Tracking as a Service Market size is set to grow by USD 2.40 billion from 2024-2028, Increasing demand for fleet management boost the market, Technavio

NEW YORK, May 23, 2024 /PRNewswire/ -- The global tracking as a service market size is estimated to grow by USD 2.40 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 17.34% during the forecast period. 

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Market Driver

The global tracking as a service market is growing rapidly, driven by the rising demand for fleet management. This involves monitoring and optimizing company vehicles, from tracking to fuel management and maintenance scheduling. Companies like DHL, UPS, and FedEx use these solutions to enhance efficiency, cut fuel costs, and boost productivity.

New technologies like GPS and telematics offer real-time data for better decision-making. Leading providers, such as Trimble Navigation Limited and Verizon Connect, offer comprehensive solutions, including vehicle monitoring and driver behavior tracking. These factors will drive the market's growth in the coming years.

Market Challenges

• Privacy has become crucial for individuals and businesses as GPS tracking technologies spread. The use of location data raises ethical issues, prompting global regulatory oversight. The EU's General Data Protection Regulation (GDPR) enforces strict rules on processing personal information, including location data.
• Companies must now obtain explicit consent, anonymize data, and enhance security. Similar laws, like California's Consumer Privacy Act (CCPA), empower consumers with control over their personal data. These regulations lead to increased costs and operational complexity for tracking companies. Furthermore, rising privacy concerns are reducing consumer demand, negatively affecting the global tracking as a service market.

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Segment Overview 

1. End-user 
• 1.1 Manufacturing
• 1.2 Transportation and logistics
• 1.3 Healthcare
• 1.4 Others
2. Deployment 
• 2.1 Cloud
• 2.2 On-premises
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Manufacturing- The manufacturing sector is set to see significant growth during the forecast period, driven by the adoption of tracking technologies. These innovations have improved efficiency, productivity, and supply chain management. In 2018, the segment was valued at USD 339.02 million.

Manufacturers are increasingly using tracking as a service to gain real-time insights into operations, enabling them to monitor raw materials, work in progress, and finished goods. Advanced tracking solutions help streamline processes, reduce delays, and lower costs. This increased control is crucial in industries where precision and timeliness are critical, fueling market growth.

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Research Analysis

The Tracking as a Service market is growing as logistics and healthcare sectors seek better operational efficiency. Utilizing sensor technologies, cloud computing, and 5G networks, companies can achieve real-time monitoring of assets, shipments, and personnel. This enhances data-driven decision-making and resource utilization while reducing operational expenditures.

Key players like Bank of America Corp. and Transporeon invest in smart technologies for precise agriculture and environmental surveillance. Software solutions and managed services cater to both large enterprises and various asset types, addressing global logistics challenges, shifting consumer behaviors, and disruptions. Ensuring data security remains crucial in this digital transformation.

Market Research Overview

The Tracking as a Service market is growing due to the need for data-driven insights and reducing operational expenditures. Logistics executives are investing in digitalization to improve efficiency and decision-making. High data transfer speeds, low latency, and reliable connectivity are key factors driving this trend. As smart cities evolve, the demand for advanced tracking solutions increases. Companies with higher digital maturity benefit the most from these technologies, ensuring better performance and competitiveness.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user 
• Manufacturing
• Transportation And Logistics
• Healthcare
• Others
• Deployment 
• Cloud
• On-premises
• Geography 
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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