Tracking as a Service Market Size was valued at USD 1.6 Billion in 2022. The Tracking as a Service market industry is projected to grow from USD 1.9 Billion in 2023 to USD 7.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.90% during the forecast period (2023 - 2032). Theft and counterfeiting of healthcare products are on the rise worldwide, and serialisation regulations are being adopted favourably are the key market drivers enhancing the market growth.
Figure 1: Tracking as a Service Market Overview, 2022 & 2030
Deployment: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market's growth is mostly attributable to the rise in healthcare product theft and counterfeiting on a global scale. To protect their products and reputations, manufacturers of medical devices, medicines, cosmetics, and biopharmaceuticals are employing track and trace systems. Favourable legislation for the implementation of serialisation are also anticipated to be a driving factor in the deployment of track and trace technology in the healthcare industry. The market is anticipated to grow significantly because pharmaceutical and medical device companies are increasingly deploying track and trace systems. Drug fraud is a major problem for businesses in the pharmaceutical and biopharmaceutical industries. As a result, companies are using track and trace technologies to control their supply chains. Researchers have found that low- to middle-income countries like India and Africa are more prone to see an influx of subpar/fake pharmaceuticals. 20% of all pharmaceuticals given in India, according to a report from the United States Trade Representative (USTR) in 2019, were fraudulent.
The biggest problems faced by pharmaceutical, biopharmaceutical, and cosmetic companies are theft and product counterfeiting. The WHO believes that 10% of all pharmaceuticals sold worldwide are fake; in several countries of Africa, Asia, and Latin America, this percentage is significantly higher (10% to 30%). Numerous lives are lost each year due to the use of fake drugs. The governments of several countries have developed guidelines and regulations requiring the use of track and trace technologies in the healthcare industry in order to safeguard customers from counterfeit pharmaceuticals and other products. The adoption of track and trace in the supply chain is also impacted by improvements in goods and technology like RFID. More than 40 countries and more than 75% of the world's pharmaceutical supply are expected to be governed by track-and-trace laws by 2018. However, the high cost of integrating track and trace into the supply chain may restrict this market's growth.
Furthermore, it is envisaged that rigorous laws and regulations governing the application and aggregation of serialisation will drive the sector. In an effort to reduce counterfeiting in Australia, the Therapeutic Goods Administration (TGA) revised its product coding requirements in July 2019. The tracking-as-a-service technology developed for the cloud allows the supply chain and logistics industries to track and manage assets, supplies, and vehicles. Additionally, cloud-based tracking-as-a-service technology is growing in popularity in industry and retail thanks to an increase in high-speed data transmission through ICT-based smart infrastructure. Tracking-as-a-Service in the retail sector allows users to track and preserve information about user shopping carts in order to enhance customer experience and asset upkeep. The market is also expected to grow over the projected period as a result of a growth in digital or smart infrastructure across the transportation, retail, industrial, and healthcare sectors due to a rise in demand for bettering logistics supply chains. Thus, driving the Tracking as a Service market revenue.
The Tracking as a Service Market segmentation, based on Deployment, includes On Cloud and On-premise. On cloud segment accounted for the largest revenue share in 2022. Due to the expanding privacy concerns across several industries, organisations are hesitant to put the solution into practise. A security gap might be made by attackers interfering with the tracking software.
Figure 2: Tracking as a Service Market, by Deployment, 2022 & 2032 (USD Billion)
Deployment: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Tracking as a Service Market segmentation, based on End User, includes Retail, Manufacturing, E-commerce, Transportation and Logistics, Healthcare, and Other End-user Industries. Transportation and logistics segment dominated the Tracking as a Service Market in 2022. Today's world depends heavily on transportation. To improve vehicle maintenance, the transportation and logistics sector has adopted tracking technologies. A longer lifespan for cars is a result of improved maintenance. It may also help in preventing delays brought on by probable vehicle problems. Private companies like Uber, Lyft, and Roam that offer ride-sharing and car services have grown rapidly over the past few years. Location data for tracking is a useful resource for these companies.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Tracking as a Service Market dominated this market in 2022 (45.80%). The key reasons for this are the existence of strict serialisation and aggregation requirements as well as advanced healthcare infrastructure. The FDA recommends using automatic identifying technologies, such as barcoding and RFID, in the pharmaceutical and other healthcare sectors. The market is also projected to be pushed by the use of this technology in the U.S. and its well-established healthcare system. Further, the U.S. Tracking as a Service market held the largest market share, and the Canada Tracking as a Service market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: TRACKING AS A SERVICE MARKET SHARE BY REGION 2022 (USD Billion)
Deployment: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Tracking as a Service market accounted for the healthy market share in 2022. This may be due to the region's proximity to industrialised countries like Germany, Turkey, the United Kingdom, France, and Italy. The European Union plans to gradually implement track and trace technology throughout the healthcare supply chain in order to prevent prescription fraud and theft. Businesses are prohibited from advertising their goods in Europe under the Falsified Medicines Directive if they do not adhere to the rules for drug serialisation. Further, the German Tracking as a Service market held the largest market share, and the U.K Tracking as a Service market was the fastest growing market in the European region
The Asia Pacific Tracking as a Service market is expected to register significant growth from 2023 to 2032. Rising automation technology improvements, notably in the region's logistics and transportation industries, might be attributed to the expansion. More people are using robotic warehouse and delivery services as a result of their rising popularity. Moreover, China’s Tracking as a Service market held the largest market share, and the Indian Tracking as a Service market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Tracking as a Service market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Tracking as a Service industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Tracking as a Service industry to benefit clients and increase the market sector. In recent years, the Tracking as a Service industry has offered some of the most significant advantages to medicine. Major players in the Tracking as a Service market, including Motorola Solutions, Wabco Holdings Inc., AT&T Inc., Zebra Technologies Corp., Verizon Communications, Geotab Inc., Blackline Safety Corp., Spider Tracks Limited, Honeywell International Inc., and Trimble Inc., are attempting to increase market demand by investing in research and development operations.
Housecall Pro is a mobile app developer that connects homeowners to back-end business operations. The company's platform, which specialises in business processes like project scheduling, technician dispatching, automatic receipts and invoicing, payment processing, customer databases, and custom marketing campaigns, allows clients to streamline their workflow and operations. In March 2022, Force by Mojio, the first fleet management system developed exclusively for small enterprises, was made available as a result of a collaboration between Mojio and Housecall Pro, the leading software platform for home service providers. The leading supplier of SaaS solutions as well as a connected mobility platform is Mojio. The collaboration combines the all-in-one platform of Housecall Pro with the real-time telemetry data from Force by Mojio to make it simpler for home care providers to track their company vehicles, enhance operations, and modernise the customer experience.
Antares Vision SpA provides solutions for traceability and control systems. The group's commercial activities involve creating, producing, installing, and maintaining crucial systems for the most demanding clientele on the planet. The business offers products such as inspection systems, inspection machines, track-and-trace gadgets, and smart data management solutions. Its geographical divisions include Italy, Europe, North and South America, Asia, Oceania, Africa, and the Middle East. To provide a GS1-compliant traceability hub for the whole pharmaceutical supply chain in Lebanon, Rfxcel, a division of Antares Vision Group, and the Lebanese Ministry of Public Health inked a five-year partnership deal in September 2021.
March 2022: The technology-enabled logistics and fulfilment platform Shiprocket reports the introduction of a new solution for seamless cross-border shipping to more than 220 nations, including the US, UK, Germany, and Australia. The company claims that unified tracking capabilities have enabled vendors to track all of their shipments, independent of the carrier they select, and to email and SMS their end customers with real-time tracking updates.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1.6 Billion |
| Market Size 2023 | USD 1.9 Billion |
| Market Size 2032 | USD 7.6 Billion |
| Compound Annual Growth Rate (CAGR) | 18.90% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Deployment, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Motorola Solutions, Wabco Holdings Inc., AT&T Inc., Zebra Technologies Corp., Verizon Communications, Geotab Inc., Blackline Safety Corp., Spider Tracks Limited, Honeywell International Inc., and Trimble Inc. |
| Key Market Opportunities | Rise in adoption of internet-of-things-based applications across healthcare, retail, manufacturing, and other sectors |
| Key Market Dynamics | The growing rate of counterfeiting and theft of healthcare products worldwide and favorable regulations for serialization implementation |
Tracking as a Service Market Highlights:
Frequently Asked Questions (FAQ) :
The Tracking as a Service Market size was valued at USD 1.6 Billion in 2022.
The global market is projected to grow at a CAGR of 18.90% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Motorola Solutions, Wabco Holdings Inc., AT&T Inc., Zebra Technologies Corp., Verizon Communications, Geotab Inc., Blackline Safety Corp., Spider Tracks Limited, Honeywell International Inc., and Trimble Inc.
The On Cloud Deployment dominated the market in 2022.
The Transportation and Logistics End User had the largest share in the global market.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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