by The Live Package Tracking market is estimated to be valued at US$ 3.92 billion in 2023 and is expected to exhibit a CAGR of 11.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Live package tracking solutions enable customers to view real-time location and status updates of their shipments. It provides tracking details from the time a package is handed over to the carrier until it reaches its destination. The real-time updates help reduce anxiety and enhance transparency for both shippers and recipients. With the growth of e-commerce and demand for faster deliveries, live tracking has become an essential feature for logistics companies to improve customer experience.
Market Dynamics:
Growing E-commerce Industry: Rising online shopping trends across the world have boosted the demand for logistics and transportation services. E-commerce companies heavily rely on live tracking to provide visibility to customers on shipment delays and delivery schedules. This helps merchants retain and attract more customers.
Need for Real-time Package Visibility: Both businesses and consumers want timely and accurate updates about packages to plan activities and reschedule deliveries if required. Live tracking solutions address this need by communicating current location, estimated delivery time, and exceptions in real-time. It improves efficiency in the supply chain.
I have tried to cover the instructed headings and mentioned the given market details like name, forecast period, CAGR, market size etc. in around 400 words limiting the content to only market overview and dynamics without including any information on key players. Please let me know if you need any changes to the response.
Segment Analysis
The live package tracking market is dominated by the business to consumer (B2C) segment. This segment holds the largest market share owing to the rise of e-commerce shopping and demand for real-time tracking of packages by individual customers. With the increase in online shopping, individuals want to track their packages as they want to know the status and estimated time of delivery of their products. This creates demand for live package tracking services in the B2C segment.
PEST Analysis
Political: There are no significant political risks affecting the live package tracking market.
Economic: The market is witnessing strong growth due to rising disposable income of consumers, rapid urbanization, and growth of the e-commerce industry globally.
Social: Changes in customer behavior and preferences have positively impacted the market. Customers now prefer real-time tracking over traditional package tracking as it offers more convenience and visibility.
Technological: Adoption of technologies like IoT, AI, and blockchain by carriers have enabled them to offer enhanced tracking capabilities with precise location updates to customers on a real-time basis through various channels like web and mobile applications.
Key Takeaways
The global Live Package Tracking Market Share size is expected to grow from US$ 3.92 billion in 2023 to US$ 8.13 billion by 2030, exhibiting a CAGR of 11.9% during the forecast period. This growth can be attributed to the expansion of the e-commerce industry and rising demand for real-time visibility into package deliveries.
Regionally, North America dominates the market and is expected to continue its dominance over the forecast period. High e-commerce penetration coupled with presence of major players in the region drives the market. Growth in the Asia Pacific region is projected to be the fastest during the forecast period with China, India, and Japan emerging as lucrative markets.
Key players operating in the live package tracking market are UPS, FedEx, DHL, USPS, Amazon Logistics, LaserShip, OnTrac, Purolator, Canada Post, and Deutsche Post DHL. Major players are focusing on technological advancements to track packages in real-time through smartphones, wearables, and other connected devices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
