According to the latest report by IMARC Group, titled "Tracking-as-a-Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global tracking-as-a-service market reached a value of US$ 1.6 Billion in 2022. Tracking-as-a-Service refers to a specialized, cloud-based, digital monitoring system, which is designed to monitor day-to-day operations and track business proceedings. It offers various capabilities, including mobile support, reporting and logging data, integration with legacy software, data collection and management, process mapping, real-time monitoring, analytics, and business process optimization solutions. These systems assist in checking detailed information regarding operations, enhancing logistics procedures, improving client servicing, and increasing overall-cost effectiveness, while ensuring data security. This, in turn, aids organizations in optimizing efficiency and workflow and augmenting overall firm performance.
Global Tracking-as-a-Service Market Trends:
The tracking-as-a-service market is primarily being driven by the widespread adoption of the solution across the transportation and logistics sector due to the rising need to enhance logistics supply chain and track and manage inventories, assets, and vehicles. Additionally, the increasing popularity of cloud-based tracking-as-a-service, especially in the manufacturing industry, owing to the rising requirement for high-speed data transmission, while eliminating unauthorized access to essential information, is propelling the market growth. This is further supported by the escalating instances of various fraudulent activities, such as hacking and data breaching, across sectors. In line with this, rapid technological advancements, along with the integration of the Internet of Things (IoT), cloud, and global positioning system (GPS) in the shipments and automobiles as per the government regulations for maintaining the safety of the driver, improving fleet operator efficiency, and tracing stolen goods in real-time is acting as another growth-inducing factor. The extensive utilization of tracking-as-a-service solutions by the e-commerce and retail industries for tracking the shopping carts of customers and gathering online and offline shopping receipts information is contributing to the market growth. This further aids in providing various accurate item-purchase details, including purchases demographics, brand, category, and item level. Other factors, including the introduction of eye-tracking solutions and the increasing uptake of portable devices for monitoring purposes, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 4.2 Billion by 2028, growing at a CAGR of 16.3% during 2023-2028.
- Based on the component, the market has been bifurcated into software and service.
- On the basis of the type, the market has been segregated into cloud-based and on-premises.
- Based on the asset type, the market has been divided into electronics and IT assets, In-Transit equipment, manufacturing assets and others.
- On the basis of enterprise size, the market has been categorized into large, and small and medium-sized enterprises (SMEs).
- Based on the end-use industry, the market has been classified into retail, manufacturing, e-commerce, transportation and logistics, healthcare, and others.
- On a regional basis, the market has been bifurcated into North America (United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players being 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, and Zebra Technologies Corp.
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