Dublin, April 09, 2024 (GLOBE NEWSWIRE) -- The "Tracking-as-a-Service Market Report by Component, Type, Asset Type, Enterprise Size, End Use Industry, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global tracking-as-a-service market size reached US$ 1.9 billion in 2023. Looking forward, the market is projected to reach US$ 6.4 billion by 2032, exhibiting a growth rate (CAGR) of 14.4% during 2023-2032. The market is experiencing steady growth driven by significant growth in the transportation and logistics industry, rapid technological advancements, the rising integration of connected devices with Internet of Things (IoT), and growing implementation of government initiatives to install GPS tracking systems in novel vehicles. 
Increasing demand for precision and efficiency
This solution is witnessing significant growth due to the escalating demand for precision and efficiency in various industries. Businesses are increasingly recognizing the value of real-time tracking solutions to optimize their operations. Industries such as logistics, supply chain, and transportation benefit from TaaS by gaining insights into the location and status of assets, leading to streamlined processes, reduced costs, and improved overall efficiency. As the global economy becomes more interconnected, the need for accurate and timely tracking services continues to drive the expansion of the TaaS market.
Moreover, the rising complexity of supply chain networks in today's globalized economy amplifies the importance of this service. With supply chains extending across multiple geographies, TaaS facilitates end-to-end visibility, enabling businesses to mitigate risks associated with delays, theft, or disruptions. Additionally, regulatory compliance is emerging as a key driver for TaaS adoption, particularly in industries such as pharmaceuticals and perishable goods transportation.
Advancements in IoT technology
The rapid advancements in Internet of Things (IoT) technology play a pivotal role in propelling the market forward. The integration of IoT devices, such as GPS-enabled sensors and RFID tags, enables comprehensive tracking capabilities across diverse sectors. These devices provide a wealth of data, allowing businesses to make informed decisions, enhance resource utilization, and improve customer satisfaction. Furthermore, the continuous evolution of IoT technology is not only expanding the scope of this service but also driving innovation within the market.
The integration of advanced sensors, coupled with machine learning algorithms, enhances the predictive capabilities of TaaS solutions. Businesses can not only track the current location of assets but also predict potential issues, such as equipment failures or maintenance needs before they occur. Moreover, the synergy between IoT and data analytics is creating new opportunities for data-driven insights. TaaS providers leverage the vast amounts of data generated by IoT devices to offer actionable analytics, empowering businesses to optimize their processes further.
Growing emphasis on fleet management
Fleet management is a crucial aspect for businesses operating in industries like transportation, delivery services, and field services. Tracking-as-a-Service is becoming integral to effective fleet management, allowing companies to monitor vehicle locations, optimize routes, and ensure timely deliveries. The rising emphasis on sustainability and cost reduction in fleet operations is driving the demand for TaaS solutions that offer real-time tracking, predictive maintenance, and fuel efficiency insights.
The ability to enhance overall fleet performance and compliance with environmental standards makes TaaS a compelling choice for organizations seeking to modernize their operations. This data-driven approach is particularly valuable where real-time insights into production workflows and asset performance can lead to substantial improvements in productivity and quality control.
Tracking-as-a-Service Industry Segmentation
The report provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. The report has categorized the market based on component, type, asset type, enterprise size, and end use industry.
Breakup by Component:
- Software
- Service
Software accounts for the majority of the market share.
Breakup by Type:
- Cloud-based
- On-premises
Breakup by Asset Type:
- Electronics and IT Assets
- In-Transit Equipment
- Manufacturing Assets
- Others
Breakup by Enterprise Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Large enterprises represents the leading market segment.
Breakup by End Use Industry:
- Retail
- Manufacturing
- E-commerce
- Transportation and Logistics
- Healthcare
- Others
Transportation and logistics represent the leading market segment.
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
North America leads the market, accounting for the largest tracking-as-a-service market share.
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- AT&T Inc.
- Datalogic S.p.A. (Hydra S.p.A.)
- Geotab Inc.
- Honeywell International Inc.
- Mojix Inc.
- Motorola Solutions Inc.
- PCCW Solutions
- Spider Tracks Limited
- Topcon Corporation
- Trimble Inc
- Verizon Communications Inc.
- WABCO Digital Solutions
- Zebra Technologies Corp.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $1.9 Billion |
| Forecasted Market Value (USD) by 2032 | $6.4 Billion |
| Compound Annual Growth Rate | 14.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/xbc01o
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