Market Trends of Tracking-as-a-Service Industry
This section covers the major market trends shaping the Tracking-as-a-Service Market according to our research experts:
Transportation and Logistics have Shown Highest Adoption of TaaS
- Transportation is a crucial element in modern society. Tracking solutions adopted by the transportation and logistics sector improve vehicle maintenance. Improved maintenance helps to extend the life of vehicles. It may also help in preventing delays that may be caused when the vehicles break down.
- Private companies offering ride-sharing and car services, such as Uber, Lyft, and Roam, have witnessed snowballing growth over the past few years. Location data for tracking is a crucial asset to these companies.
- While a majority of the companies involved have in-house analytical capabilities, the growing volumes and complexities involved in the data are expected to drive collaborations between these companies and tracking as a service provider over the forecast period.
- Another trend driving the market in this sector is the increasing adoption of IoT by trucking and logistics companies, which are also using IoT to track packages and make sure deliveries reach customers on time, as well as saving fuel and implementing predictive maintenance plans for their vehicles, by using tracking data.
- A Public Transport Tracking Solution (PTTS) is being developed by Trafiksol using TaaS applications that assist with letting people know about the arrivals and departures of public transport under PTTS and will also indicate the current position with respect to individual stops/ stations. A User will be able to track their respective vehicle through a mobile app to know the vehicle's exact position on the map. A common payment card will be provided to users through which they can pay on any public transport under PTTS.
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North America To Hold The Largest Market Share
- North America is expected to be the largest market for the Tracking-as-a-Service market. Most Tracking-as-a-Service vendors, such as AT&T Inc., Motorola Solutions Inc., and Honeywell International Inc., are based in the North American region.
- The growth can be attributed to increasing advances in automation technology, especially in the logistics and transportation sector in the region. The adoption of warehouse or delivery robots is growing at an increasing pace, and hence, the adoption of these services is increasing.
- The region is also witnessing an expansion in the criminal offender monitoring market. Most areas in the US have compelled the use of offender tracking equipment for sexual offenders. The market will also continue to grow in the region as the regulatory bodies in North America are encouraging the installation of GPS tracking devices in private passenger vehicles.
- Companies like FieldLogix are helping its passenger transportation organizations throughout North America improve their route planning and customer service with GPS fleet tracking technology. Transportation organizations use FieldLogix's transportation tracking system to meet the performance requirements of their contracts.
- For instance, in July 2022, to complement its market-leading fleet management solutions, Lytx Inc., a global leader in video telematics solutions, introduced the Lytx Asset Tracking Service. Fleet managers searching for a streamlined method of tracking down and controlling their powered equipment can use the Asset Tracking Service, which is now offered in the United States and Canada. The business also disclosed a number of brand-new maintenance improvements for its Fleet Tracking Service, set for release later this year.
- According to interviews by the ICCT, 40-50% of trucking fleets in Canada are currently using telematics systems. The electronic logging device (ELD) mandates in the United States and Canada has created a ripe market for the adoption of telematics systems.
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