WILMINGTON, DE, UNITED STATES, November 21, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Tracking-as-a-service market by offering, deployment model, enterprise size, assets type, and industry vertical: global opportunity analysis and industry forecast, 2020-2030,”
The tracking-as-a-service market size was valued at $1.20 billion in 2020, and is projected to reach at $6.50 billion by 2030, growing at a CAGR of 18.4 % from 2020 to 2030.
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Tracking-as-a-service is an advanced tracking system intended to offer a competitive edge to stakeholders by predicting future trends through records and information related to investors, assets, and latest global developments. Furthermore, tracking-as-a-service based on a cloud platform is designed to help industries enhance day-to-day business activities and evaluate workflow within a company. Emergence of next generation tracking-as-a-service is a critical tool used to ensure an organization to achieve their objectives more effectively. Moreover, the retail and manufacturing sector is witnessing a rise in adoption in automation technology, owing to surge in demand for a cloud-based solutions such as tracking-as-a-service. This increase in demand for an enhanced fleet operator efficiency systems is expected to propel demand for tracking-as-a-service in the coming years.
The key tracking-as-a-service market trends include emergence of eye-tracking system technology, coupled with surge in demand for next-generation smart technology such as real-time tracking systems across retail, healthcare, and manufacturing sectors. However, surge in privacy concerns due to electronic monitoring systems and low awareness among consumers regarding tracking-as-a-service technology serves as a major restraint for the market growth. Furthermore, hike in adoption of IoT-based technology is required to provide lucrative opportunities for the tracking-as-a-service industry during the forecast period.
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The competitive environment of Tracking-as-a-Service Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Tracking-as-a-Service Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Stanley Black and Decker Inc.
Zebr technologies Co and Many More
Surge in technological development in robotics and self-driven warehouses fuel the growth of manufacturing assets tracking system technology, thereby propelling the demand for the tracking-as-a-service technology.
Emergence of COVID-19 has significantly impacted the tracking-as-a-service market growth. Delay caused for construction projects due to partial or complete lockdown in various regions of the world has significantly reduced demand for tracking systems during the pandemic in the year 2020. However, surge in demand for digital logistics and advanced supply chain systems from healthcare, retail, and manufacturing sectors is expected to drive the market by the end of 2021.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.