The Europe Tracking As A Service Market would witness market growth of 17.0% CAGR during the forecast period (2023-2030).
As businesses realize the value of real-time insights in gaining a competitive edge, the increasing emphasis on data-driven decision-making is another significant factor driving the adoption of tracking solutions. The rise of digitalization in various industries, such as logistics, is expected to be favorable for market expansion. The continuous evolution of 5G networks has the potential to enhance the capabilities of tracking systems, ushering in faster data transmission rates, decreased latency, and improved connectivity reliability. Moreover, the expansion of tracking as a service into emerging domains such as smart cities, environmental tracking, and precise agriculture creates new growth opportunities. As a result, these factors contribute to the expanding adoption of tracking as a service across various industries.
The expansion of tracking as a service is attributable to rising acquisitions and mergers and increased investment in the logistics industry. Increasing strategic initiatives among market participants, such as partnerships and collaboration, also augur well for the market's growth over the forecast period. The market has potential for growth as businesses recognize the tangible benefits of real-time tracking for streamlining operations, reducing costs, and ultimately delivering enhanced customer experiences.
Europe's extensive network of transportation and trade routes makes it an ideal region for TaaS adoption in logistics and supply chain management. TaaS solutions can optimize routes, reduce delivery times, and enhance visibility in complex supply chains. European cities are investing in smart transportation systems and urban planning. TaaS plays a crucial role in smart city initiatives by improving traffic management, public transit, and the overall mobility experience. TaaS is increasingly used in healthcare for remote patient monitoring, hospital asset tracking, and pharmaceutical supply chain management. These aspects will propel the regional market growth in the coming years.
The Germany market dominated the Europe Tracking As A Service Market, By Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $1,432.2 million by 2030. The UK market is exhibiting a CAGR of 16% during (2023 - 2030). Additionally, The France market would experience a CAGR of 17.8% during (2023 - 2030).
Based on Component, the market is segmented into Software, and Services. Based on Asset Type, the market is segmented into Manufacturing Assets, In-transit Equipment, Electronics & IT Assets, and Others. Based on Enterprise Size, the market is segmented into Large Enterprises, and Small & Medium Enterprises. Based on Industry, the market is segmented into Manufacturing, Transportation & Logistics, Food & Beverage, Healthcare & Lifesciences, IT & Telecom, Retail, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Tracking As A Service Market will Hit $22.1 Billion by 2030, at a CAGR of 17.5%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Rockwell Automation, Inc., Infor, Inc. (Koch Industries), Midmark Corporation, Sortly Inc. , EZO, PCCW Limited , MicroMain Corporation (JDM Technology Group Inc.), Trimble, Inc., Mojix, Inc. (Peak Rock Capital),Finale Inventory, Inc.
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