The North America Tracking As A Service Market would witness market growth of 16.6% CAGR during the forecast period (2023-2030).
The significant increase in the adoption of internet-of-things-based applications in healthcare, retail, manufacturing, and other industries presents lucrative growth opportunities for the market. Tracking as a service is an advanced tracking system designed to give stakeholders a competitive advantage by predicting future trends using records and data about investors, assets, and the most recent developments. Moreover, tracking as a service based on a cloud platform is intended to assist industries in enhancing day-to-day business activities and evaluating company workflow. The emergence of next generation tracking as a service is a crucial instrument for ensuring that an organization achieves its goals effectively. In addition, the retail and manufacturing industries are adopting more automation technology due to increased demand for cloud-based solutions like tracking as a service. Demand for tracking as a service will rise in coming years due to the growing need for fleet operator efficiency systems.
The primary market trends for tracking as a service include the emergence of eye-tracking system technology and the surge in demand for next-generation smart technology, such as real-time tracking systems, in the retail, healthcare, and manufacturing sectors. During the forecast period, an increase in the adoption of IoT-based technology is anticipated to create lucrative opportunities for the market. The Internet of Things refers to the network of interconnected devices and sensors that collect and exchange data over the Internet. IoT has grown significantly in various industries, including logistics, agriculture, healthcare, and manufacturing. IoT devices often include tracking capabilities for assets, vehicles, and people. Companies offering IoT solutions often provide tracking services as part of their offerings. Asset tracking involves monitoring the location and status of valuable assets such as vehicles, equipment, or inventory. It is commonly used in logistics, supply chain management, and transportation.
North America's logistics and supply chain industry has been an early adopter of TaaS solutions. These solutions offer real-time visibility into the movement of goods, optimizing routes, reducing costs, and ensuring timely deliveries. The rapid growth of e-commerce, especially in the United States, has driven the need for efficient last-mile delivery services. TaaS solutions are crucial in optimizing delivery routes and providing customers real-time tracking updates. Healthcare organizations in North America have adopted TaaS for various applications, including patient monitoring, asset tracking, and supply chain optimization. Due to this, the market will grow significantly in this region.
The US market dominated North America 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 $5,188.8 million by 2030. The Canada market is registering a CAGR of 19.2% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 18.2% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Tracking As A Service Market is Predict to reach $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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