(MENAFN- IMARC Group)
IMARC Group's report titled“ Tracking-as-a-Service Market: Global industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032 “. The global tracking-as-a-service market size reached US$ 1.9 Billion in 2023 . Looking forward, IMARC Group expects the market to reach US$ 6.4 Billion by 2032 , exhibiting a growth rate (CAGR) of 14.23% during 2024-2032.
Factors Affecting the Growth of the Global Tracking as a Service Industry:
. Rising Need for Real-time Data Tracking:
The tracking as a service market is significantly driven by the growing demand for real-time data tracking across various industries. With the advent of IoT and advanced analytics, businesses are increasingly seeking solutions that offer real-time insights into logistics, asset management, and supply chain operations. This demand is fuelled by the need for improved operational efficiency, cost reduction, and enhanced customer service. Tracking as a Service provides a centralized platform for monitoring assets and data, enabling businesses to make informed decisions quickly and effectively.
. Advancements in IoT and connectivity technologies:
The proliferation of Internet of Things (IoT) technology and improvements in connectivity are key drivers of the TaaS market. IoT devices equipped with sensors provide detailed data on the status and location of tracked items, enabling more sophisticated tracking solutions. Furthermore, advancements in wireless technologies such as 5G offer faster and more reliable data transfer, making it feasible to track assets in real-time, even in remote locations. These technological advancements not only enhance tracking capabilities but also open up new applications and markets for TaaS, such as smart city initiatives and remote asset management.
. Increasing Adoption of Cloud-Based Solution:
The shift toward cloud-based solutions is significantly influencing the TaaS market. Cloud computing provides the scalability and flexibility needed to manage large volumes of data generated by tracking systems. It allows businesses to implement TaaS without significant upfront investment in infrastructure, making it accessible to a wider range of companies, including small and medium-sized enterprises. Cloud-based TaaS solutions offer the advantage of regular updates, easy integration with other systems, and the ability to access data from anywhere, making them a preferred choice for businesses looking to leverage tracking technologies.
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Leading Companies Operating in the Tracking-as-a-Service
Industry:
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.
Tracking as a Service Market Report Segmentation:
By Component:
Software represents the leading component as it is crucial for processing and analyzing the vast amount of data collected through tracking services.
By Type:
Based on the type, the market is classified into cloud-based and on-premises.
By Asset Type:
Electronics and IT Assets In-Transit Equipment Manufacturing Assets Others
On the basis of asset type, the market is segmented into electronics and IT assets, in-transit equipment, manufacturing assets, and others.
By Enterprise Size:
Large Enterprises Small and Medium-sized Enterprises
Large enterprise account for the majority of the market as they have extensive operations that require comprehensive tracking solutions.
By End Use Industry:
Retail Manufacturing E-commerce Transportation and Logistics Healthcare Others
Transportation and logistics represent the largest segment as efficient tracking solutions are essential for managing the movement of goods across various regions, ensuring timely deliveries, and minimizing disruptions.
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
North America leads the market as the region boasts a well-established and extensive telecommunications and internet infrastructure, providing a solid foundation for TaaS applications.
Tracking as a Service Market Trends:
The integration of Internet of Things (IoT) technology into TaaS solutions is on the rise. IoT sensors and devices enable real-time tracking and monitoring of assets, vehicles, and goods, enhancing the accuracy and efficiency of TaaS offerings. Besides, TaaS providers are increasingly leveraging data analytics and artificial intelligence (AI) to process large volumes of tracking data. This enables predictive analytics, anomaly detection, and actionable insights, helping businesses make informed decisions. Moreover, advances in geospatial technology are enhancing location-based services. High-resolution satellite imagery, geofencing, and geolocation tools are becoming integral to TaaS solutions, especially in logistics and fleet management.
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