June 18, 2024
Live Package Tracking Market

Live Package Tracking Market is Estimated to Witness High Growth Owing to Advancements in IoT and GPS Technologies

The live package tracking market allows customers to track shipments and monitor package delivery status in real-time. It provides visibility into package location via integration of technologies such as GPS, IoT, and geo-fencing. Live tracking provides updated location details, timelines, and delivery status alerts to enhance customer experience. It helps logistics companies efficiently plan routes and optimize resource utilization.

The global live package tracking market is estimated to be valued at US$ 4.1Bn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the live package tracking market include Marriott International, Inc., Hilton Worldwide Holdings Inc., Accor S.A., InterContinental Hotels Group PLC, CWT (formerly Carlson Wagonlit Travel). Major players are focusing on collaborations and product innovation to gain a competitive edge in the market.

The Live Package Tracking Market Size offers opportunities for new applications and more customizable tracking solutions with advancements in IoT, GPS, geofencing, and analytics technologies. Real-time insights allow on-demand tracking and automated notifications.

Technological developments including integration of AI and predictive analytics are enabling more accurate delivery time predictions and proactive alerts for delays. Advancements in IoT sensors are enhancing visibility into key shipment events like loading, transfers, and deliveries.

Market Drivers

The rising demand for enhanced customer experience is a key factor driving the live package tracking market. Customers expect real-time tracking across all delivery modes. E-commerce growth is also driving the need for efficient logistics operations with greater visibility. Live tracking solutions help companies optimize resource utilization and improve on-time delivery metrics. The market is expected to witness strong growth with further adoption of IoT and analytics technologies by logistics providers.

Current Challenges in Live Package Tracking Market

The live package tracking market is facing many challenges due to increasing e-commerce activities and need for better tracking visibility. Issues like inaccurate scans or wrong delivery addresses lead to poor customer experience. Legacy tracking systems of logistics providers are also not integrated with modern technologies like IoT, AI etc. This limits real-time package visibility. Lack of standardization in tracking formats across countries poses data management challenges. Companies need to invest heavily to overhaul existing infrastructure and align it with exponential growth in parcel volumes. Fragmented supply chain networks make end-to-end tracking complex. These current challenges are restricting market growth if not addressed effectively through technological and process improvements.

SWOT Analysis

Strength: Live tracking provides transparency and trust to customers. Real-time updates reduce anxiety over package status.

Weakness:
Significant upfront costs involved for logistics players to deploy tracking hardware on all vehicles and integrate systems. Dependency on technology providers poses reliability issues.

Opportunity: Scope to leverage big data analytics for improved forecasting, dynamic routing of parcels. Advances in IoT, AI and blockchain can enhance tracking accuracy/automation.

Threats: Stiff competition to acquire customers as new entrants offer advanced tracking services. Disruption from self-driving logistics may impact investments done in current tracking infrastructure.

Geographical Regions

North America accounts for the largest share in the live package tracking market currently due to high e-commerce activities and tech adoption. U.S leads in deploying IoT tracking devices at scale panning the entire delivery process from origin to destination.

Asia Pacific is witnessing the fastest growth on back of expanding digital population in countries like India and China. Investments to upgrade transport and logistics infrastructure can unlock the potential of live tracking in this region over the forecast period.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.