![]() ![]() The solution requires significant set of hardware to collect and transfer data that helps in tracking and tracing the products. High Cost of Implementation to Restrain Market Proliferation This is expected to surge the demand for solutions across industries worldwide. Thus, to overcome these challenges, governments across the globe initiated regularized serialization.Įuropean countries, the U.S., India, China, Russia, and many other nations launched regulatory requirements with unique identifying barcodes The adoption of advanced tracking and tracing tools is expected to protect supplies from counterfeiting and falsification. As per World Health Organization, every year, pharmaceutical companies face losses of over USD 40 billion owing to drug counterfeiting. End-use industries, such as pharmaceuticals and medical devices, retail and ecommerce, and electrical and electronics, are getting negatively impacted due to such unlawful activities, which is further propelling market expansion. ![]() Increasing instances of counterfeiting and delivery of duplicate or illegal products is surging the demand for safe and secure supply chain solutions. ![]() Rise in Counterfeiting of Supplied Products to Aid Market Expansion Thus, the availability of precise tracking through blockchain technology is expected to boost the track and trace solution market growth in the future. The systems’ complex solution directly connects with a peer-to-peer network instead of having central authority to verify, thus enhancing its real-time tracking. Similarly, other industries can significantly gain benefits by integrating blockchain with the track and trace solution. As per industry experts, blockchain technology can boost the supply chain velocity and help in supplying fresh caught tuna fish sustainably. For instance, the tuna fish market is facing challenges owing to the rising number of illegal tuna deliveries. The adoption of blockchain is showcasing significant opportunities in tracking and tracing the food sector. One major application of blockchain technology is in the supply chain to provide visibility and traceability of the products across networks. Request a Free sample to learn more about this report.Īdoption of Blockchain Technology to Boost Market Growthīlockchain technology is gaining significant traction with its increasing applications across industries. As per Eltronis, the company witnessed 20% increase in track and trace solution enquiries, which indicates that the pandemic has further pushed product adoption and is expected to fuel the track and trace solution market share. This increased the inquiries and demand for secured supply chain solutions. Many health associations, including the World Health Organization (WHO) issued warnings to inform consumers regarding rising sales of counterfeit products. Moreover, amid pandemic, the exponential rise in COVID-19 patients triggered the risk of fake medicines. To offer transparency and to monitor the supply chain, industries are now significantly investing in track and trace solutions. Businesses across the world are forced to offer transparent product lifecycle owing to the conscious buying behavior of customers. Further, it has dramatically changed consumer behavior, as stated in Accenture 2021 report, 61% consumers are now more focused on sustainable and environment-friendly purchases. The COVID-19 pandemic has severely disrupted supply chain and logistics in businesses across the world. Rapid Changes in Supply Chains Amid Pandemic to Bolster Market Share In May 2021, Teatro Regio di Parma, an opera house, collaborated with Murata ID Solutions to implement RFID-based track and trace solutions to gain real-time visibility of its valuable stage assets.Also, launch of advanced hardware, such as 2D barcode, radiofrequency identification, IoT connection, and more, is driving various businesses to invest in these solutions. Further, the rising counterfeiting threats are encouraging businesses to enhance the traceability capabilities of the products. The increasing demand for transparent goods transfer is expected to drive market growth. Track and trace solution helps in monitoring and getting real-time updates of the product location, and also offers product supply chain history from storage to customers. The global track and trace solution market size was valued at USD 5.52 billion in 2022 and is projected to grow from USD 6.42 billion in 2023 to USD 20.10 billion by 2030, exhibiting a CAGR of 17.7% during the forecast period.
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