The demand for mobile tracking solutions is expected to grow dramatically between 2022 and 2032, with a CAGR of over 20.0%, reaching a valuation of about US$ 322 billion. Increased demand across a number of end use verticals, such as shipping & container tracking and military asset tracking, is credited with growth.
Mobile tracking is the process of employing various tools, often known as mobile tracking solutions, to determine the whereabouts of a mobile or any other thing remotely. For a real-time update on the location of mobile assets, these solutions use GPS or radio signals.
Due to their capacity to locate mobile assets, mobile tracking solutions have seen significant growth across a range of industries. They are used in many different industries, including tracking medical equipment, mobile industrial generators, construction equipment, military equipment, wildlife and conservation, shipping & container tracking, etc.
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Historically, firms tracked their assets using a variety of manual techniques. However, these procedures took more time, and errors were frequent. People thus began exploring for other tracking techniques. This opened the door for the creation of cutting-edge mobile tracking technologies.
To ensure effective mobile tracking, various devices like GPS and RFID tags are being affixed to machinery and assets. Asset tracking has become simpler and quicker thanks to the introduction of these contemporary solutions, which have also enabled businesses to save time and money.
The market for mobile tracking solutions is experiencing profitable growth prospects due to the increasing digitalization of key sectors. Mobile monitoring technologies are finding increasing appeal in sectors including healthcare and transportation & logistics. These sectors rely on cutting-edge tracking technologies to keep an eye on their assets and recover stolen goods.
Due to the increasing use of smartphones, the existence of key end use industries, and the expanding use of mobile tracking solutions in the automobile industry, China and the U.S. are emerging as the top leading markets for mobile tracking solutions.
Which Key Factors Are Fueling the Market for Mobile Tracking Solutions?
The market for mobile tracking solutions has been revitalised by the increasing adoption of internet of things (IoT) devices worldwide. These tools are being used more often in a variety of industries, including industrial, healthcare, and domestic use. They have tracking devices that enable operators and corporations to continuously monitor their goods and services.
Utilizing mobile tracking solutions reduces the possibility of losing assets and, as a result, saves time. They are now an essential component of contemporary tracking systems.
Additionally, during the forecast period, the market for mobile tracking solutions is expected to grow strongly due to the rising popularity of connected cars.
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What problems does the market for mobile tracking solutions face?
Mobile tracking solutions are still only used in a few select areas, despite their alluring advantages. The lack of connectivity infrastructure in many developing and underdeveloped areas is posing a significant barrier to the market expansion for mobile tracking solutions.
In addition, the market growth is being severely constrained by the high costs of mobile tracking solutions and the potential risk of cyberattacks.
What makes the North American market for mobile tracking solutions so important?
The most lucrative market for mobile tracking solutions has emerged to be North America, and this pattern is likely to persist in the future. Increased use of connected devices, quick industrialization, and the presence of major market players all contribute to the market’s growth.
To boost productivity and save time, the majority of North American industries are adopting cutting-edge technologies like mobile tracking solutions. Sales of mobile tracking solutions are being strongly boosted as a result throughout the region.
How does Europe affect the market for mobile tracking solutions?
Europe is anticipated to overtake North America as the second-most lucrative market for mobile tracking solutions, according to Future Market Insights. Growing digitalization in the area is opening up opportunities for mobile tracking solutions.
Due to the growing adoption of digital devices with sophisticated tracking systems and rising consumer awareness of these devices’ advantages, nations like the U.K. and Germany are experiencing high demand for mobile tracking solutions.
Market Competition
Some of the key participants present in the global mobile tracking solutions market include Wasp Barcode Technologies., Mobile Asset Solutions., Barcodes, Inc., Wavetrend Ltd., ORBCOMM Inc., Verizon, Spireon, Inc., NFC Group, Vix Technology, and Libelium Comunicaciones Distribuidas S.L among others.
Rising penetration of new entrants has made the market competition fiercer. In order to capitalize, market players are constantly introducing innovative solutions with advanced features.
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Key Segments Profiled in the Mobile Tracking Solution Industry Survey
Technology:
- RFID tags
- GPS
- Other technology
Vertical:
- Public sector
- Healthcare sector
- Banking financial services and insurance (BFSI) sector
- Transport and logistics sector
- Retail sector
- Commercial sector
- Industrial sector
- Energy & utility sector
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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