April 24, 2024
Live Package Tracking Market

The Global Live Package Tracking Market is Driven by Increased E-Commerce Activities

The global live package tracking market enables real-time visibility of packages being shipped between different locations. Live package tracking solutions provide valuable tracking information through web and mobile applications to end-users. The increasing demand for transparency in logistics and e-commerce package deliveries has propelled the need for improved supply chain visibility. Live tracking solutions offer location updates, estimated time of arrival (ETA) updates, and notifications at different stages of delivery such as package acceptance, dispatch, transit, and delivery completion. The widespread rise in e-commerce activities amidst the ongoing pandemic has further amplified the need for reliable package tracking services among consumers and businesses.

The global Live Package Tracking Market is estimated to be valued at US$ 4.52 Bn 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:
One of the primary trends in the live package tracking market is the integration of IoT and AI technologies. Leading tracking solution providers are leveraging technologies such as RFID, GPS, and sensors to capture real-time location and status updates automatically. AI algorithms further help analyze tracking data to provide predictive notifications regarding possible delivery delays. This brings about more transparent and accurate tracking experiences. Another trend gaining traction is the introduction of smart locker solutions for last-mile deliveries. Smart lockers enable secure contactless delivery of packages directly to dedicated lockers located across residential and commercial areas. This improves convenience while maintaining social distancing amidst the ongoing pandemic.

Porter’s Analysis
Threat of new entrants: The live package tracking market has moderate threat of new entrants due to high initial investment and capabilities required to compete with the established players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of several options but differentiated services influence their choice.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of several raw material providers and differentiated offerings.
Threat of new substitutes: Threat of substitutes is low as live package tracking offers convenience that traditional package tracking cannot provide.
Competitive rivalry: The market has high competitive rivalry due to presence of global players offering similar services.

Key Takeaways
Global Live Package Tracking Market Demand is expected to witness high growth.

Regional analysis: North America is expected to dominate the market during the forecast period owing to strong penetration of e-commerce and increasing adoption of cutting-edge technologies. Asia Pacific is expected to grow at the fastest pace due to rising e-commerce activities in emerging nations like China and India.

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, CWT (formerly Carlson Wagonlit Travel). They are focusing on partnerships, new service launches and technology integrations to consolidate their position in the market.

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