The Global Tracking As A Service Market size is expected to reach $22.1billion by 2030, rising at a market growth of 17.5% CAGR during the forecast period.
TaaS enables end-to-end traceability of food products from farm to table. This is crucial for food safety, quality control, and compliance with regulatory requirements. TaaS solutions can track and monitor temperature-sensitive products during transportation and storage. Consequently, the food and beverage segment would generate approximately 14.8% share of the market by 2030. TaaS solutions can track and monitor temperature-sensitive products during transportation and storage. This ensures that perishable goods, such as fresh produce, dairy, and meat, remain within safe temperatures to prevent spoilage and maintain quality. Some of the factors affecting the market are rising digitalization across the logistics industry, increase in penetration of internet of thing, and increasing privacy and security concerns.
The logistics sector has undergone significant transformation, driven by technological advancements and a growing need for efficiency, visibility, and cost-effectiveness. Digitalization has enabled logistics companies to gain real-time visibility into their supply chains. With the integration of sensors, GPS technology, and IoT devices, they can track the location and condition of goods, vehicles, and assets at all stages of the logistics process. Customers now expect transparency and real-time updates on the status of their shipments. Moreover, the rise in the penetration of the Internet of Things has significantly impacted the growth of the market. IoT has provided the necessary technological foundation for tracking and monitoring solutions, enabling businesses to leverage data-driven insights and real-time tracking capabilities. IoT connects many devices, sensors, and assets to the Internet. This connectivity allows for seamless communication and data exchange, making it possible to track and monitor various objects, from vehicles and equipment to goods and even people. IoT devices generate a constant stream of real-time data. As customer expectations for real-time tracking continue to rise, the market will likely expand further in the coming years.
However, consumers are increasingly concerned about the collection of their location and personal data. They may be hesitant to adopt tracking solutions or share their information if they perceive a risk to their privacy. This can slow down the adoption of TaaS in consumer-facing applications. Security breaches and data leaks can have severe consequences for TaaS providers. A data breach can compromise sensitive information, damage a company's reputation, and result in legal and financial liabilities. In applications that involve mapping and geolocation, having geospatial experts who understand GIS (Geographic Information Systems) can be essential. The abovementioned factors may lead to the restriction in the growth of the market.
On the basis of industry, the market is classified into transportation & logistics, manufacturing, healthcare & lifesciences, food & beverage, retail, IT & telecom, and others. In 2022, the manufacturing segment witnessed the largest revenue share in the market. The segment's development can be attributed to tracking as a service solution that provides real-time visibility into manufacturing assets, from machinery to raw materials. These solutions enable manufacturers to maximize asset utilization, minimize disruption, and enhance operational efficacy. Monitoring technologies facilitate supply chain optimization, allowing for end-to-end visibility and informed decision-making. Monitoring stock quantities, locations, and turnover rates, the tracking services aid manufacturers in keeping optimal inventory levels.
On the basis of component, the market is segmented into software and services. The services segment acquired a substantial revenue share in the market in 2022. Professional and managed services are expanding due to their ability to provide customized solutions and implementation assistance. These services accommodate the complex requirements of businesses by providing customization, seamless integration, and ongoing administration of tracking solutions. These services include risk mitigation, compliance adherence, and flexibility, ensuring monitoring systems adhere to industry standards and adapt to fluctuating business requirements.
By asset type, the market is categorized into electronics & IT assets, in-transit equipment, manufacturing assets, and others. In 2022, the manufacturing assets segment registered the highest revenue share in the market. The segment's supremacy can be attributed to its pivotal position in meeting critical manufacturing requirements. These solutions enable manufacturers to optimize resource allocation, reduce downtime through predictive maintenance, and expedite supply chain operations by providing real-time visibility into machinery, equipment, and inventory. The integration of monitoring technologies aids manufacturers in complying with regulatory standards, improving data-driven decision-making, and preserving product quality, all of which are expected to increase over the forecast period.
Based on enterprise size, the market is fragmented into large enterprises and small & medium enterprises. The small and medium enterprises segment garnered a significant revenue share in the in 2022. Small and medium-sized enterprises are attracted to tracking as a service software and services due to their cost-effectiveness, which enables access to advanced tracking technologies without substantial outlays. Following the adaptable nature of SMEs, these solutions also promote operational efficiencies and resource optimization. SMEs can increase their competitiveness by utilizing tracking technologies to meet consumer demand for real-time updates, increase supply chain visibility, and reduce risks.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 6.2 Billion |
| Market size forecast in 2030 | USD 22.1 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 17.5% from 2023 to 2030 |
| Number of Pages | 300 |
| Number of Table | 470 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Asset Type, Enterprise Size, Industry, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region garnered a significant revenue share in the market in 2022. The regional market expansion can be attributed to increased e-commerce activities. Consequently, the rise in e-commerce patterns across the country has increased the acceptance of tracking solutions to trace products to increase customer transparency. In an environment characterized by complex supply chains, manufacturing expertise, and accelerated urbanization, tracking as a service solution simplifies logistics, optimize supply chains, and promote the sustainability of urban environments.
Free Valuable Insights: Global Tracking As A Service Market size to reach USD 22.1 Billion by 2030
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include 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.
By Component
By Asset Type
By Enterprise Size
By Industry
By Geography
This Market size is expected to reach $22.1billion by 2030.
Rising digitalization across the logistics industry are driving the Market in coming years, however, Increasing privacy and security concerns restraints the growth of the Market.
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.
The expected CAGR of this Market is 17.5% from 2023 to 2030.
The Software segment is leading the Market, By Component in 2022 thereby achieving a market value of $13.8 billion by 2030.
The North America region dominated the 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.
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