Tracking-as-a-Service Market Statistics, 2030
The global tracking-as-a-service market was valued at $1.20 billion in 2020, and is projected to reach $6.50 billion by 2030, registering a CAGR of 18.4% from 2021 to 2030. Tracking-as-a-service is a specialized cloud-based digital monitoring system designed to help industries with their day-to-day business activities. Therefore, tracking-as-a-service system offers a proper tracking solution in place so that companies can monitor detailed information about their operations and assets.
The tracking-as-a-service market is anticipated to witness notable growth during the forecast period, owing to rise in need for enhanced fleet operator efficiency system. Furthermore, the market growth is expected to be driven by emergence of eye-tracking systems paired with surge in utilization of smartphone technology. Moreover, rapid surge in number of investments in enhanced logistics and supply chain management systems is expected to propel the market growth.
Tracking-as-a-service is essential for an organization to optimize financial efficiency by enhancing manufacturing and logistic techniques. These services include system integration instruments, optimization instruments, and end-user task management skills. Furthermore, tracking service technology is intended to maintain real-time location information regarding all assets. Therefore, they present a clear picture of asset utilization.
The tracking-as-a-service technology based on cloud offers supply chain and logistics industries to track and manage assets, inventories, and vehicles. Further, cloud-based tracking-as-a-service technology is gaining popularity across retail and manufacturing, owing to surge in high-speed data transmission through ICT-based smart infrastructure. In addition, tracking-as-a-service across the retail sector enables users to track and store user shopping cart information to enhance customer experience and asset maintenance. Moreover, rise in digital or smart infrastructure across transportation, retail, manufacturing, and healthcare sector, owing to rise in need for enhancing logistics supply chain is anticipated to drive growth of the market during the forecast period.
Rise in adoption of internet-of-things-based applications across healthcare, retail, manufacturing, and other sectors is significant offering lucrative growth opportunities for the tracking-as-a-service market. However, rise in concerns about privacy related to electronic monitoring systems acts as a major restrain for this market. Further, increase in government regulations to boost GPS tracking across vehicles is significantly important for the tracking-as-a-service market opportunity.
Emergence of COVID-19 has served as a major restrain for the market of tracking-as-a-service solution in 2020, and the market is estimated to witness relatively slow growth by the end of 2021. However, surge in demand from the healthcare sector acted as a prime factor for the market growth. Vendors serving across the transportation and logistics sector have been hard hit due to lack of investments in the tracking services market. Moreover, surge in GPS-related regulations across the globe is assumed to drive the tracking-as-a-service market growth during the post-pandemic period.
The tracking-as-a-service market is analyzed based on components, software deployment type enterprises size, assets type, industry vertical, and region. By component, the market is fragmented into software and service. The software segment dominated the market, in terms of revenue, in 2020, and is expected to follow the same trend during the forecast period. On the basis of software deployment model, the market is segregated into public, private, and hybrid. The public segment was the highest revenue contributor in 2020 and anticipated to garner significant market share during the forecast period.
By Asset Type
Manufacturing Assets accounted for the highest market share in 2020
By enterprise size, the market is bifurcated into large enterprise and small & medium enterprise. The large enterprises segment garnered the highest share in 2020 and is expected to grow at a high CAGR from 2021 to 2028. By assets type, the market is fragmented into electronic & IT assets, in-transit equipment, manufacturing assets, and others. By industry vertical, the market is divided into transportation & logistics, manufacturing, healthcare, food & beverages, retail, pharmaceuticals, IT & telecom, aerospace & defense, and others.
By Enterprise Size
SMEs is projected as one of the most lucrative segments.
Region wise, the market is analyzed across North America (the U.S. and Canada), Europe (the UK, Germany, France, Italy, Spain, Netherlands, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is expected to register the highest growth rate during the forecast period.
By Region
Asia-Pacific would exhibit the highest CAGR of 19.9% during 2021-2030
North America, specifically the U.S, remains a significant participant in the global tracking-as-a-service market. Surge in government initiatives is driving the market in this region. For instance, the government of the U.S. are planning to launch a national infrastructure bill. The task is expected to boost the retail industry transportation infrastructure, thereby supporting the growth of the market across the region.
Top Impacting Factors
Significant factors that impact growth of the global tracking-as-a-service industry includes surge in automation across retail business, coupled with advent of eye-tracking systems across the globe. However, limited control of tracking system giving to end-users is acting as a prime barrier for early adoption, which hampers growth of the market. On the contrary, rise in adoption of IoT-based technology paired with surge in demand for smartphone technology is anticipated to provide remunerative opportunities for expansion of the tracking-as-a-service market during the forecast period.
Competition Analysis
Competitive analysis and profiles of major tracking-as-a-service industry players such as DataLogic S.P.A, Impinj, Inc., Infor, Co., Midmark Co., Mojix, Inc., PCCW Solutions, Stanley Black and Decker, Inc., Topcon Co., Trimble Inc., and Zebr technologies Co are provided in this report.
Key Benefits for Stakeholders
- This study comprises analytical depiction of the tracking-as-a-service market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall tracking-as-a-service market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current tracking-as-a-service market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the tracking-as-a-service.
- The report includes the tracking-as-a-service market share of key vendors and global trends.
Tracking-as-a-Service Market Report Highlights
| Aspects | Details |
 By Type |
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 By Component |
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 By Enterprise Size |
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 By Industry Vertical |
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 By Region |
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 Key Market Players | DataLogic S.P.A., Trimble, Inc., MIDMARK CORPORATION, Zebra Technologies Corp, Stanley Black and Decker, Inc, Mojix, Inc, .Infor, TOPCON CORPORATION, Impinj, Inc., PCCW Solutions |
Analyst Review
Tracking-as-a-service is a specialized cloud solution used to track day-to-day business processes. Advanced technologies such as real-time locating systems, self-driving cars, RFID integrated goods vehicles, and warehouse robotics in logistics supply chain have resulted in rise in demand for tracking-as-a-service technology. Furthermore, retail, manufacturing, and transportation industries heavily rely on efficiency of logistics and transportation solutions. Therefore, tracking-as-a-service technology is essential for production efficiency. Tracking-as-a-service is widely popular for its use in logistics and supply chains, owing to surge in adoption of automation and enhanced robotics system in developing economies. Moreover, tracking-as-a-service across enterprises such as retail, healthcare, and manufacturing are intended to monitor assets, inventories, and other applications with a remote monitoring system. All these factors collectively offer remunerative opportunities for the market growth.
Globally, various key players are investing in tracking-as-a-service application to make them compatible with various industrial platforms. For instance, February 2021, Geek, a provider of autonomous mobile robotics for warehouses, joined hands with myEnso, a German-based online grocery supplier, to upgrade its supply channel to offer fast-moving consumer goods, which showcased lucrative growth opportunities for the market growth. The key players offering tracking-as-a-service include DataLogic S.P.A, Impinj Inc., Infor Co., Midmark Co., Mojix Inc., PCCW Solutions, Stanley Black and Decker Inc., Topcon Co., Trimble Inc., and Zebr technologies Co.
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