Tracking as a Service Market is Likely to Upsurge at USD 7.6 Billion Globally by 2032 – Report by Market Research Future (MRFR)

Market Analysis:

The tracking as a service market was estimated to be worth USD 1.6 billion in 2022. The monitoring-as-a-service market is expected to grow from USD 1.9 billion in 2023 to USD 7.6 billion by 2032 at a CAGR of 18.90%. forecast period (2023 – 2032). Theft and counterfeiting of health products are becoming more common worldwide and series of regulations are being passed. are the key factors driving the growth of the market. To protect their products and reputation, manufacturers of medical devices, drugs, cosmetics, and biopharmaceuticals use track and trace systems.

Favorable legislation regarding the implementation of serialization is expected to accelerate the adoption of track and trace technology in the healthcare industry. The market is expected to grow significantly as drug and medical device companies increasingly adopt track and trace systems. Drug fraud is a major problem for companies in the pharmaceutical and biopharmaceutical industries. As a result, companies are using tracking technologies to manage their supply chains. Researchers have found that low- and middle-income countries such as India and Africa tend to see substandard/counterfeit medicines.

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Key Companies in the Tracking as a Service market include.

• Motorola Solutions
• Wabco Holdings Inc.
• AT&T Inc.
• Zebra Technologies Corp.
• Verizon Communications
• Geotab Inc.
• Blackline Safety Corp.
• Spider Tracks Limited
• Honeywell International Inc.
• Trimble Inc.

According to a 2019 report by the US Trade Representative (USTR), 20% of all drugs administered in India were fraudulent.  The biggest problems facing pharmaceutical, biopharmaceutical and cosmetic companies are theft and product counterfeiting. The WHO believes that 10% of all medicines sold in the world are fake; in several African, Asian and Latin American countries, this percentage is significantly higher (10-30%). Many lives are lost every year due to the use of fake medicines. However, the high cost of integrating tracking and tracing into the supply chain may limit the growth of this market. Segmentation

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Tracking as a Service Market Segmentation:

 Segmentation based on tracking as a service deployment includes cloud and on-premises. The revenue share of the cloud segment was the largest in 2022. The Tracking as a Service market segment based on end users includes retail, manufacturing, e-commerce, transportation and logistics, healthcare and other end-user industries. The transportation and logistics segment dominated the tracking as a service market in 2022.

By region, the study provides a market overview of North America, Europe, Asia Pacific and rest of the world. In 2022, this market was dominated by the North American tracking as a service market (45.80%). The main reasons for this are strict serialization and redundancy requirements and advanced healthcare infrastructure. The FDA recommends the use of automated identification technologies, such as barcodes and RFID, in the pharmaceutical and other health sectors. The use of this technology in the United States and its well-established healthcare system is expected to influence the market. Additionally, the United States held the largest market share in the Tracking as a Service market and the Canadian Tracking as a Service market was the fastest growing market in the North American region.

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