Mobile Tracking Solution to Observe Instant Growth in 2021 Owing to the Need for Emergency Contact Tracing of COVID-19 Infectants; Market to Grow with a Significant CAGR Throughout 2021-2029
Mobile tracking solutions is the technology that enables us to track or trace the real-time location or position of the assets. These assets are either goods & services, people, livestock, and others.
Research Nester released a report titled “Mobile Tracking Solution Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the mobile tracking solution market in terms of market segmentation by technology, application, end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Mobile tracking solutions is the technology that enables us to track or trace the real-time location or position of the assets. These assets are either goods & services, people, livestock, and others. Owing to its various applications and added advantages to the industries and governments, the global mobile tracking solution market is anticipated to record a significant CAGR over the forecast period, i.e., 2021-2029. The market is segmented by end user into transportation & logistics, construction & manufacturing, aviation, retail, government, e-commerce, and others, out of which, the transportation & logistics segment is anticipated to hold the largest market share during the forecast period. The growth of the segment can be attributed to the growing number of vehicular fleets around the globe and the need amongst the transportation & logistics industry to monitor their vehicles regularly so as to increase their process efficiency. The Bureau of Transportation Statistics (BTS), in one of its statistics, stated that in the United States, in the year 2019, the total number of automobiles and trucks in fleets recorded was 8140 thousand.
Based on the regional analysis, the global mobile tracking solution market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the North America mobile tracking solutions market is predicted to hold the leading share owing to the growing need amongst the businesses in the region to improve their operational efficiency, coupled with the presence of leading market players in the region which manufacture and market the mobile tracking solutions and services.
Need for Tackling the COVID-19 Pandemic to Boost the Market Growth
The rising cases for the COVID-19 pandemic is raising the need amongst the regulatory bodies for contact tracing the virus infected patients. As a result, government of several nations have partnered with the private entities for developing mobile applications that can help track the patients. On the other hand, with the increasing Internet of things device sales, which according to the World Bank, is estimated to be around 41 billion IoT devices by 2027, coupled with the growing number of manufacturing companies, who are using or planning to use Industrial IoT devices, are some of the factors anticipated to drive the global mobile tracking solution market.
However, the factor of high cost, infrastructure challenges, and privacy issues among others are estimated to hamper the market growth during the forecast period.
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This report also provides the existing competitive scenario of some of the key players of the global mobile tracking solution market which includes company profiling of ORBCOMM (NASDAQ: ORBC), Verizon (NYSE: VZ), AT&T Inc. (NYSE: T), Wasp Barcode Technologies, Spireon, Inc., NFC Group, Letstrack Limited, Bosch Connected Devices and Solutions GmbH, Geotab Inc. and Vix Technology. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global mobile tracking solution market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.