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The tracking as a service market size is forecast to increase by USD 2,404.01 million, at a CAGR of 17.34% between 2023 and 2028. The growth rate of the market depends on several factors, including the increasing demand for fleet management, the evolving customer expectations for real-time visibility and status of orders, and the rising demand for tracking as a service solutions due to continuous e-commerce growth.
The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 15 market companies, including Datalogic SpA, Geotab Inc., Impinj Inc., Infor Inc., MicroMain Corp, Midmark Corp., Mojix Inc., Motorola Solutions Inc., PCCW Enterprises Ltd., Sortly Inc, Topcon Positioning Systems Inc., Trimble Inc., Verizon Communications Inc., Wabtec Corp., Zebra Technologies Corp., EZO, Honeywell International Inc., and Spider Tracks Ltd. . Additionally, AT and T Inc offers tracking as a service through AT andT Fleet Complete, which tracks assets and vehicles in real time using GPS fleet tracking. This enables fleet managers to view the complete fleet and assets on a map and assign the right driver to each job.
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Increasing demand for fleet management is notably driving the market. Fleet management refers to the process of monitoring and optimizing a company's fleet of vehicles. In addition, this includes everything from vehicle tracking to fuel management to maintenance scheduling. Furthermore, with industries around the world recognizing the importance of fleet operations, there has been a significant increase in the demand for sophisticated tracking solutions.
Moreover, one of the main reasons GPS tracker and fleet management systems are becoming increasingly important in the global market is the increasing need for improved operational efficiencies. In addition, large-scale companies operating in a variety of industries, including logistics, transportation, and delivery such as DHL, United Parcel Service, and FedEx Corporation, etc., are increasingly using these solutions to improve their operations. Hence, such factors are driving the market growth during the forecast period. GPS trackers play a crucial role in fleet management systems by providing real-time location data, route optimization, and vehicle monitoring capabilities. This technology enables companies to enhance fleet productivity, reduce fuel consumption, optimize delivery schedules, and improve overall operational efficiency.
The growing adoption of IoT technology is an emerging trend in the market. The incorporation of the Internet of Things (IoT) into tracking solutions has revolutionized the way businesses manage and monitor their assets, leading to increased efficiency and improved operational processes. In addition, one of the main reasons for the increasing use of IoT in this solution is that IoT enables real-time monitoring and analysis of data from a wide variety of interconnected devices.
Moreover, IoT connectivity enables businesses to monitor assets, vehicles, and inventory with near-real-time accuracy. In addition, logistics companies, for example, are using IoT-enabled smart tracker solutions to track the position, condition, and status of goods in transit. Furthermore, real-time visibility allows for proactive decisions, minimizes delays, and improves overall supply chain performance. Hence, such factors are driving the market growth during the forecast period. Smart trackers equipped with IoT technology provide comprehensive asset tracking capabilities, offering precise location data and monitoring of environmental conditions such as temperature and humidity. This advanced tracking functionality enhances operational efficiency by enabling logistics companies to optimize route planning, prevent loss or damage to goods, and ensure timely deliveries.
Rising privacy concerns and regulations related to GPS tracking is a major challenge hindering the market. There is an increasing focus on privacy for both individuals and businesses, especially as GPS-tracking technologies become more widespread. In addition, the collection, retention, and use of location information raises ethical issues and potential risks, prompting increased oversight by regulators around the world. Furthermore, governments and law enforcement agencies are taking steps to protect individuals' privacy rights by implementing strict guidelines for GPS tracking services.
Moreover, one of the most significant regulations is the European Unions General Data Protection Regulation. In addition, this regulation sets stringent rules for the processing and processing of personal information, including location data. Furthermore, tracking as a service companies had to adjust their processes to comply with these rules, which include explicit consent mechanisms, anonymization, and improved security measures. Hence, such factors are hindering the market growth during the forecast period.
The manufacturing segment is estimated to witness significant growth during the forecast period. The implementation of tracking technologies in manufacturing processes has revolutionized the industry, enhancing efficiency, productivity, and overall supply chain management. In addition, manufacturers around the world are increasingly turning to tracking as a service solution to get real-time insights into their operations.
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The manufacturing segment was the largest segment and was valued at USD 339.02 million in 2018. Moreover, tracking allows them to track raw materials, work in progress, and finished goods as they move through the manufacturing process. In addition, by utilizing advanced tracking solutions, manufacturers can streamline their processes, reduce delays, and lower operational costs. Furthermore, this increased control over manufacturing processes is highly important in industries where accuracy and timeliness count a lot. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
The various advantages of the cloud segment will increase the market growth. The cloud segment refers to the use of cloud-based computing infrastructure and cloud-based services to offer tracking solutions. In addition, cloud-based deployment offers several benefits, such as cost-effectiveness scalability accessibility business organizations that deploy their TaaS in the cloud can simplify their operations, improve real-time monitoring, and optimize resource utilization and allocation. For example, in the cloud segment of the global tracking as a serve market, cloud-based fleet management solutions are used. Moreover, Cisco, a major player in global tracking as a service in partnership with DHL, is building cloud-based new market networks to support the logistics and transportation of the company. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period.
Technavio's analysts have provided an extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The demand for tracking as a service solution in North America is fuelled by a combination of factors, such as the region's advanced technological infrastructure, a robust logistics industry, and an increasing emphasis on efficient supply chain management. In addition, tracking as a service solution is also supported by the strict regulatory environment in North American countries such as the US, especially in industries such as pharma and cold chain logistics. Moreover, in these industries, real-time monitoring and compliance of temperature-sensitive shipments is essential. In addition, tracking as a service solution helps maintain the integrity of these shipments across the supply chain. Furthermore, the market in North America includes leaders who have invested and partnered to take advantage of the opportunities. Hence, such factors are driving the market growth in North America during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Blackline Safety Corp: The company offers tracking as a service such as 24/7 live monitoring to handle any situation from lone worker hazards like slips, trips and falls to a gas leak or explosion.
Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2024-2028.
Tracking as a Service (TaaS) is revolutionizing industries with data-driven insights, enhancing operational efficiency through sensor technologies and Internet of Things (IoT) connectivity. Cloud computing facilitates seamless data transfer speeds and connectivity reliability, vital for applications in smart cities, environmental surveillance, and precise agriculture. The industry's digital maturity is evident in collaborations and investments aimed at addressing global logistics challenges and adapting to shifting consumer behaviors. The software segment offers solutions for real-time tracking, data analytics, and predictive modeling, ensuring optimal performance. Services encompass professional and managed services tailored to the needs of both large enterprises and small-medium enterprises (SMEs), covering various asset types, from manufacturing assets to in-transit equipment in the retail sector. Personal safety tracking devices, integrated with TaaS, enhance safety protocols by providing real-time location monitoring and emergency response capabilities, further advancing safety measures in diverse operational environments.
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Tracking As A Service Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 17.34% |
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Market growth 2024-2028 |
USD 2404.01 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
16.94 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 34% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AT and T Inc., Blackline Safety Corp, Datalogic SpA, Geotab Inc., Impinj Inc., Infor Inc., MicroMain Corp, Midmark Corp., Mojix Inc., Motorola Solutions Inc., PCCW Enterprises Ltd., Sortly Inc, Topcon Positioning Systems Inc., Trimble Inc., Verizon Communications Inc., Wabtec Corp., Zebra Technologies Corp., EZO, Honeywell International Inc., and Spider Tracks Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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