by Live package tracking systems provide real-time tracking of packages and shipments across various modes of transportation like air, road, rail and sea. They help shippers and consumers track packages in real-time and provide enhanced visibility and control over deliveries. Live package tracking solutions improve logistics operations with automatic notifications, proof of delivery, predictive ETAs and analytics.
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 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Real-time visibility into package location has become a necessity for shippers as well as consumers in today’s era of instant gratification and increasing customer expectations. Live package tracking solutions powered by technologies like IoT, GPS and RFID allow consumers to view precise location updates and ETAs of their packages. They offer complete transparency and peace of mind. The growing demand for enhanced customer experience and need for real-time exchange of logistics data is propelling the live package tracking market.
SWOT Analysis
Strength: Live package tracking provides real-time updates on package location and estimated delivery times, enhancing customer experience. It allows sending notifications via email/SMS on package status.
Weakness: Additional infrastructure and technology investment is required for live tracking. Complex logistics network can lead to delays in updating package status.
Opportunity: Growth of e-commerce and demand for transparent delivery experience presents an opportunity. Partnerships with logistics companies can help expand service coverage.
Threats: Privacy and data security concerns around precise location tracking may emerge. Competition from alternative delivery notifications/apps can increase.
Key Takeaways
The global live package tracking market is expected to witness high growth over the forecast period supported by rising e-commerce sales and focus on customer convenience. The market size is projected to reach US$ 4.52 Billion by 2024, growing at a CAGR of around 9.2% between 2024-2031.
Regional analysis: North America currently dominates the market owing to high e-commerce penetration and presence of leading logistics players offering tracking services. Asia Pacific is expected to witness fastest growth led by China, India with growing internet access and investment in logistics infrastructure by regional governments and private players.
Key players: Key players operating in the live package tracking market are Marriott International, Inc., Hilton Worldwide Holdings Inc., Accor S.A., InterContinental Hotels Group PLC. They are focusing on integrating advanced technologies like geo-fencing, IoT, GPS to provide accurate real-time updates to customers via mobile/web platforms. Partnerships with logistics and courier companies help expand service coverage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
