Tracking as a Service Market 2023, Industry Trends, Business Growth, Forecast 2028

How Big is the Tracking as a Service Market?

The global tracking-as-a-service market size reached US$ 1.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.2 Billion by 2028, exhibiting a growth rate (CAGR) of 16.3% during 2023-2028.

What is Tracking as a Service?

Tracking as a service (TaaS) is a specialized service that provides organizations with an efficient and cost-effective solution to monitor and manage various aspects of their operations. It comprises a wide range of tracking services, such as asset tracking, vehicle tracking, and even personnel tracking. It assists in providing real-time visibility and insights into the movement and status of assets, vehicles, or personnel. As it is beneficial in enabling businesses to enhance their operational efficiency, streamline logistics, reduce downtime, and improve workflows efficiently, the demand for TaaS is rising worldwide.

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What are the growth prospects and trends in the tracking as a service industry?

At present, the increasing need for enhanced supply chain management represents one of the major factors contributing to the growth of the market. Apart from this, the rising focus on safety and security in the transportation and logistics sectors is propelling the growth of the market.

In addition, the growing demand for TaaS in various businesses to optimize inventory management and ensure timely deliveries of goods is positively influencing the market. Furthermore, the integration of advanced technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), in TaaS for predictive analysis, preventing breakdowns, and optimizing resources is strengthening the growth of the market.

Besides this, the growing focus on supply chain transparency and security is offering a positive market outlook.

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Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Component:
• Software
• Service

Breakup by Type:
• Cloud-based
• On-premises

Breakup by Asset Type:
• Electronics and IT Assets
• In-Transit Equipment
• Manufacturing Assets
• Others

Breakup by Enterprise Size:
• Large Enterprises
• Small and Medium-sized Enterprises

Breakup by End Use Industry:
• Retail
• Manufacturing
• E-commerce
• Transportation and Logistics
• Healthcare
• Others

Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Some of the Top Key players in the Tracking as a Service Market

AT&T Inc., Datalogic S.p.A. (Hydra S.p.A.), Geotab Inc., Honeywell International Inc., Mojix Inc., Motorola Solutions Inc., PCCW Solutions, Spider Tracks Limited, Topcon Corporation, Trimble Inc., Verizon Communications Inc., WABCO Digital Solutions and Zebra Technologies Corp.

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