Mobile tracking is a technological process solution that enables us to get real time location or position of the mobile assets. These assets can be goods & services, people, livestock, and others. The mobile tracking solutions work on the Global Positioning System (GPS) technology, a technology which has revolutionized our life in unimaginable fashion. This technology is known to provide constant updates on location, maps, travel, traffic patterns, and shopping & dining, among others. Likewise, the development of RFID tags and IoT, revolutionized the way businesses operate.
The mobile tracking solution market have various applications in this everyday growing digital world. These solutions have wide application in industries such as healthcare, for tracing medical equipment and supplies, along with other industries, such as logistics and shipping, for container tracking, and in particular, the defense industry, for careful and 24x7 tracking of components. Mobile tracking solutions play an important part in ensuring national security. The global mobile tracking solution market is expected to grow at a significant CAGR during the forecast period 2021-2029. The need of mobile tracking solution for contact tracing the COVID-19 victims and subsequently monitoring everyone those who are affected, is anticipated to drive the global mobile tracking solution market. The market is further anticipated to grow on the backhand of growth in the industries of FMCG, retail, e-commerce and others. in emerging economies.
The global mobile tracking solution market is segmented by end user into transportation & logistics, construction & manufacturing, aviation, retail, government, e-commerce, and others. Among these segments, the transportation & logistics segment is anticipated to hold the largest market share during the forecast period, owing to the presence of numerous vehicular fleets around the globe. According to the statistics by the Bureau of Transportation Statistics (BTS), the total number of automobiles and trucks in fleets recorded in the year 2019 in the United States was 8140 thousand. The organizations operating in the transportation & logistics industry need to monitor their vehicles regularly for increasing their process efficiency. As a result, mobile tracking solutions plays a very important role in the transportation and logistics industry, which is anticipated to drive the growth of the segment. CLICK TO DOWNLOAD SAMPLE REPORT
The pandemic that the world is not prepared is fundamentally going to change our way of living. The constant fear of us getting affected by the COVID-19 disease is going to haunt us for a while. To curb the spread of the disease, the government of nations across the world decided to develop mobile tracking applications in partnership with private entities which offer mobile tracking solutions. The regulatory bodies have also made it mandatory to install the application so as to track the infected people and their families. The fear for such critical diseases and the concern for the probable pandemic instances are some of the factors anticipated to drive the growth of the global mobile tracking solution market.
The Internet of things device sales are increasing enormously, and according to the World Bank, it is estimated that around 41 billion IoT devices will be sold by 2027. These devices are known for its multipurpose function and are being utilized widely in household, healthcare, and manufacturing and others. It is predicted that over 80% of industrial manufacturing companies are using or planning to use Industrial IoT devices. These devices are equipped with tracking sensors, which is going to help businesses for 24x7 monitoring of its goods and services. Such factors are anticipated to drive the growth of the global mobile tracking solution market.
The potential factor that can affect the market of the mobile tracking solution market is its price. Designing tracking solutions involves development of complex algorithms and infrastructure to support them, which does not come at a cheaper price. The SMEs and other small-scale businesses do not have the financial capability to neither develop nor purchase the services. On the other hand, developing economies, who are lacking both in infrastructure and capital, is also anticipated to provide a negative influence on the growth of the global mobile tracking solution market.
In this globalized and digital world, protecting the company’s IP (Intellectual Property) not just from competitors but potential hackers, is of the highest concern. So, the companies are shying away from adopting these new technologies, which is anticipated to lower the market growth during the forecast period.
Our in-depth analysis of the global mobile tracking solution market includes the following segments:
On the basis of regional analysis, the mobile tracking solution market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market for mobile tracking solutions in North America is anticipated to hold the largest share in the market on account of the presence of the leading market players in the region which manufactures and markets these services. Moreover, the growing requirements for continuously improving the operation efficiency of businesses in this region is further anticipated to increase the product demand.
On the other hand, the market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of growth in digitalization, number of internet users, demand for analytics and tracking solutions in the region, particularly in countries such as China, India and Japan where the number of internet users and IoT devices is anticipated to grow remarkably.
The global mobile tracking solution market is further classified on the basis of region as follows:
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