Dublin, Feb. 12, 2021 (GLOBE NEWSWIRE) -- The "Tracking as a Service Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Tracking as a Service market is expected to register a CAGR of 25.08% during the forecast period (2021 - 2026). Technological advancements such as warehouse robotics in the supply chain, RFID integrated goods vehicle, and self-driving vehicles have resulted in the rapid growth of the logistics and transportation sector.
Tracking-as-a-service helps industries to monitor their day-to-day business processes. With a proper tracking solution in place, businesses can get proper information about their operations and assets, know about asset availability and productivity, and access them from a single source. Such solutions maintain an accurate record of all the assets, providing a clear picture of how assets are utilized in each process. Currently, almost every businesses that rely on assets to get things done, can benefit from a properly implemented tracking solution.
Automation in the retail industry has resulted in the increased demand for a cloud-based solution like tracking-as-a-service. Moreover, the growing use of electronic monitoring for personal and professional work is anticipated to boost the market growth of tracking-as-a-service.
Factors such as increasing usage of mobile technology, increasing need to improve fleet operator efficiency, the emergence of eye tracking systems, use of electronic monitoring systems for monitoring purposes are certain factors driving the market.
Another key factor stimulating the growth of the market is the increasing adoption of the Internet of things (IoT). Smart connected devices help to track the shipments of goods in real time. Also, governments worldwide are mandating GPS tracking in all new vehicles in a bid to maintain driver safety. Vehicle tracking solutions offered through the cloud improve fleet operator efficiencies at lower costs.
Many industries have privacy concerns regarding electronic monitoring hence restraining the enterprises from adopting the solution. There is even a chance of a security breach by intruders interrupting the tracking software. COVID-19 has also challenged the market growth to a great extent. Vendors serving transporation and logsitics industry have been hit the most due to lack of investment in these sectors.
Key Market Trends
Transportation and Logistics have shown highest adoption of TaaS
- Transportation is a crucial element in modern society. Tracking solutions adopted by transportation and logistics sector improves vehicle maintenance. Improved maintenance helps to extend the life of vehicles. It may also help in preventing delays that may be caused when the vehicles break down.
- Private companies offering ride-sharing and car services, such as Uber, Lyft, and Roam, among others, have witnessed a snowballing growth over the past few years, with location data for tracking being a crucial asset to these companies.
- While a majority of the companies involved have in-house analytical capabilities, the growing volumes and complexities involved in the data are expected to drive collaborations between these companies and tracking as a service providers over the forecast period.
- Another trend driving the market in this sector is the increasing adoption of IoT by trucking and logistics companies, which are also using IoT to track packages and make sure deliveries reach customers on time, as well as saving fuel and implementing predictive maintenance plans for their vehicles, by using tracking data.
- A Public Transport Tracking Solution (PTTS) is being developed by Trafiksol using TaaS applications that assists with letting people know about the arrivals and departure of public transport under PTTS and will also indicate the current position in respect to individual stops/ stations. A User will be able to track their respective vehicle through a mobile app to know the exact position of the vehicle on the map. A common payment card will be provided to users through which they can pay at any public transport under PTTS.
North America To Hold The Largest Market Share
North America is expected to be the largest market for Tracking-as-a-Service market. The majority of Tracking-as-a-Service vendors such as AT&T Inc., Motorola Solutions, Inc., and Honeywell International Inc. are based in the North America region.
- The growth can be attributed to increasing advances in automation technology, especially in the logistics and transportation sector in the region. The adoption of warehouse robots or the delivery robots is growing at an increasing pace, and hence, the adoption of these services is increasing.
- The region is also witnessing an expansion in the criminal offender monitoring market. The majority of the areas in the US have compelled the use of offender tracking equipment for sexual offenders. The market will also continue to grow in the region as the regulatory bodies in North America are encouraging the installation of GPS tracking devices in private passenger vehicles.
- Companies, such as FieldLogix, are helping its passenger transportation organizations throughout North America to improve their route planning and customer service with the GPS fleet tracking technology. Transportation organizations use FieldLogix's transportation tracking system to meet the performance requirements of their contracts.
- According to interviews by the ICCT, 40% to50% of trucking fleets in Canada are currently using telematics systems. The electronic logging device (ELD) mandates in the United States and Canada have created a ripe market for the adoption of telematics systems. In the United States,
- It has been estimated by C.J. Driscoll & Associates in their 2019-20 U.S. Mobile Resource Management Systems Market Study that the adoption rate of telematics systems by U.S. trucking fleets has grown from roughly 35% in 2015 to 90% in 2019.
Competitive Landscape
The presence of many vendors characterizes the tracking-as-a-service market. These vendors are focusing on the development of cloud computing solutions with added features and are supplying them at competitive prices. The increasing demand for cloud computing services is expected to strengthen the market's competitive environment. To increase their footprint in this global market, the vendors are making huge investments towards the development of specific and customized cloud-based solutions.
- September 2020 - PCT launched expandable asset tracking devices on the Geotab Marketplace. Geotab offers an extensive ecosystem of valuable, business-focused applications and add-ons via the Geotab Marketplace, which helps provide businesses with the tools needed to better manage their fleets. With the addition of Phillips Connect Technologies on the Geotab Marketplace, Geotab customers can access a suite of solutions that help to maximize driver time through enhanced asset visibility and utilization.
- August 2020 - Verizon built and deployed RTK reference stations nationwide to provide pinpoint level accuracy to RTK compatible IoT devices. RTK also supports emerging technologies that depend on high level location accuracy - things like delivery drones and customer-approved location data for first responders during emergencies. Hyper Precise Location using Real Time Kinematics (RTK), hyper-precise location technology provides location accuracy within one to two centimeters, on the Verizon network.
- January 2020 - Geotab, a global leader in IoT and connected transportation, and Eleos, a pioneer in software as a service (SaaS) for transportation, announced the availability of UNIFY in January. Launched at Geotab Connect 2020, the integrated solution combines a highly customizable open fleet management system, a comprehensive driver workflow platform and a FMCSA-compliant ELD with best-in-class solutions and rich data insights.
- April 2019 - WABCO, the leading global supplier of braking control systems and other advanced technologies, announced that it was launching its new advanced trailer monitoring and remote diagnostics solution, TX-TRAILERPULSE, a trailer-focused IoT connectivity solution which combines real-time track and trace functionality with additional remote trailer health and diagnostic information.
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- The market estimate (ME) sheet in Excel format
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Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Assessment of Impact of COVID-19 on the Market
4.4 Market Drivers
4.4.1 Upsurge in Use of Mobile Technology
4.4.2 Need To Improve Fleet Operator Efficiency
4.4.3 Emergence of Eye Tracking Systems
4.4.4 Increasing Adoption of IoT
4.5 Market Restraints
4.5.1 Privacy Concerns Regarding Electronic Monitoring System
4.5.2 Limited Control Given To Customers
5 MARKET SEGMENTATION
5.1 Deployment
5.1.1 Cloud
5.1.2 On-Premise
5.2 End-user Industry
5.2.1 Retail
5.2.2 Manufacturing
5.2.3 E-commerce
5.2.4 Transportation & Logistics
5.2.5 Healthcare
5.2.6 Other End-user Industries
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia Pacific
5.3.4 Latin America
5.3.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Motorola Solutions
6.1.2 Wabco (Asset Trackr)
6.1.3 AT&T Inc.
6.1.4 Zebra Technologies Corp.
6.1.5 Verizon Communications
6.1.6 Geotab Inc.
6.1.7 Blackline Safety Corp.
6.1.8 Spider Tracks Limited
6.1.9 Honeywell International, Inc.
6.1.10 Trimble Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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