Tracking As A Service Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Tracking As A Service market in 2021?

The global Tracking As A Service market is projected to experience a Compound Annual Growth Rate (CAGR) of 4.2% from 2021 to 2028. This growth is expected to result in the market expanding by USD 3.5 billion by 2028.

COVID-19 Impact on the Tracking As A Service Market

The COVID-19 pandemic has had a significant impact on the Tracking As A Service market. Due to lockdowns and restrictions implemented by various governments to curb the spread of the virus, the demand for tracking services has surged. Businesses and organizations are increasingly relying on tracking solutions to monitor the movement of their assets, vehicles, and personnel in real-time. This has led to a boost in the market size of Tracking As A Service during the pandemic.

Tracking As A Service Dynamics

The dynamics of the Tracking As A Service market are driven by factors such as technological advancements in tracking solutions, increasing demand for fleet management systems, regulatory requirements for asset tracking, and the need for real-time monitoring of personnel and vehicles. These dynamics are expected to fuel the growth of the market in the coming years.

Segments and Related Analysis

The Tracking As A Service market can be segmented based on the type of tracking services offered, such as asset tracking, fleet management, and personnel tracking. Each segment caters to specific industries and has unique requirements. Asset tracking is essential for companies with valuable assets that need to be monitored and protected, while fleet management is crucial for businesses with a fleet of vehicles that require efficient tracking and maintenance. Personnel tracking is vital for organizations that need to ensure the safety and security of their employees.

By Region Analysis

The Tracking As A Service market is analyzed based on regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each region has its unique market dynamics and growth opportunities. North America and Europe are the leading regions in terms of market size, driven by technological advancements and the presence of key market players. The Asia Pacific region is expected to witness significant growth due to increasing investments in infrastructure and transportation.

Key Market Players and Competitive Landscape

Key players in the Tracking As A Service market include companies such as GPS Insight, Verizon Connect, Geotab, Teletrac Navman, and Fleet Complete. These companies offer a range of tracking solutions tailored to the needs of businesses across various industries. The market is highly competitive, with players focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge.

Recent Happenings in the Tracking As A Service Market

In recent developments, GPS Insight announced the launch of a new tracking solution that offers real-time monitoring of assets and vehicles. This solution is expected to revolutionize the way businesses track and manage their fleets. Additionally, Verizon Connect partnered with a leading logistics company to provide tracking services for their entire fleet, enhancing their operational efficiency and safety measures. These recent happenings demonstrate the growing importance of tracking services in the current market landscape.