Global Mobile Tracking Solution Market: Drivers
The global mobile tracking solutions market is estimated to witness rapid growth due to the development of sensor technology and connected devices over all the verticals, and reduction in search time for lost and misplaced assets. A few of the factors that are anticipated to fuel the market growth all over the globe are easy access to cost data for accounting purposes and asset depreciation, and better customer service. The mobile tracking solution market is likely to exhibit substantial growth in CAGR during 2015-2025.
However, high expenditure of the mobile tracking solution and lack of connectivity infrastructure in emerging regions are few of the constraints which are hampering the market growth of the mobile tracking.
Global Mobile Tracking Solution Market: Key Developments
With the technological progressions, industries have begun collecting reliable data with the help of wireless technology to offer valuable services concerning the asset supply or usage. By customizing their tracking solutions to meet the unique requirements of their customers, these businesses can leverage more competitive benefits as they have all the data required to make quick and smart decisions.
ORBCOMM’s CargoWatch® Secure is robust cargo security solutions that offer enhanced assets visibility in-storage and in-transit in addition to comprehensive asset lifecycle awareness. CargoWatch Secure supports management through KPIs, dashboards, and the capability to correct and detect supply chain anomalies in real-time. Additional insights are offered via advanced analytics and daily reports. Real-time, event-based notifications moreover allow quick corrective measures when any setbacks are observed.
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COVID-19 Impact Analysis
The COVID-19 pandemic is anticipated to amplify the gap between business 5G services and consumers. The private and government sectors are increasingly dependent upon data-driven technologies to help track and control the COVID-19 pandemic. However, it has also raised concerns regarding personal privacy, which might hinder the market growth.
Key Takeaways of Market Study
- In terms of technology, the global market is categorized into GPS, RFID tags, and other technology.
- Based on vertical, the market is segmented into the healthcare sector, public sector, BFSI sector, logistics, and transport sector, commercial sector, retail sector, energy & utility sector, industrial sector, manufacturing sector, and others.
Global Mobile Tracking Solution Market: Regional Insights
Future Market Insights in their recent research, forecasts that rising economies such as the Middle East & Africa, Latin America, and the Asia Pacific, are projected to generate new business prospects for the mobile tracking solution suppliers.
Global Mobile Tracking Solution Market: Competitive Landscape
Key participants in the mobile tracking solution market concentrate on the introduction of new enhance solutions and product innovation to outperform competitors. In addition, acquisition and merger is another major strategy opted by major participants in the mobile tracking solution market. For instance, ORBCOMM Inc. acquired SkyWave Mobile Communications (SkyWave) in 2015.
A few of the major participants identified in the global market are Mobile Asset Solutions., Wasp Barcode Technologies., Barcodes, Inc., ORBCOMM Inc., Wavetrend Ltd., Verizon, Spireon, Inc., Vix Technology, NFC Group, and Libelium Comunicaciones Distribuidas S.L.
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