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Tracking-as-a-service market size expected to reach $6.50 billion by 2030 – AMR Proprietary Research Report

Track-as-a-Service Industry

The increasing use of electronic monitoring for personal and professional work is expected to drive the growth of the tracking-as-a-service market.

PORTLAND, PORTLAND, OR, USA, March 4, 2022 /EINPresswire.com/ — Tracking-as-a-service is an advanced tracking system intended to provide competitive advantage to stakeholders by predicting future trends through records and information related to investors, assets and the latest global developments. Additionally, cloud-based tracking as a service is designed to help industries improve day-to-day business activities and assess workflow within a business. The emergence of tracking as a next-generation service is an essential tool used to ensure that an organization achieves its goals more efficiently. Additionally, the retail and manufacturing sector is witnessing an increase in the adoption of automation technology, owing to the surge in demand for cloud-based solutions such as tracking as what service. This increase in demand for improved fleet operator efficiency systems is expected to propel the demand for tracking as a service in the years to come.

Tracking as a Service Market size was valued at USD 1.20 Billion in 2020 and is projected to reach USD 6.50 Billion by 2030, growing at a CAGR of 18.4% from 2020 to 2030 .

Regionally, North America holds a major share of the tracking as a service market as this region is home to a major population of the globe. Adoption of real-time location system and electronic monitoring system in retail, healthcare, manufacturing, IT and transportation sectors is expected to propel the industry of tracked as a service in this region. Moreover, the surge in demand for eye tracking systems in the automotive sectors in North America is expected to drive the growth of the tracking as a service market.

Key Industry Players – DataLogic SPA, Impinj Inc., Infor Co., Midmark Co., Mojix Inc., PCCW Solutions, Stanley Black and Decker Inc., Topcon Co., Trimble Inc. and Zebr technologies Co.

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The emergence of COVID-19 has had a significant impact on the growth of the tracking-as-a-service market. Delays caused to construction projects due to partial or complete lockdown in various parts of the world have significantly reduced the demand for tracking systems during the pandemic in 2020. However, the surge in demand for digital logistics and systems advanced healthcare supply chain, healthcare and manufacturing sectors are expected to drive the market by the end of 2021.

Key trends in the tracking as a service market include the emergence of eye tracking systems technology coupled with an increase in demand for next-generation smart technologies such as real-time tracking systems in the areas of retail, healthcare and manufacturing. However, rising privacy concerns due to electronic monitoring systems and low consumer awareness of tracking technology as a service are major impediments to the growth of the market. Also, an increase in the adoption of IoT-based technology is needed to bring lucrative opportunities to the tracking-as-a-service industry during the forecast period.

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The cloud-based software segment was the largest contributor to the market in 2020. The manufacturing assets and assets in transit segments collectively accounted for approximately 59.9% market share in 2020.

The boom in technology development in robotics and autonomous warehouses is fueling the growth of manufacturing asset tracking systems technology, thus propelling the demand for tracking technology as a service.

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