Global Mobile Tracking Solutions Market: Drivers
The Global mobile tracking solutions market is expected to grow rapidly due to the development of sensor technology and connected devices across all verticals, and the reduction in time to search for lost and misplaced assets. Some of the factors that are expected to fuel market growth around the world are easy access to cost data for accounting and asset depreciation purposes, as well as better customer service. The mobile tracking solutions market is expected to show substantial growth in CAGR during the period 2015-2025.
However, the high expense of the mobile tracking solution and the lack of connectivity infrastructure in emerging regions are just some of the restraints that are hampering the growth of the mobile tracking market.
Global Mobile Tracking Solutions Market: Key Developments
With technological advancement, industries have started to collect reliable data using wireless technology to provide valuable services relating to the provision or use of assets. By customizing their tracking solutions to meet the unique requirements of their customers, these companies can take advantage of more competitive advantages because they have all the data they need to make quick and intelligent decisions.
ORBCOMM’s CargoWatch® Secure is a robust cargo security solution that provides enhanced visibility of assets in storage and in transit, in addition to comprehensive knowledge of the asset lifecycle. CargoWatch Secure supports management through KPIs, dashboards, and the ability to correct and detect supply chain anomalies in real time. Additional information is provided through advanced analytics and daily reports. In addition, real-time event-based notifications allow rapid corrective action when failures are observed.
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COVID-19 impact assessment
COVID-19 pandemic is expected to widen the gap between businesses 5G services and consumers. The private and government sectors are increasingly dependent on data-driven technologies to help track and control the COVID-19 pandemic. However, this has also raised concerns about privacy, which could hamper the growth of the market.
Key points of the market research
- In terms of technology, the global market is categorized into GPS, RFID tags and other technologies.
- Based on vertical, the market is segmented into health care sector, public sector, BFSI sector, logistics and transport sector, commercial sector, retail sector, energy & utilities sector, industrial sector, manufacturing sector and others.
Global Mobile Tracking Solutions Market: Regional Insights
Future Market Insights in their recent research predicts that emerging economies such as the Middle East and Africa, Latin America and Asia-Pacific are expected to generate new business opportunities for providers of mobile tracking solutions.
Global Mobile Tracking Solutions Market: Competitive Landscape
The major players in the mobile tracking solutions market are focused on introducing new and improved solutions and product innovation to outperform their competition. In addition, acquisition and merger is another major strategy chosen by the major players in the mobile tracking solutions market. For example, ORBCOMM Inc. acquired SkyWave Mobile Communications (SkyWave) in 2015.
Some 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 SL
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