Tracking-as-a-Service Market Has Been Estimated to Account for USD 6.50 Billion in Revenues by 2030 with CAGR of 18.4%
WILMINGTON, DE, UNITED STATES, April 29, 2024 /EINPresswire.com/ -- The tracking-as-a-service market size was valued at $1.20 billion in 2020, and is projected to reach at $6.50 billion by 2030, growing at a CAGR of 18.4 % from 2020 to 2030.
The electronic & IT assets segment is expected to attain significant growth, especially in Asia-Pacific, owing to rise in adoption of track & trace solutions by the growing IT sector in this region.
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Tracking-as-a-Service (TaaS) represents an advanced tracking system designed to provide stakeholders with a competitive edge by leveraging predictive analytics and real-time data insights related to investors, assets, and global developments. This cloud-based solution is tailored to optimize day-to-day business operations and streamline workflow evaluation within organizations, offering a critical tool for achieving objectives efficiently.
The emergence of next-generation TaaS solutions, including eye-tracking systems and real-time tracking systems, is revolutionizing industries such as retail, healthcare, and manufacturing, driving demand for smart technology adoption.
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The retail and manufacturing sectors are experiencing a surge in automation technology adoption, leading to increased demand for cloud-based solutions like TaaS. This trend reflects a growing need for enhanced fleet operator efficiency systems.
Despite its benefits, electronic monitoring systems associated with TaaS raise privacy concerns among consumers. Addressing these concerns and implementing robust data protection measures is essential to sustain market growth.
Low consumer awareness regarding TaaS technology poses a challenge to market expansion. Educating consumers about the benefits and functionalities of TaaS solutions is crucial to drive adoption and market penetration.
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The adoption of IoT-based technology presents significant opportunities for the TaaS industry. Integrating TaaS solutions with IoT infrastructure can enhance data collection, analysis, and decision-making processes, driving further market growth.
TaaS represents a transformative solution for organizations seeking to optimize their tracking and monitoring capabilities. By embracing next-generation technologies and addressing challenges related to privacy and consumer awareness, the TaaS industry is poised for substantial growth and innovation in 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.
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