The Live Package Tracking Market is estimated to be valued at US$ 3.92 Bn in 2022 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:
The live package tracking market enables customers to view real-time location and status information of their packages through digital platforms. Products like GPS-enabled smart tags and IoT sensors attached to packages deliver timely tracking updates to customers on mobile apps and websites. This enhances delivery transparency and customer experience in e-commerce.
Market Dynamics:
The growth of the live package tracking market is driven by increasing adoption of Internet of Things (IoT) solutions in logistics. IoT sensors and wireless networks enable automated and more frequent location updates during transit. This provides extensive visibility to customers. Further, growing e-commerce sales are significantly increasing parcel volumes handled by couriers. Live tracking solutions help them improve operational efficiency through real-time tracking of inventory movement across the supply chain.
Market key trends:
With the growing e-commerce sector and increasing preference for online shopping among consumers, there is a rising demand for real-time package tracking solutions. The live package tracking market allows shippers and consumers to view updates on package location, estimated delivery date/time, and status. One of the main trends in this market is the integration of advanced technologies like IoT, ML and big data analytics by providers to enable more accurate and automated tracking of packages across various modes of transportation in real-time. This helps improve visibility, predictability and overall customer experience.
SWOT Analysis
Strength: Allows shippers and consumers to have end-to-end visibility of deliveries. Offers transparency and predictability.
Weakness: Higher implementation and operational costs involved compared to traditional tracking. Dependent on quality of location data.
Opportunity: Growing demand from e-commerce and logistics industries presents an opportunity for market expansion.
Threats: Technological disruptions from new entrants offering innovative solutions. Privacy and security concerns regarding location data.
Key Takeaways
The global Live Package Tracking Market Share size is expected to grow from US$ 3.92 billion in 2023 to USD 6.81 billion by 2030, exhibiting a CAGR of 11.9% during the forecast period. The increase in e-commerce sales and growing demand for seamless logistics are boosting the adoption of live tracking solutions across various industries.
Regional analysis:
North America holds the major share of the live package tracking market currently due to high e-commerce penetration and presence of leading package tracking service providers in the region. Asia Pacific is expected to witness the fastest growth during the forecast period driven by the rising middle-class population, growing digitalization, and expanding logistics infrastructure in emerging economies of China and India.
Key players:
Key players operating in the live package tracking market are UPS, FedEx, DHL, USPS, Amazon Logistics, LaserShip, OnTrac, Purolator, Canada Post, Deutsche Post DHL. These companies are focusing on leveraging new technologies to develop real-time, end-to-end visibility solutions for logistics processes to improve operational efficiency and customer satisfaction.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it