Live Package Tracking Market is Estimated to Witness High Growth Owing to Advancements in IoT-enabled Real-time Tracking Technologies

 
Live Package Tracking Market

With the exponential growth in e-commerce industries worldwide, the live package tracking market is anticipated to witness high growth owing to increasing demand for package tracking and better customer experience.

E-commerce has experienced a significant increase in the past few years owing to growing digitalization and internet penetration in emerging economies. As more people shop online on a regular basis, the need to track shipments has grown exponentially. Global Live package tracking Market Demand offers convenience to customers by enabling them to monitor the location and delivery status of their shipments in real-time. This helps reduce anxiety regarding package delivery and theft. Tracking a package live from dispatch to delivery also ensures better accountability, as customers can confirm delivery and address discrepancies effectively.

The Global live package tracking market is estimated to be valued at US$ 4.52 Billion in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the live package tracking are Marriott International, Inc., Hilton Worldwide Holdings Inc., Accor S.A., InterContinental Hotels Group PLC, CWT (formerly Carlson Wagonlit Travel). Marriott International Inc. is currently the largest hotel chain globally, operating over 7,000 properties in 133 countries and territories. Hilton Worldwide Holdings Inc. closely follows with nearly 6,000 hotels across 119 countries and territories. These leading players have established strong technological infrastructures to enable live tracking of shipments.

The rapid growth of the e-commerce sector presents immense opportunities for live package tracking service providers to expand their client base. By offering affordable and user-friendly tracking solutions, they can capitalize on the current boom in the online retail industry. There is also potential to integrate tracking features into social media and messaging applications for enhanced visibility and user engagement.

Key players are expanding their operations globally to leverage the imminent demand from developing regions witnessing a surge in internet and smartphone adoption. Marriott International has announced plans to add over 1.7 million rooms globally by 2023, a bulk of which will be in Asia, Middle East, Africa and Latin America. Hilton aims to have at least 6,500 hotels by 2025, up from 6,000 currently, through targeted expansion in high-growth international markets.

Market drivers

- Growing e-commerce industry worldwide: Rapid digitization and increased internet availability have boosted online shopping across regions. This is positively impacting the need for parcel tracking services among merchants and consumers.

- Requirement for faster deliveries: Modern customers expect swift delivery of online purchases. Live tracking allows customers to know package location in real-time and also alerts delivery partners to prioritize timely shipments.

Market Restraints

- Lack of infrastructure in underdeveloped regions: Full-fledged tracking needs robust logistics networks and integration of technology throughout the delivery chain. This remains a challenge in remote areas with inadequate connectivity and transport links.

- Customer data privacy issues: Live tracking of shipments requires collection of location data which raises privacy concerns if not handled securely. Stricter regulations around data use may act as a restraint.

Segment Analysis
The live package tracking market can be segmented into two types of services - on demand package tracking and delivery planning & tracking. On demand package tracking segment currently dominates the market as it allows consumers to get real time updates on package deliveries through SMS or email updates. This segment accounts for over 60% of the market share as it provides instant visibility and tracking of packages to customers. The delivery planning & tracking sub segment uses predictive analytics to plan routes and schedules for package deliveries. This helps companies better optimize their delivery operations but accounts for a smaller market share currently due to higher subscription rates.

Global Analysis

The live package tracking market is currently dominated by North America owing to highvolumes of e-commerce package deliveries and consumer demand for instant tracking. North America accounts for over 40% of the global market share currently. The Asia Pacific region is expected to be the fastest growing regional market during the forecast period growing at a CAGR of 12%. Countries like China, India and Japan are witnessing exponential growth in online shopping and this is expected to drive demand for live package tracking services to ensure seamless delivery experience. Higher mobile and internet penetration and developing logistics infrastructure is further expected to support market growth in the Asia Pacific region.

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