The global market for track-and-trace solutions is tipped to grow rapidly over the next five years, at a compound annual growth rate of over 12 per cent.

Recent research from Market Insights Reports suggests it will be a $5 billion market by 2024, more than double the $2.4 billion it was worth in 2018.

That might be hard to fathom for most of us, who think track-and-trace is just jumping on the Australia Post website to see when the U2 vinyl boxset we ordered from the US is due to arrive.

But in reality it is much more sophisticated than that: it is about providing all members of a supply chain the ability to have high-level oversight of a product, at any stage, not just in the delivery.

The report attributes the healthcare industry as a major reason for the growth in demand for track-and-trace solutions, speaking to barcodes’ ability to track patient data in medical facilities, precisely manage medical supplies inventory, track expiration dates and origin of drugs, and add barcode labels to blood supplies.

ASX-listed track-and-trace provider Security Matters (ASX:SMX) has its solution currently being used in a wide range of industries.

It announced a move into the healthcare sector in January — CliniCann, a distributor of medicinal cannabis products around the globe, is using Security Matters’ technology to boost its supply chain integrity.

This content is produced by Star Investing in commercial partnership with Security Matters. This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.