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Mobile Tracking Solution Market

Market Insights on Mobile Tracking Solution covering sales outlook, demand forecast & up-to-date key trends

Mobile Tracking Solution Market ByTechnology (RFID Tags, GPS), Vertical (Public Sector, Healthcare Sector, Banking Financial Services and Insurance (BFSI) Sector, Transport and Logistics Sector, Retail Sector, Commercial Sector) & Region - Forecast 2022-2032

Mobile Tracking Solution Market Overview

Global mobile tracking solution demand is anticipated to increase at a stupendous CAGR of over 20.0% between 2022 and 2032, totaling a valuation of around US$ 322 Billion by 2032. Growth is attributed to increased demand for various end use verticals including shipping & container tracking and military asset tracking.

Report Attribute

Details

Anticipated Forecast Value (2032)

US$ 322 Billion

Projected Growth Rate (2022-2032)

20.0% CAGR

Mobile tracking is the process of identifying the location of mobile or any other entity remotely using various tools called mobile tracking solutions. These solutions use GPS or radio signals to get real time update on the position of mobile assets.

Mobile tracking solutions have gained significant traction across various industries on account of their ability to track down mobile assets. They find their application in diverse verticals such as medical asset tracking, mobile industrial generator tracking, construction assets tracking, military assets tracking, wild-life and conservation, and shipping & container tracking etc.

Traditionally, businesses relied on different manual methods for tracking their assets. These methods, however, consumed more time and mistakes were common. As a result, people started looking for alternate tracking solutions. This paved the way for the development of modern mobile tracking solutions.

Various devices like GPS and RFID tags are being attached to equipment and assets to ensure efficient mobile tracking. Introduction of these modern solutions has made asset tracking easier and faster, while at the same time helped businesses to save time and money.

Rising penetration of digitalization across major industries is generating lucrative growth opportunities for mobile tracking solutions market. Industries like healthcare and transportation & logistics are becoming attractive destinations for mobile tracking solutions. These industries rely on modern tracking solutions to monitor their assets as well as to find the lost items.

China and the U.S. are emerging as the top leading markets for mobile tracking solutions owing to the rising penetration of smartphones, presence of leading end use verticals and growing adoption of mobile tracking solutions in automotives.

Which are Some Prominent Drivers Triggering Mobile Tracking Solution Market Growth?

Rising penetration of internet of things (IoT) devices across the world has thrown a new life into the mobile tracking solutions market. These devices are being increasingly utilized in household, healthcare, manufacturing and several other sectors. They are equipped with tracking sensors which help the operators/businesses to monitor their products and services 24x7.

Adoption of mobile tracking solutions minimizes the chances of losing assets and thus saves time. They have become indispensable part of modern tracking systems.

In addition, growing popularity of connected cars is anticipated to provide strong thrust to the growth of mobile tracking solutions market during the forecast period.

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What are the Challenges Faced by the Mobile Tracking Solution Industry?

Despite their attractive benefits, usage of mobile tracking solutions remains limited to some particular regions. Various developing and underdeveloped regions lack connectivity infrastructure which is becoming a major hurdle for the growth of mobile tracking solutions market.

Besides this, the high costs of mobile tracking solutions and potential risk of cyber-attacks are also restraining the market growth to a large extent.

What Makes North America a Prominent Market for Mobile Tracking Solution?

North America has emerged as the most lucrative market for mobile tracking solutions and the trend is likely to continue in the future. Growth in the market is driven by rising penetration of connected devices, rapid industrialization and the presence of leading market players.

Most of the industries based in North America are embracing modern technologies such as mobile tracking solutions to increase their productivity and save their time. This is providing a strong push to the sales of mobile tracking solutions across the region.

Sudip Saha
Principal Consultant
LinkedIn
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How is Europe Contributing to Growth of the Mobile tracking Solution Market?

According to Future Market Insights, Europe is projected to emerge as the second most lucrative market for mobile tracking solutions after North America. The region is witnessing a rise in digitalization which is creating scope for mobile tracking solutions.

Countries such as the U.K and Germany are generating high demand for mobile tracking solutions on account of increasing penetration of digital devices with advanced tracking systems and growing consumer awareness about the benefits of these devices.

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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Scope Of Report

Report Attribute

Details

Growth Rate

CAGR of 20% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2015-2020

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Technology
  • Vertical
  • Region

Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Countries Profiled

  • U.S
  • Canada
  • Brazil
  • Argentina
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Nordics
  • BENELUX
  • Australia & New Zealand
  • China
  • India
  • ASEAN
  • GCC
  • South Africa

Key Companies Profiled

  • Wasp Barcode Technologies.
  • Mobile Asset Solutions.
  • Barcodes, Inc.
  • Wavetrend Ltd.
  • ORBCOMM Inc.
  • Verizon
  • Spireon, Inc.
  • NFC Group
  • Vix Technology
  • Libelium Comunicaciones Distribuidas S.L

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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
  • Manufacturing sector
  • Other sectors

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East & Africa

Frequently Asked Questions

FMI projects the global mobile tracking solutions market to expand at a 20.0% value CAGR by 2032.

North America is expected to remain the most dominant market for mobile tracking solutions through 2032.

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 are some prominent mobile tracking solutions manufacturers

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Sudip Saha
Principal Consultant
LinkedIn
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Mobile Tracking Solution Market