | Growth [2030]
In terms of market size, the current global value of Track and Trace is nearly $3 billion USD and this is expected to grow to more than $14 billion USD by 2030.
“Markets and Markets” forecasts blockchain supply chain solutions in total was worth $253 million in 2020 and will grow to $3.2 billion in revenue by 2027, which is more than 50% annual growth in the total market size. The main factors include the increase in the popularity of blockchain technology in supply chain management and the growing need for enhanced supply chain security and transparency. A major stakeholder includes government initiatives that provide greater opportunities for these technical enablers. An unfair advantage to this market would be given to teams that have experience in deploying nationwide implementations of blockchain-based supply chain solutions.
Market research reports suggest that the global track and trace market size could reach several billion dollars in the coming years. Organizations offering track and trace solutions are likely to focus on targeting industries with stringent compliance requirements, high-value goods, and a strong emphasis on consumer trust and safety.
Ultimately, the potential market for track and trace solutions is driven by the need for transparency, compliance, and operational efficiency across various industries, making it an area of significant opportunity for technology providers and solution vendors.