Global Tracking As A Service Market Size By Type (Cloud, On-Premise), By Service (Platform-as-a-service (PaaS), Software-as-a-service (SaaS)), By Application (Retail & Manufacturing, E-commerce), By Geographic Scope And Forecast

Tracking As A Service Market Size And Forecast

Tracking As A Service Market size was valued at USD 2.68 Billion in 2023 and is projected to reach USD 8.31 Billion by 2030, growing at a CAGR of 16.74% during the forecast period 2024-2030.

Global Tracking As A Service Market Drivers

The market drivers for the Tracking As A Service Market can be influenced by various factors. These may include

• Growing Need for Asset TrackingCompanies in a variety of sectors are implementing asset tracking programmes more frequently in order to keep an eye on the whereabouts and condition of their assets in real time. This is especially common in sectors including manufacturing, logistics, transportation, and healthcare.
• Growth of Connected Devices and IoTTracking systems have become widely used due to the expansion of Internet of Things (IoT) devices and improvements in connectivity technologies like 5G. These technologies facilitate smooth communication between gadgets, making asset tracking and monitoring effective.
• Demand for Supply Chain OptimisationAs supply networks get more intricate, there is an increasing need for solutions that offer visibility and transparency at every stage of the chain. By giving businesses access to real-time information about the flow of assets and goods, tracking as a service offerings assist businesses in streamlining their supply chain operations.
• Enhanced Safety and Security ConcernsThe adoption of tracking solutions is primarily driven by safety and security concerns, especially in companies that deal with high-value assets or sensitive information. These systems, which offer constant monitoring and notifications, assist in reducing risks like as theft, loss, or tampering.
• Regulatory Compliance RequirementsStrict regulations govern the tracking and tracing of items across the supply chain in a number of industries, including food and beverage and pharmaceuticals. Providers of tracking as a service give tools to make it easier for companies to abide by these rules.
• Cost Reduction and Operational EfficiencyBy optimising asset utilisation, lowering inventory loss, minimising downtime, and streamlining processes, the use of tracking solutions can result in cost savings and increased operational efficiency.
• Expanding Adoption of Cloud-Based SolutionsAs a result of the move towards cloud-based solutions, organisations may now subscribe to tracking services without having to make large upfront investments in infrastructure and hardware. Scalability and flexibility are other features of cloud-based tracking solutions, which let businesses simply expand their tracking capacities to meet their demands.
• Emergence of Advanced TechnologiesTracking solutions are becoming more capable thanks to developments in blockchain, machine learning, and artificial intelligence. Predictive analytics, anomaly detection, and safe data storage are made possible by these technologies, which promotes the use of Tracking as a Service products.

Global Tracking As A Service Market Restraints

Several factors can act as restraints or challenges for the Tracking As A Service Market. These may include

• Security ConcernsThere are serious worries about data privacy and security because TaaS includes tracking sensitive data, including location data. Incidents of data breaches or misuse have the potential to erode user trust and impede market expansion.
• Regulatory ComplianceTaaS providers may face difficulties adhering to different data protection laws, such as the CCPA in California or the GDPR in Europe. The tracking process becomes more complicated and expensive to maintain compliance with these standards.
• High Initial InvestmentTaaS implementation frequently necessitates a large upfront investment in technology, infrastructure, and qualified staff. For startups or smaller businesses trying to break into the market, this could be a hurdle.
• Integration DifficultiesIt can be difficult and time-consuming to integrate TaaS solutions with an organization’s current systems and operations. Adoption may be slowed down by staff opposition to change or compatibility problems with legacy systems.
• Issues with Accuracy and ReliabilitySome users may have issues with the accuracy and dependability of tracking technologies, such as GPS or RFID. Mistrust and a reluctance to fully accept TaaS solutions can result from inaccurate data or system breakdowns.
• Limited InfrastructureThe efficacy of TaaS solutions may be restricted in areas with inadequate infrastructure, such as spotty internet access or a lack of GPS coverage. This may limit market expansion in several sectors.
• Cost RestrictionsThe expense of deploying TaaS solutions may be unaffordable for certain companies, particularly those with limited resources or smaller operations. Hardware purchases, subscription fees, and continuing maintenance expenditures can all add up.
• Ethical IssuesUsing tracking technology raises ethical questions, especially when it comes to employee monitoring and surveillance. Companies must carefully handle these issues to prevent negative publicity and perhaps legal problems.

Global Tracking As A Service Market Segmentation Analysis

The Global Tracking As A Service Market is segmented on the basis of Type, Service, Application, and Geography.

Tracking As A Service Market, By Type

• Cloud
• On-Premise

Based on Type, The market is segmented into Cloud and On-Premise. Both segments are growing. However, the cloud type holds the largest share of the market. This can be attributed to rising privacy problems in several industries, preventing businesses from adopting the solution. Intruders could even disrupt the tracking software, resulting in a security breach.

Tracking As A Service Market, By Service

• Platform-as-a-service (PaaS)
• Software-as-a-service (SaaS)

Based on Service, the market is segmented into Platform-as-a-service (PaaS) and Software-as-a-service (SaaS). Software-as-a-service (SaaS) Means attraction and is expected to grow at the highest CAGR during the forecast period. Another important element driving market expansion is the growing adoption of the Internet of Things (IoT). Smart connected devices make it possible to track goods’ shipping in real-time. In addition, governments around the world are requiring GPS tracking in all new vehicles in order to ensure driver safety. Cloud-based vehicle tracking technologies increase fleet operator efficiency while lowering costs.

Tracking As A Service Market, By Application

• Retail & Manufacturing
• E-commerce
• Consumer electronics
• Transportation, Distribution & Delivery
• Healthcare & Security
• Others

Based on Application, the market is segmented into Retail & Manufacturing, E-commerce, Consumer electronics, and Transportation, Distribution & Delivery, Healthcare & Security, and Others. The retail & Manufacturing segment is growing at the highest CAGR and is expected to have the largest Market share during the forecast period. As the implications of such service in the retail and manufacturing segment as help in saving time and improved efficiency with the help of real-time data has uplifted the Retail & Manufacturing segment to grow.

Tracking As A Service Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Based on Geography, the Global Tracking As A Service Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The greatest market for Tracking-as-a-Service is predicted to be North America. The bulk of tracking-as-a-service providers is situated in North America, including AT&T Inc., Motorola Solutions, Inc., and Honeywell International Inc. The increase might be ascribed to advancements in automation technologies, particularly in the region’s logistics and transportation sectors.

Key Players

The “Global Tracking As A Service Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Motorola Solutions, AssetTrackr, AT&T Inc, Zebra Technologies, DigiCore Holdings Limited, Verizon Communications, Geotab Inc., Blackline GPS Inc, Spider Tracks Limited, and Honeywell International, Inc., Oracle Corporation, IBM Corporation, Google LLC, Microsoft Corporation, Salesforce.com, Inc., SAP SE, Adobe Inc., SAS Institute Inc., Teradata Corporation, Cisco Systems, Inc., among others players operating in the market.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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