The market for global mobile tracking solution is expected to grow dramatically between 2022 and 2032, with a CAGR of over 20.0%, reaching a valuation of almost US$ 322 billion by 2032. Increased demand across a number of end use sectors, including as shipping & container tracking and military asset tracking, is credited with growth.
Mobile tracking is the practise of using several tools, frequently referred to as mobile tracking solutions, to locate a mobile or any other object remotely. These solutions make use of GPS or radio signals to provide a real-time location update for mobile assets.
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Which are Some Prominent Drivers Triggering Mobile Tracking Solution Market Growth?
The global use of internet of things (IoT) devices has revived the market for mobile tracking systems. These instruments are being employed more frequently in a number of sectors, including the healthcare, industrial, and domestic markets. They have tracking gadgets that let business owners and operators keep an eye on their products and services constantly.
Mobile monitoring solutions can help you save time by lowering the risk of losing valuables. They are now a necessary part of modern tracking systems.
What are the Challenges Faced by the Mobile Tracking Solution Industry?
Mobile tracking systems are still only used in a few select areas, despite their alluring advantages. The lack of connectivity infrastructure in many emerging and undeveloped areas is posing a significant barrier to the market expansion for mobile monitoring systems.
In addition, the market growth is being severely constrained by the high costs of mobile tracking solutions and the potential risk of cyberattacks.
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What Makes North America a Prominent Market for Mobile Tracking Solution?
The most lucrative market for mobile tracking solutions has revealed to be North America, and this pattern is anticipated to persist in the future. Increased use of connected devices, quick industrialisation, and the presence of major market players all contribute to the market’s growth.
To boost production and save time, the majority of North American enterprises are adopting cutting-edge technologies like mobile tracking systems. Sales of mobile tracking solutions are being strongly boosted as a result throughout the region.
Market Competition
Wasp Barcode Technologies, Mobile Asset Systems, Barcodes, Inc., Wavetrend Ltd., ORBCOMM Inc., Verizon, Spireon, Inc., NFC Group, Vix Technology, and Libelium Comunicaciones Distribuidas S.L. are a few of the major players in the market for mobile tracking solutions.
The market is now more competitive due to the increasing penetration of new players. Market participants are continually releasing cutting-edge products with advanced features in an effort to capitalise.
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
- Manufacturing sector
- Other sectors
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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