The surge in technological development in robotics and self-driven warehouses fuel the growth of manufacturing assets tracking system technology, thereby propelling the demand for the tracking-as-a-service technology.The Tracking-as-a-Service Market Size was valued at $1.20 billion in 2020 and is projected to reach $6.50 billion by 2030, growing at a CAGR of 18.4 % from 2020 to 2030.
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The cloud-based software segment was the highest contributor to the market in 2020. The manufacturing assets and in-transit assets segments collectively accounted for around 59.9% market share in 2020.The key tracking-as-a-service market trends include the emergence of eye-tracking system technology, coupled with a surge in demand for next-generation smart technology such as real-time tracking systems across retail, healthcare, and manufacturing sectors.
However, the surge in privacy concerns due to electronic monitoring systems and low awareness among consumers regarding tracking-as-a-service technology serves as a major restraint for the market growth. Furthermore, hike in the adoption of IoT-based technology is required to provide lucrative opportunities for the tracking-as-a-service industry during the forecast period.
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Region-wise, North America holds a significant share in the tracking-as-a-service market as this region accommodates a major population of the globe. Adoption of real-time locating systems and electronic monitoring systems across the retail, healthcare, manufacturing, IT, and Transportation sectors is expected to propel the tracking-as-a-service industry in this region.
Moreover, the surge in demand for the eye-tracking system across automotive sectors in North America is anticipated to boost the growth of the tracking-as-a-service market.Major industry players such as – DataLogic S.P.A, 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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Key Findings Of The Study
- In 2020, the software segment accounted for the maximum revenue in 2020.
- The manufacturing assets and in-transit assets segment together accounted for the highest tracking-as-a-service market share in 2020.
- The small & medium enterprise segment of the tracking-as-a-service market is projected to growth during the forecast period.
- North America contributed major share in tracking-as-a-service market in 2020.
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