According to the latest report by IMARC Group, the global tracking-as-a-service market size reached US$ 1.34 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.7 Billion by 2027, exhibiting at a CAGR of 17.10% during 2022-2027.
Tracking-as-a-service represents the cloud-based solution used by organizations to track as well as monitor operations and day-to-day business processes. It offers various capabilities, such as enhanced scalability, data collection, mobile support, reporting and logging, data collection and management, process mapping, real-time monitoring, etc., to improve organizational performance, decision-making, efficiency, etc.
Tracking-as-a-service assists in checking detailed information regarding operations, enhancing logistical procedures, improving client servicing, and increasing overall-cost effectiveness while ensuring data security. Consequently, it finds wide-ranging applications across several sectors, including healthcare, e-commerce, retail, transportation, logistics, etc.
Global Tracking-as-a-Service Industry Trends and Drivers:
The inflating need for improving the logistics supply chains and managing inventories, assets, vehicles, etc., is primarily driving the tracking-as-a-service market. Additionally, the widespread adoption of electronic monitoring systems across enterprises for tracking the exchange of information and preventing unauthorized access to sensitive data is further catalyzing the market growth.
Besides this, the rising popularity of cloud-based tracking-as-a-service, especially in the manufacturing industry, owing to the escalating demand for high-speed data transmission, is acting as another significant growth-inducing factor.
Moreover, numerous other factors, such as the introduction of eye-tracking solutions and the growing utilization of portable devices for monitoring purposes, are also positively influencing the global market. Apart from this, the elevating integration of connected devices with the Internet of Things (IoT) and global positioning system (GPS) for locating containers, maintaining driver safety, detecting fraudulent activities, etc., is anticipated to fuel the tracking-as-a-service market over the forecasted period.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has segmented the market on the basis of region, component, type, asset type, enterprise size and end use industry.
Breakup by Component:
- Software
- Service
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
Breakup by End Use Industry:
- Retail
- Manufacturing
- E-commerce
- Transportation and Logistics
- Healthcare
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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