According to a new report, published by KBV research, The Global Tracking As A Service Market size is expected to reach $22.1 billion by 2030, rising at a market growth of 17.5% CAGR during the forecast period.
The Software segment is leading the Global Tracking As A Service Market, By Component in 2022 thereby achieving a market value of $13.8 billion by 2030. The development of the software segment can be caused by factors such as the rapid development of technology, which has resulted in the creation of sophisticated tracking software solutions with a vast array of capabilities. These software solutions include real-time monitoring, data analytics, predictive modeling, and integration with other enterprise systems. These software offerings attract businesses due to their ability to provide actionable insights, optimize operations, and enhance decision-making processes.
The In-transit Equipment segment is showcasing a CAGR of 17.7% during (2023 - 2030). The expansion can be attributed to its pivotal position in meeting the dynamic requirements of transportation- and logistics-heavy industries. These keys provide real-time visibility into the location and status of assets such as vehicles, transport, and containers. In addition, tracking as a service solution enable businesses to optimize supply chain activities, mitigate risks, and ensure legal compliance by providing information regarding location, circumstances, and potential deviations.
The Large Enterprises segment acquired the highest revenue share in the Global Tracking As A Service Market, By Enterprise Size in 2022 thereby achieving a market value of $13.4 billion by 2030. The increase in demand can be attributed to large businesses' increased adoption of tracking as a service software and services for various strategic advantages, including real-time monitoring. These solutions provide visibility and control in real-time, streamlining operations by optimizing routes, managing risks, and ensuring regulatory compliance. The data-driven insights tracking systems enable informed decision-making and improve the consumer experience through transparency and precise updates.
The Healthcare & Lifesciences segment would exhibit a CAGR of 18.9% during (2023 - 2030). TaaS enables the continuous monitoring of patients' vital signs, chronic conditions, or post-surgical recovery from the comfort of their homes. Wearable devices, such as smartwatches or medical-grade sensors, can collect and transfer real-time data to healthcare providers, allowing for early intervention and reducing hospital readmissions. Hospitals and healthcare facilities can use tracking solutions to monitor the location and status of medical equipment, such as infusion pumps, wheelchairs, and defibrillators. This reduces equipment loss, improves maintenance scheduling, and ensures critical devices are readily available.
The North America region dominated the Global Tracking As A Service Market, By Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7,241.9 million by 2030. The Europe market is anticipated to grow at a CAGR of 17% during (2023 - 2030). Additionally, The Asia Pacific market would witness a CAGR of 18.3% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/tracking-as-a-service-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Rockwell Automation, Inc., Infor, Inc. (Koch Industries), Midmark Corporation, Sortly Inc. , EZO, PCCW Limited , MicroMain Corporation (JDM Technology Group Inc.), Trimble, Inc., Mojix, Inc. (Peak Rock Capital),Finale Inventory, Inc.
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By Enterprise Size
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Companies Profiled
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