Global Tracking-as-a-Service Market Report and Forecast 2024-2032

Global Tracking-as-a-Service Market Outlook

The global tracking-as-a-service market size reached approximately USD 2.02 billion in 2023. The market is further projected to grow at a CAGR of 17.6% between 2024 and 2032, reaching a value of USD 8.99 billion by 2032.

Key Trends in the Market

Tracking-as-a-service refers to a cloud-based technology that is used by logistic and supply chain industries for managing and tracking assets, vehicles, and inventories. These services offer improved operational efficiency, real-time monitoring, and data driven insights to different sectors and empowers enterprises to optimise resource utilisation.

• Increasing investments in the logistics sector and vehicle tracking and asset management owing to the expansion of the e-commerce sector is aiding the tracking-as-a-service market growth. Such investments are increasing as these services allow the businesses to boost brand visibility and enhance delivery operations.

• The evolution of 5G technology is providing lucrative growth opportunities to the market as they allow the amplification of connectivity reliability, reduce latency, and elevate speed for transfer of data, among others, bolstering the functionality of tracking systems.

• The rising adoption by healthcare and agriculture sectors are aiding the market expansion. In agriculture, the services allow farmers and agriculturists to monitor the crops and optimise resource utilisation. In healthcare, the services are used for tracking assets and monitoring patients.

Global Tracking-as-a-Service Market Analysis

On the basis of component, the market is bifurcated into software and services. Based on enterprise size, the market is divided into large enterprises and small and medium enterprises. On the basis of asset type, the market is segregated into electronics and IT assets, in-transit equipment, and manufacturing assets, among others.

Based on industry vertical, the market is classified into transportation and logistics, manufacturing, healthcare, food and beverage, retail, and IT and telecom, among others. On the basis of region, the tracking-as-a-service market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Honeywell International Inc. 

• Lenovo PCCW Solutions Limited 

• AT&T Inc.  

• Zebra Technologies Corporation 

• EZ Web Enterprise, Inc.  

• Geotab Inc. 

• Spider Tracks Ltd. 

• Sortly Inc. 

• JDM Technology Group (MicroMain Corp.) 

• Dentsu International  

• Others

Market Share by Asset Type

Manufacturing assets are expected to account for a significant tracking-as-a-service market share over the forecast period. This growth can be attributed to the rising requirement for optimisation of resource allocation, streamlining of supply chain operations, and minimisation of downtime through predictive maintenance from the manufacturing sector. The utilisation of tracking services and technologies allows manufacturers to ensure product quality and enhance data driven decision making.

Market Share by Region

North America accounts for a significant share of the market owing to the strong presence of major market players including Honeywell International Inc. and AT&T Inc., among others. The presence of technologically advanced infrastructure across North America is also supporting the market expansion in the region. The rising requirement for data analysis and real time tracking is further bolstering the tracking-as-a-service market demand.

Competitive Landscape

Honeywell International Inc., headquartered in North Carolina, United States, is an appliance, electrical, and electronics manufacturing company that was founded in 1906. The company also provides tracking-as-a-service.

Lenovo PCCW Solutions Limited is an IT services and IT consulting company that was founded in 2000 and is headquartered in Hong Kong, China. The company is known for providing market leading solutions to organisations to enhance their innovations and transform operations.

AT&T Inc., headquartered in Texas, United States, is a telecommunications company that specialises in wireless services, enterprise applications and managed hosting solutions, U-Verse, and tracking-as-a-service, among others.

Other tracking-as-a-service market key players include Zebra Technologies Corporation, EZ Web Enterprise, Inc., Geotab Inc., Spider Tracks Ltd., Sortly Inc., JDM Technology Group (MicroMain Corp.), and Dentsu International, among others.

Key Highlights of the Report