New York, USA, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Tracking as a Service Market Analysis:
According to the research report published by Market Research Future (MRFR), “Tracking as a Service Market Information Deployment Mode, By Deployment, By End User, By Region – Market Forecast Till 2032”. The global tracking as a service market will touch USD 7.6 billion at an 18.90% CAGR by 2032, as per the recent Market Research Future report.
Tracking as a Service Market Competitive Landscape:
Eminent industry players profiled in the global tracking as a service market report include,
- Motorola Solutions
- Wabco Holdings Inc.
- AT&T Inc.
- Zebra Technologies Corp.
- Verizon Communications
- Geotab Inc.
- Blackline Safety Corp., Spider Tracks Limited, Honeywell International Inc., and Trimble Inc.
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Scope of the Report - Tracking as a Service Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 7.6 Billion |
| CAGR during 2023-2032 | 18.90% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Rise in adoption of internet-of-things-based applications across healthcare, retail, manufacturing, and other sectors |
| Key Market Dynamics | The growing rate of counterfeiting and theft of healthcare products worldwide and favorable regulations for serialization implementation |
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Tracking as a Service Drivers:
Growing Need for Real-Time Tracking to Boost Market Growth
Real-time tracking of assets, cars, shipments, and even people is becoming more and more popular as a result of the IoT and linked gadgets. Businesses and customers looked for systems that could deliver precise and current location data.
Opportunities:
Advances in GPS Technology to offer Robust Opportunities
The integration of tracking capabilities into numerous goods and services has become simpler and more affordable because of advancements in GPS technology and the miniaturization of tracking devices. As a result, acceptance spread to many sectors.
Restraints and Challenges:
Privacy Issues to Act as Market Restraint
The increasing concerns related to the privacy of electronic monitoring systems may act as a market restraint over the forecast period.
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Tracking as a Service Market Segmentation:
The global tracking as a service market is bifurcated based on deployment and end users.
By deployment, on-cloud will lead the market over the forecast period. Organizations are reluctant to use the solution since privacy issues are growing across several industries. Attackers tampering with tracking software might create a security hole.
By end user, transportation & logistics will domineer the market over the forecast period. The world of today is very dependent on transportation. The transportation & logistics industry has embraced tracking technology to enhance vehicle maintenance. Improved maintenance results in autos having a longer lifespan. Additionally, it could aid in avoiding delays brought on via potential vehicle issues. Private businesses that provide ride-sharing and automobile services, including Uber, Lyft, and Roam, have expanded quickly in recent years. For these businesses, location information for tracking truly is a valuable resource.
COVID-19 Analysis:
The latest coronavirus epidemic has proven in being a curse for the industry. Due to the coronavirus pandemic, commercial activity has been suspended, and there have been interruptions to border restrictions, international supply chains, and travel bans by government agencies as a result of the epidemic. Mandatory safety regulations and containment requirements have placed tremendous strain on remote operations in a wide range of industry verticals, which has further slowed the market's development rate. However, monitoring services are widely used in the healthcare industry during the COVID-19, and by the end of 2020, worldwide businesses have seen increased investments in the tracking services to allow simple remote working.
Regional Analysis:
North America to Head Tracking as a Service Market
In 2022, North America market had a 45.80% share of the market. The main causes of this are the presence of stringent criteria for serialization and aggregation as well as sophisticated healthcare infrastructure. The FDA advises adopting automated identification technology in the pharmaceutical and healthcare industries, such as barcoding & RFID. The adoption of such technology within the U.S. & its well-established healthcare system is also anticipated to drive the market. Additionally, the North American region's markets were led by the United States, which had the biggest market share, and Canada, which had the quickest rate of growth. The U.S. in particular continues to play a prominent role in the worldwide market for tracking-as-a-service. Market in the region is being driven by an increase in government activities. As an illustration, the American government is preparing to introduce the national infrastructure bill. The project is anticipated to improve the region's transit infrastructure for the retail sector, boosting market expansion. The Tracking-as-a-Service industry is anticipated to have its greatest market in North America. The majority of providers of tracking-as-a-service are situated in North America, including Motorola Solutions Inc., AT&T Inc., & Honeywell International Inc. The expansion may be ascribed to rising automation technology advancements, particularly in the region's logistics and transportation industries. Robotic warehousing and delivery services are becoming more and more popular, which is why more people are using them. The market for criminal offender monitoring is growing in the area as well. As North American regulatory agencies encourage the installation of GPS monitoring devices in the private passenger vehicles, the industry will likewise continue to expand in the area.
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APAC to Have Admirable Growth in Tracking as a Service Market
From 2023 to 2032, it is anticipated that the Asia Pacific market will experience rapid expansion. The increase may be ascribed to growing automation technology advancements, particularly in the logistics and transportation sectors of the area. Due to their growing popularity, more individuals are utilizing robotic warehousing and delivery services. Additionally, the Indian market had the Asia-Pacific region's fastest growing market and China's Tracking as a Service market had the greatest market share. The regional administration concentrated on the execution of its attempts to install GPS tracking systems in fresh vehicles and increasing the utilization to monitor portable gadgets that aid in expanding this region's market.
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