Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The "Tracking-as-a-Service Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Global Tracking-as-a-Service (TaaS) Market is projected to grow at a CAGR of 25.08% during the forecast period. The market's growth is driven by technological advancements in the logistics and transportation sector, such as warehouse robotics, RFID-integrated goods vehicles, and self-driving vehicles.
Key highlights of the report include:
- Tracking-as-a-service solutions help industries monitor their day-to-day business processes, providing valuable information about operations and asset utilization from a single source. The demand for cloud-based solutions like tracking-as-a-service has increased due to automation in the retail industry and the growing use of electronic monitoring for personal and professional work.
- Factors driving the market include the increasing usage of mobile technology, the need to improve fleet operator efficiency, the emergence of eye tracking systems, and electronic monitoring systems for monitoring purposes. Additionally, the adoption of IoT and smart-connected devices to track shipments in real-time contributes to market growth.
- However, privacy concerns regarding electronic monitoring and potential security breaches are restraining enterprises from adopting tracking-as-a-service solutions. The COVID-19 pandemic has also impacted the market, particularly in the transportation and logistics industry, where vendors faced challenges due to a lack of investment.
Tracking-as-a-Service Market Trends
- The transportation and logistics sector has shown the highest adoption of tracking-as-a-service solutions. Tracking solutions in this sector improve vehicle maintenance, prevent delays caused by breakdowns, and provide location data for ride-sharing and car services companies.
- The adoption of IoT by trucking and logistics companies is increasing, enabling them to track packages, ensure timely deliveries, save fuel, and implement predictive maintenance plans. Public Transport Tracking Solutions (PTTS) are being developed to provide real-time tracking of public transport vehicles and improve passenger experience.
North America To Hold The Largest Market Share
- North America is expected to be the largest market for tracking-as-a-service. Many vendors, including AT&T Inc., Motorola Solutions Inc., and Honeywell International Inc., are based in this region.
- The growth in North America can be attributed to advances in automation technology, especially in the logistics and transportation sector. The adoption of warehouse and delivery robots is increasing, along with the installation of GPS tracking devices in private passenger vehicles.
Tracking-as-a-Service Market Competitor Analysis
- The market is characterized by the presence of many vendors focusing on developing cloud computing solutions with added features and competitive prices.
- In March 2022, Housecall Pro and Mojio partnered to create Force by Mojio, the first fleet management solution for small businesses. The alliance aims to help home service professionals track their company vehicles, enhance operations, and improve the customer experience by combining real-time telemetry data with an all-in-one platform.
Overall, the tracking-as-a-service market is witnessing significant growth due to technological advancements and increasing adoption of cloud-based solutions, particularly in the transportation and logistics sector.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces 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 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 On 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 and 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 & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Motorola Solutions
6.1.2 Wabco Holdings Inc.
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
For more information about this report visit https://www.researchandmarkets.com/r/2wrfym
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Attachments
- Tracking As A Service Market Speed Of Taa S Adoption In Trillion Passenger Miles 2020 2025
- Tracking As A Service Market Tracking As A Service Market Growth Rate By Region 2022 2027
