Global Tracking-as-a-Service Market Report and Forecast 2024-2032

Global Tracking-as-a-Service Market Report and Forecast 2024-2032

Global Tracking-as-a-Service Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global tracking-as-a-service market size reached a value of USD 1.86 billion in 2023. Aided by the escalating need for enhanced operational efficiency and the growing demand for real-time tracking solutions across various industrial sectors, the market is projected to further grow at a CAGR of 14% between 2024 and 2032 to reach a value of USD 6.3 billion by 2032.

Tracking-as-a-Service provides a comprehensive solution for monitoring assets, personnel, and vehicles, leveraging advanced technologies such as GPS, RFID, and IoT (Internet of Things). These services are pivotal in optimising logistics, enhancing supply chain transparency, and ensuring the safety of assets and individuals. The versatility and scalability of Tracking-as-a-Service solutions cater to a wide range of sectors, including transportation and logistics, manufacturing, healthcare, and retail.

The tracking-as-a-service market growth is bolstered by the digital transformation initiatives sweeping across sectors, aiming to harness the power of data and connectivity to drive innovation and operational excellence. In addition, the surge in e-commerce and the consequent emphasis on efficient supply chain management have underscored the need for reliable tracking solutions, further propelling the market expansion.

With the increasing reliance on tracking solutions, concerns regarding data security and privacy are coming to the forefront. As per the tracking-as-a-service market analysis, market players are emphasising the development of secure, compliant solutions that protect sensitive information while ensuring adherence to global data protection regulations. Beyond mere location tracking, there is a growing emphasis on optimising asset utilisation. Businesses are leveraging Tracking-as-a-Service to gain insights into asset performance, usage patterns, and maintenance requirements, facilitating better asset management and reducing downtime.

Small and Medium Enterprises (SMEs) are increasingly adopting Tracking-as-a-Service solutions to enhance their operational efficiency and competitiveness, which further boosts the tracking-as-a-service market share. Cloud-based tracking services, in particular, offer SMEs cost-effective, scalable solutions without the need for substantial upfront investment in infrastructure, thereby levelling the playing field with larger corporations. The advent of autonomous vehicles and drones in logistics and delivery services is also expected to boost the demand for sophisticated tracking solutions. Tracking-as-a-Service will be pivotal in monitoring these autonomous systems, ensuring safety, efficiency, and compliance with regulatory standards.

The integration of artificial intelligence (AI) and machine learning (ML) technologies with Tracking-as-a-Service solutions is a key trend propelling the tracking-as-a-service market expansion. These technologies enable predictive analytics, offering insights into asset utilisation patterns, potential bottlenecks, and maintenance needs, thereby facilitating proactive decision-making and enhanced operational efficiency. The burgeoning IoT ecosystem is playing a crucial role in the growth of the market. IoT devices enable seamless connectivity and real-time data exchange, providing granular visibility into the status and location of assets across the supply chain. This connectivity is instrumental in creating smart, data-driven operational environments.

Blockchain technology is being explored for its potential to revolutionise tracking-as-a-service market by providing immutable records of asset movements. This can significantly enhance transparency in supply chains, reduce fraud, and improve security, particularly in high-value or sensitive shipments. Environmental sustainability and compliance with regulatory standards are becoming increasingly important. Tracking-as-a-service solutions are enabling businesses to monitor their environmental impact, optimise routes for fuel efficiency, and ensure compliance with environmental regulations.

As per the tracking-as-a-service market outlook, the global market features a competitive landscape with a mix of established players and emerging innovators. Companies are engaging in strategic collaborations, technological advancements, and geographic expansions to consolidate their market presence and address the growing demand for advanced tracking solutions.

Market Segmentation

The market can be divided based on component, enterprise size, asset type, industry vertical, and region.

Market Breakup by Component

• Software
• Services

Market Breakup by Enterprise Size

• Large Enterprises
• Small and Medium Enterprises

Market Breakup by Asset Type

• Electronics and IT Assets
• In-Transit Equipment
• Manufacturing Assets
• Others

Market Breakup by Industry Vertical

• Transportation and Logistics
• Manufacturing
• Healthcare
• Food and Beverage
• Retail
• IT and Telecom
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global tracking-as-a-service market. Some of the major players explored in the report by Expert Market Research are as follows:

• Honeywell International Inc.
• Lenovo PCCW Solutions Limited
• AT&T Inc.
• Zebra Technologies Corporation
• EZ Web Enterprise, Inc.
• Geotab Inc.
• Spider Tracks Ltd.
• Sortly Inc.
• JDM Technology Group (MicroMain Corp.)
• Dentsu International
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.