Mobile Tracking Solution Market size was valued at USD 116.08 billion in 2023 and is poised to exceed USD 1.45 trillion by the end of 2036, expanding at over 21.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of mobile tracking solution is evaluated at USD 136.05 billion.
The mobile tracking solution market have various applications in this everyday growing digital world. These solutions have wide application in industries such as healthcare, for tracing medical equipment and supplies, along with other industries, such as logistics and shipping, for container tracking, and in particular, the defense industry, for careful and 24x7 tracking of components. Mobile tracking solutions play an important part in ensuring national security. The need of mobile tracking solution for contact tracing the COVID-19 victims and subsequently monitoring everyone those who are affected, is anticipated to drive the global mobile tracking solution market. The market is further anticipated to grow on the backhand of growth in the industries of FMCG, retail, e-commerce and others. in emerging economies.
Growth Drivers
Challenges
Base Year |
2023 |
Forecast Year |
2024-2036 |
CAGR |
21.5% |
Base Year Market Size (2023) |
USD 116.08 billion |
Forecast Year Market Size (2036) |
USD 1.45 trillion |
Regional Scope |
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The global mobile tracking solution market is segmented by end user into transportation & logistics, construction & manufacturing, aviation, retail, government, e-commerce, and others. Among these segments, the transportation & logistics segment is anticipated to hold the largest market share during the forecast period, owing to the presence of numerous vehicular fleets around the globe. According to the statistics by the Bureau of Transportation Statistics (BTS), the total number of automobiles and trucks in fleets recorded in the year 2019 in the United States was 8140 thousand. The organizations operating in the transportation & logistics industry need to monitor their vehicles regularly for increasing their process efficiency. As a result, mobile tracking solutions plays a very important role in the transportation and logistics industry, which is anticipated to drive the growth of the segment.
Our in-depth analysis of the global market includes the following segments
By Technology |
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By Application |
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By End user |
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North America Market Statistics
On the basis of regional analysis, the mobile tracking solution market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America industry is predicted to account for largest revenue share by 2036, on account of growing requirements for continuously improving the operation efficiency of businesses in the region. Moreover, the growing requirements for continuously improving the operation efficiency of businesses in this region is further anticipated to increase the product demand.
APAC Market Analysis
On the other hand, the market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of growth in digitalization, number of internet users, demand for analytics and tracking solutions in the region, particularly in countries such as China, India and Japan where the number of internet users and IoT devices is anticipated to grow remarkably.
On April 2, 2020, the Indian Govt. made a press release stating the launch of “AarogyaSetu” mobile app, which is the official COVID-19 tracker app in India.
Author Credits: Abhishek Verma
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