This report provides Transforma Insights’ view on the Track & Trace market. The main drivers behind the adoption of Track & Trace solutions are the prevention of theft or loss, reduction of operational losses and recall incidents, and optimisation of product lifecycle management. Previously, the loss of items (such as reusable assets) was outweighed by the cost of asset tracking, but as IoT technology is becoming cheaper and the loss of assets is increasing as businesses expand, the utilisation of tracking devices is becoming increasingly viable.
The application group is also witnessing a strong regulatory push for the monitoring of goods whilst in transit, particularly in the pharmaceutical and food industries. These regulations are an effort to reduce spoilage, contamination, and falsified items in these industries.
This report summarises the status and forecasts from the Track & Trace Application Group found in the Transforma Insights Connected Things IoT forecast. The report provides a description of what is covered in the Application Group, as well as top-level figures from the forecast that provide detail on how many connected devices will be installed, the types of communication technology used and the total revenue opportunity. Full details are accessible through the IoT Forecast tool.
This section begins with the drivers behind the adoption of Track & Trace solutions (including reduction of operational losses and recall incidents and regulatory push for the monitoring of goods - especially in the pharmaceutical and food industry). The “Market development” part has been further categorised into “Key application areas”, “Connectivity technology”, and “Track & Trace and blockchain”.
This section lists the major areas where Track & Trace solutions find the majority of use-cases.
This subsection focuses on the stolen returnable or reusable assets in supply chains and discusses how attaching tracker devices to these assets can give real-time information about the assets, making such trackers highly suitable for industries such as the logistics. For instance, leading industry players such as DHL and PostNL are increasingly adopting asset trackers for roller cages in which parcels are transported.
It then talks about how earlier, parcel tracking was mostly done through barcodes and RFID tags, while now, companies offer sensor-based devices, and the features of such devices. For instance, attaching sensors to the packages improves the punctuality, safety, and security of the content, which is especially critical for clients transporting emergency medical supplies or life-saving pharmaceutical drugs.
This subsection explains how tracking tools and equipment can save companies significant monetary resources since many industries face the issue of loss or theft of such tools and equipment. It also discusses how apart from industries, customers can also benefit from equipment and tools tracking.
This subsection discusses the growing popularity of tracking personal items like keys, wallets, and bags. It also mentions the connectivity technology used by these trackers (like Bluetooth and 4G) and shows how Ultra-Wide Bandwidth (UWB) option will also become an option in future.
This subsection focuses on the tracking of manhole covers in China, which is a serious problem in the country. It also talks about the connectivity technologies deployed in such covers, such as the GPS technology.
This section talks about the role of LPWA technology in making track and trace devices cheap (like the possibility of additional network coverage beyond the range of cellular networks). It also lists some of the barriers towards the usage of such solutions. For example, the initial set-up costs of a comprehensive Track & Trace solution can be prohibitive, despite the falling costs, and successful implementation may require extensive reorganisation of business processes, discouraging adoption by smaller businesses.
This section expounds on the convergence of the IoT and blockchain, which ensures that solutions deployed in supply chains are more transparent and trustable. It then talks about the reasons behind the rising demand for supply chain transparency, like consumers being more concerned than ever about the environmental impact of the products they buy. It also lists some of the benefits of this transparency from the companies’ point of view. For instance, real-time location of products helps companies optimise their process and manage inventory.
Some relevant case studies have also been included in the report. For example, CouriersPlease, a subsidiary of SingPost, deployed Optus’ LPWA-based, battery-powered asset tracking solutions, powered by Thinxtra’s Sigfox Network to help it scale efficiently while reducing instances of lost transportation cages and operating costs.
The key vendors section lists some of the main providers of products and services related to the market such as AT&T, KORE, Roambee, Telia, Thinxtra, T-Mobile US, Verizon, Vodafone, Accent Systems, Digital Matter, Wiser Systems, and Tile. The report provides profiles of the various vendors including aspects most relevant to this Application Group, such as product offerings, pricing, financial results, and technology.
In the market forecasts section, we provide a summary of the forecasts from the Transforma Insights IoT Forecast Database:
The report charts the growth in the number of track and trace devices which will grow from 288 million in 2020 to 1.2 billion in 2030.
Transforma Insights forecasts are compiled on a country-by-country basis. This report includes a regional summary, showing splits between Australasia, Greater China, North America, Europe, Japan, Latin America, MENA, Russia & Central Asia, South East Asia, South Korea, India & South Asia, and Sub-Saharan Africa.
Transforma Insights’ IoT forecasts include splits between the various connectivity technologies as follows: 2G, 3G, 4G, 5G mMTC, 5G non-mMTC, LPWA (non-mMTC), Satellite, Short Range, and Other.
This section discusses which technologies will be used in the track and trace application group.
This part of the report discusses the market growth in terms of revenue (module revenue, service wrap revenue, and VAC revenue). Transforma Insights estimates that the revenue in the Track & Trace Application Group will grow at a CAGR of 16%.
