Real Time Tracking and Tracing to grow driven by US players by 2026

Players from the United States are anticipated to contribute to the growth of the global real-time tracking and tracing system market by 2026, as per Advance Market Analytics’ research titled “Global Real Time Tracking and Tracing System Market.”

Significance of real time tracking and tracing:

• For industries, particularly for manufacturing firms, real time tracking is important for enhancing customer service and streamlining logistics management.
• Globally, industries face challenges in effectively tracking and tracing goods within their logistics networks, leading to coordination issues across product development sites.
• This lack of visibility results in disruptions throughout the supply chain, including production, delivery, and sales, ultimately causing potential revenue losses due to customer dissatisfaction.
• Implementing a tracking system enables timely identification of shipment locations and enhances customer communication, preventing items from being perceived as lost or stolen, thereby mitigating business losses.
• A significant portion of the global industry has adopted this technology, albeit with restricted functionalities. 
• Today, time tracking software also offer real time tracking and tracing capabilities through GPS employee tracking and geofencing attendance.

Major Geographies and Market Segmentation

Based on type, application, and region, the market covers areas such as South America, Asia Pacific, Europe, the Middle East, Africa, and North America.

Key players in this market include Trackimo LLC (United States) and Orbcomm (United States), Wireless Solution Co. (Saudi Arabia), Laird PLC (United Kingdom), Zebra Technologies Corporation (United States), OPTEL Group (Canada), Robert Bosch GmbH (Germany), and others. 

Market Trends

Companies are currently venturing into the market through strategies such as mergers & acquisitions, expansions, investments, enhancing existing products, and collaborations. 

They are also expanding into new geographical areas and industries through acquisitions and expansions to leverage combined synergies for a competitive advantage. 

This is exemplified in OPTEL Group’s acquisition of the Verify Brand LLC in 2017, integrating its serialization capabilities and facilitating the connectivity necessary for pharmaceutical companies to implement Track & Trace throughout the entire supply chain, from L1 to L5.

Influencing trends encompass the growing need for seamless communication networks and increased adoption of track and trace systems by biopharma and pharmaceutical companies.

Market drivers include rising focus on brand protection by manufacturers, increased efforts to bridge the gap between field service and office tasks, as well as the growth potential of logistics networks and number of packaging-related product recalls.

Opportunities and Challenges

Opportunities arise from the increasing awareness and technological advancement of track and trace systems, proliferation of the Internet of Things, and rise in installations across various public transport systems. 

Regulatory compliance with GPS fleet tracking systems poses a restraint, while challenges include the risk of technical inaccuracies in GPS fleet tracking systems.