Live Package Tracking Market Is Estimated To Witness High Growth...

Live Package Tracking Market Is Estimated To Witness High Growth Owing To Rising E-commerce Sales And Enhancing Consumer Experience

Posted 2023-11-01 12:09:56

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.

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