Global mobile tracking solution demand is anticipated to increase at a stupendous CAGR of over20.0% 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.
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.
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.
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.
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.
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.
| 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 |
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| Regions Covered |
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| Customization | Available Upon Request |
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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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