Market Size of Tracking-as-a-Service Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 25.08 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Tracking-as-a-Service Market Analysis
The Tracking-as-a-Service market is expected to register a CAGR of 25.08% during the forecast period. Technological advancements such as warehouse robotics in the supply chain, RFID-integrated goods vehicle, and self-driving vehicles have resulted in the rapid growth of the logistics and transportation sector.
- Tracking-as-a-service helps industries to monitor their day-to-day business processes. With a proper tracking solution in place, businesses can get proper information about their operations and assets, know about asset availability and productivity, and access them from a single source. Such solutions maintain an accurate record of all the assets, providing a clear picture of how assets are utilized in each process. Currently, almost every business that relies on assets to get things done can benefit from a properly implemented tracking solution.
- Automation in the retail industry has resulted in the increased demand for a cloud-based solution like tracking-as-a-service. Moreover, the growing use of electronic monitoring for personal and professional work is anticipated to boost the market growth of tracking-as-a-service.
- Factors such as increasing usage of mobile technology, the increasing need to improve fleet operator efficiency, the emergence of eye tracking systems, and the use of electronic monitoring systems for monitoring purposes are factors driving the market.
- Another key factor stimulating the market's growth is the increasing Internet of things (IoT) adoption. Smart-connected devices help to track the shipments of goods in real-time. Also, governments worldwide are mandating GPS tracking in all new vehicles in a bid to maintain driver safety. Vehicle tracking solutions offered through the cloud improve fleet operator efficiencies at lower costs.
- Many industries have privacy concerns regarding electronic monitoring, restraining enterprises from adopting the solution. There is even a chance of a security breach by intruders interrupting the tracking software.
- COVID-19 also challenged market growth to a great extent. Vendors serving the transportation and logistics industry were hit the most due to a lack of investment.
