Tracking-as-a-Service Market Overview
The tracking as a service market is a rapidly growing market that provides businesses with the ability to track their assets and operations in real time. tracking as a service solutions are typically cloud-based and offer a variety of features, such as GPS tracking, geofencing, and asset monitoring.
The global tracking as a service market is expected to grow at a CAGR of 18.90% from 2023 to 2032, reaching a value of USD 7.6 billion by 2032. The growth of the market is being driven by a number of factors, including the increasing demand for real-time visibility into assets and operations, the rising adoption of IoT technologies, and the growing need for compliance and security.
Key Companies in the Tracking-as-a-Service Market
Some of the key players in the tracking as a service industry include:
- Zebra Technologies
- Descartes Systems Group
- Sierra Wireless
These companies offer a variety of TaaS solutions that are tailored to the specific needs of businesses in different industries.
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The tracking as a service market is segmented by:
- Service type: Platform as a service (PaaS), software as a service (SaaS)
- Deployment type: Public, private, hybrid
- End-user: Transportation and logistics, manufacturing, healthcare, retail, government, others
- Industry vertical: Automotive, shipping, aviation, rail, construction, others
Top Impacting Factors
The following are some of the top impacting factors of the TaaS market:
- Increasing demand for real-time visibility into assets and operations
- Rising adoption of IoT technologies
- Growing need for compliance and security
- Increasing demand for fleet management solutions
- Growing popularity of connected devices
- Expansion of the e-commerce market
- Growing need for asset tracking in the healthcare industry
The key strategies adopted by the players in the tracking as a service market include:
- Expansion of product offerings
- Acquisitions and partnerships
- Investments in research and development
- Focus on cloud-based solutions
- Expansion into new markets
The global tracking as a service market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the leading market for TaaS, followed by Europe and Asia Pacific. The growth of the market in these regions is being driven by the increasing adoption of IoT technologies, the rising demand for real-time visibility into assets and operations, and the growing need for compliance and security.
Industry Latest News
- In June 2023, IBM announced the launch of its new tracking as a service solution, IBM Asset Intelligence. The solution uses artificial intelligence (AI) and machine learning to provide businesses with real-time insights into their assets.
- In May 2023, Oracle announced the acquisition of Fleetmatics. Fleetmatics is a leading provider of fleet management solutions. The acquisition will help Oracle expand its TaaS offerings.
- In April 2023, SAP announced the launch of its new TaaS solution, SAP Track & Trace. The solution uses blockchain technology to provide businesses with a secure and transparent way to track their assets.
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