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| Live Package Tracking Market |
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 provides real-time visibility into the location and
movement of packages as they move through the shipping and logistics network.
It allows consumers to track their package from the point of collection to
delivery. Key participants in the live package tracking market offer tracking
services for parcels, pallets, and containers across all modes of
transportation including road, rail, sea, and air.
Market Dynamics:
The live package tracking market is primarily driven by the rising e-commerce
sales globally which has increased the volume of packages shipped annually.
According to Worldpay, the global e-commerce sales are projected to grow to US$
6.54 trillion by 2022. Furthermore, enhancing consumer experience through
real-time tracking is compelling logistics companies and retailers to adopt
live tracking solutions. This allows consumers to know exactly where their
package is throughout the shipping process and plan accordingly. Additionally,
live tracking resolves issues related to untraceable packages and reduces
queries to customer support, thereby improving operational efficiency for
stakeholders.
SWOT Analysis
Strength:
Live package tracking allows senders and receivers to know the location of
their package in real-time. This increases transparency and gives more control
to customers.
It provides peace of mind to customers as they can track their package every
step of the way.
Packages face fewer delays as live tracking ensures efficient route planning
and on-time deliveries.
Weakness:
Developing and maintaining live tracking infrastructure requires high upfront
investment and operating costs for logistics companies.
Reliance on GPS and internet connectivity makes the system prone to failure in
areas with poor network coverage.
Opportunity:
Growing e-commerce demand is driving the need for enhanced delivery experiences
like live package tracking.
Advancements in IoT and cloud technologies are making it easier for logistics
providers to offer tracking services.
Threats:
Stricter privacy laws may constrain the type of package data companies can
collect and share publicly.
New logistics entrants are raising customer expectations around tracking
features through innovations.
Key Takeaways
The global Live
Package Tracking Market Share is expected to witness high growth,
exhibiting a CAGR of 11.9% over the
forecast period, due to increasing e-commerce adoption. Growing online shopping
is propelling the demand for enhanced visibility into package deliveries.
Regional analysis
North America dominated the market in 2023, accounting for over 35% share. This
was attributed to the strong presence of leading logistics companies like UPS,
FedEx and USPS in the region. Asia Pacific is poised to be the fastest growing
regional market over the next few years, driven by escalating e-commerce
penetration in countries like China, India and Japan.
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. Some major logistics providers like UPS and DHL have heavily invested
in live tracking technologies to strengthen their delivery networks and retain
customers.
Read More,
https://www.trendingwebwire.com/rise-of-iot-enabled-trends-size-and-share-analysis/
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