Tracking as a Service Market Trends

The growing rate of counterfeiting and theft of healthcare products worldwide is driving the market growth

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 Global Tracking as a Service Market Industry experiences a surge in demand for real-time data analytics. Businesses increasingly rely on timely information to make informed decisions, optimize operations, and enhance customer experiences. For instance, logistics companies utilize tracking services to monitor shipments in real-time, reducing delays and improving service quality. This trend is reflected in the market's projected growth, with an estimated value of 2.27 USD Billion in 2024, indicating a robust appetite for tracking solutions that provide immediate insights.

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.