The Latin America, Middle East and Africa Tracking as A Service Market would witness market growth of 19.8% CAGR during the forecast period (2023-2030).
Cloud-based tracking as a service technology allows supply chain and logistics companies to monitor and manage assets, inventories, and vehicles. In addition, cloud-based tracking as a service technology is gaining popularity in retail and manufacturing due to increased high-speed data transmission via ICT-based smart infrastructure. In addition, tracking as a service in the retail industry enables users to monitor and store purchasing card information to improve customer experience and asset maintenance. In addition, the increase in digital or smart infrastructure across the shipping, retail, manufacturing, and healthcare sectors due to the rising demand for enhancing the logistics supply chain is anticipated to fuel market growth during the forecast period.
The market is anticipated to experience significant growth during the projection period due to the increasing demand for fleet operator efficiency systems. In addition, the market expansion is expected to be fueled by the emergence of eye-tracking systems and the growing popularity of smartphone technology. In addition, a significant increase in investments in improved logistics and supply chain management systems will contribute to market expansion.
The growth of e-commerce in Latin America drives the demand for TaaS solutions, particularly in last-mile delivery tracking. As more consumers shop online, businesses require real-time visibility into shipments to ensure timely and accurate deliveries. Latin America is a major player in agriculture and agribusiness. TaaS solutions monitor crops, livestock, and equipment, enhancing agricultural productivity and resource management. The region's mining and natural resource industries benefit from TaaS solutions for tracking assets, managing equipment maintenance, and ensuring the safety of remote and hazardous operations. With the growing transportation and logistics industry, the demand for market will grow in this region.
The Brazil market dominated the LAMEA 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 $527.4 million by 2030. The Argentina market is showcasing a CAGR of 20.5% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 19.5% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Tracking As A Service Market is Projected to reach USD 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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