About Real Time Tracking and Tracing System
The importance of tracking and tracing is seen as quite high for manufacturing companies in terms of customer service and is essential for the efficient management of logistics networks. Global industries have problems with both tracking and tracing in their logistics networks, which creates enormous coordination problems across product development locations. This problem loses track of production, delivery, and sales in the entire logistics chain from source to destination, which is responsible for the opportunity costs due to customer dissatisfaction. The tracking system helps identify the position of the shipment and informs the customer in good time. Without a tracking system, it is almost impossible to find shipped items, which are often viewed as lost or stolen and are causing business losses. This system may meet the requirements of the project manager to map the production process from transportation to material management. Tracking technologies in logistics networks are relatively little implemented in the global technology industry. A largely high volume of global industry has hereby implemented this technology with limited capabilities. The basic methods for all of these tracking systems are usually limited to giving the customer access to the tracking information. They are in the area of tracking the shipments through manual queries, e.g. via a website or a phone call, by e-mail, fax or to participate the development of system interfaces or integration into the tracking system.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Real Time Tracking and Tracing System market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Favendo (Germany), Suraj Informatics (India), OPTEL Group (Canada), Robert Bosch GmbH (Germany), Alpega Group (Belgium), TomTom International BV (Netherlands), Concox Information Technology Co., Ltd. (China), Letstrack (India), Wireless Solution Co. (Saudi Arabia), Laird PLC (United Kingdom), Zebra Technologies Corporation (United States), Blume Global (United States), Teltonika UAB (Lithuania), CalAmp Corp (United States), Sierra Wireless Inc. (Canada), Vee Technologies (United States), Meitrack Group (China) and Prosoftek Tracking (India) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Geotab Inc. (Canada), ATrack Technology Inc. Ltd. (Taiwan), Trackimo LLC (United States) and Orbcomm (United States).
Segmentation Overview
AMA Research has segmented the market of Global Real Time Tracking and Tracing System market by and Region.
On the basis of geography, the market of Real Time Tracking and Tracing System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Hardware will boost the Real Time Tracking and Tracing System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. Aerospace And Defense will boost the Real Time Tracking and Tracing System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. RFID (Active RFID, Passive RFID) will boost the Real Time Tracking and Tracing System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Need for Flawless and Efficient Communication Network between a Remote Operator and the Object or an Individual and The High Adoption of Track and Trace Systems by Biopharma and Pharmaceutical Companies
Market Growth Drivers:
An Increase in Bridging the Gap between Field Service and Office Desk Tasks, Increasing Focus of Manufacturers on Brand Protection, Growing Potentials for the Logistics Network and Growth in the Number of Packaging-Related Product Recalls
Challenges:
Risk of Technical Inaccuracy in the GPS Fleet Tracking System
Restraints:
Regulatory Compliances with the GPS Fleet Tracking System
Opportunities:
The Increasing Awareness and Technological Advancement of Track and Trace Systems, The Proliferation of IoT Is Also Expected To Create Numerous Opportunities for the Market and Rise in the Installation of Tracking and Tracing Systems across Various Public Transport Systems
Market Leaders and their expansionary development strategies
In 2017, OPTEL Group had acquired Verify Brand LLC. The addition of Verify Brand’s L4/5 serialization capabilities to the various OPTEL solution set thereby enabled the connectivity that was required for pharma companies to implement Track & Trace across the entire supply chain (L1 to L5).
Key Target Audience
Providers of Real-Time Tracking and Tracing System, End-Users, Potential Investors, Market Research Firms, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.