Rise in adoption of internet-of-things-based applications across healthcare, retail, manufacturing, and other sectors is significant offering lucrative growth opportunities for the Tracking-as-a-Service Market.However, rise in concerns about privacy related to electronic monitoring systems acts as a major restrain for this market. Further, increase in government regulations to boost GPS tracking across vehicles is significantly important for the tracking-as-a-service market opportunity.
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The tracking-as-a-service market is analyzed based on components, software deployment type enterprises size, assets type, industry vertical, and region. By component, the market is fragmented into software and service. The software segment dominated the market, in terms of revenue, in 2020, and is expected to follow the same trend during the forecast period.
On the basis of software deployment model, the market is segregated into public, private, and hybrid. The public segment was the highest revenue contributor in 2020 and anticipated to garner significant market share during the forecast period.
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By enterprise size, the market is bifurcated into large enterprise and small & medium enterprise. The large enterprises segment garnered the highest share in 2020 and is expected to grow at a high CAGR from 2021 to 2028. By assets type, the market is fragmented into electronic & IT assets, in-transit equipment, manufacturing assets, and others. By industry vertical, the market is divided into transportation & logistics, manufacturing, healthcare, food & beverages, retail, pharmaceuticals, IT & telecom, aerospace & defense, and others.
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Region wise, the market is analyzed across North America (the U.S. and Canada), Europe (the UK, Germany, France, Italy, Spain, Netherlands, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is expected to register the highest growth rate during the forecast period.
The key players profiled in the tracking-as-a-service market analysis include 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. has adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the tracking-as-a-service industry.
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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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