Tracking As A Service Market To Reach $21.80 Billion By 2030

Tracking As A Service Market Growth & Trends

The global tracking as a service market size is expected to reach USD 21.80 billion by 2030, expanding at a CAGR of 17.1% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The growth can be attributed to the flexibility and scalability of tracking-as-a-service models, allowing businesses to adopt solutions tailored to their specific needs without heavy upfront investments. Furthermore, as industries continue to embrace digital transformation and prioritize efficiency, accuracy, and customer satisfaction, the market for tracking-as-a-service is poised for continued growth.

The rising partnerships and collaborations among tracking-as-a-service market players bode well for the market's growth. For instance, in June 2022, Redlist and One Step GPS partnered to allow users to integrate data and elevate fleet tracking and management. This partnership provided users with a complete picture of their maintenance and fleet by merging GPS fleet tracking information with the reporting dashboard and additional functionalities provided by Redlist.

The market growth is propelled by continuous technological advancements, particularly in logistics and transportation. Innovations such as RFID-integrated goods vehicles, warehouse robotics, and the emergence of self-driving vehicles have significantly transformed how businesses manage and monitor their assets. These technological breakthroughs offer heightened levels of automation, efficiency, and accuracy in tracking and managing goods throughout their journey.

The COVID-19 pandemic had a slight negative impact on the growth of the tracking-as-a-service industry. Vendors catering to the transportation and logistics sector faced substantial obstacles due to decreased investments in tracking services. Furthermore, the pandemic-induced disruptions led to a challenging environment for the market's expansion.

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Tracking As A Service Market Report Highlights

• The software segment dominated the market in 2022, attributed to the increasing adoption of tracking-as-a-service solutions in various industries across the globe

• The large enterprises segment dominated the market in 2022. Large enterprises are involved in adopting tracking-as-a-services to enhance operation efficiency and supply chain visibility

• The manufacturing assets segment dominated the market in 2022. Manufacturing facilities use a wide range of assets, from machinery and equipment to tools and vehicles. Tracking solutions allow manufacturers to monitor the utilization and condition of these assets, schedule maintenance proactively, and ensure that equipment is optimally deployed

• Retail segment is anticipated to grow at the fastest CAGR over the forecast period. Tracking solutions help in reducing theft and losses. Retailers can track high-value items, trigger alerts for suspicious behavior, and monitor inventory shrinkage

• North America dominated the market in 2022. The presence of prominent players and the rising adoption of tracking-as-a-service across the region is anticipated to fuel regional growth

Tracking As A Service Market Segmentation

Grand View Research has segmented the global tracking as a service market based on component, enterprise size, asset type, industry, and region:

Tracking-as-a-Service Component Outlook (Revenue, USD Million, 2017 - 2030)

• Software

• Services

Tracking-as-a-Service Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)

• Large Enterprises

• Small & Medium Enterprises

Tracking-as-a-Service Asset Type Outlook (Revenue, USD Million, 2017 - 2030)

• Electronics & IT Assets

• In-transit Equipment

• Manufacturing Assets

• Others

Tracking-as-a-Service Industry Outlook (Revenue, USD Million, 2017 - 2030)

• Transportation & Logistic

• Manufacturing

• Healthcare

• Food & Beverage

• Retail

• IT & Telecom

• Others

Tracking-as-a-Service Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • The Kingdom Of Saudi Arabia (KSA)

  • UAE

  • South Africa

List of Key Players in the Tracking As A Service Market

• Rockwell Automation

• MicroMain

• Sortly

• EZO

• Finale Inventory

• Infor

• Midmark Co.

• Mojix

• PCCW Solutions

• Trimble Inc.