February 21, 2024
Live Package Tracking Market

Live Package Tracking Market: Real-Time Monitoring drives Growth

The global 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 customers real-time visibility into package locations from the moment a shipment is picked up until it is delivered. Customers can track packages using tracking numbers on carrier websites or mobile apps. This allows customers to know exactly when their package will arrive and if there are any delays. Real-time tracking enhances the customer experience and reduces inquiries to carrier support.

Live package tracking uses a combination of scanning technologies like RFID tags, barcode scanning, GPS, and telematics to capture location data and automatically update tracking status. This eliminates manual data entry and improves tracking accuracy. Many carriers now offer advanced notification features that alert customers via text or email as their package approaches or is delivered.

Market key trends:

One of the key trends in the live package tracking market is the growth of real-time visibility solutions. Major carriers are investing in technologies that provide tracking updates every few minutes instead of daily updates. For example, UPS’ smart labels combined with IoT sensors and GPS allows tracking a package’s location within a few city blocks. Such precise real-time tracking improves last mile delivery efficiency and customer experience. Another trend is the integration of live tracking APIs into retail platforms. Major e-tailers let customers see package status updates directly on product pages and order history for a seamless experience. This drives repeat purchases and customer loyalty.

Porter’s Analysis

Threat of new entrants: Lower barriers to entry as the technology and infrastructure required is easily available. However, established players have significant advantages in terms of brand, scale and network that make it difficult for new players.

Bargaining power of buyers: Buyers have high bargaining power due to availability of alternatives and price sensitivity for shipping services. Buyers can easily switch to alternatives based on better pricing and service quality.

Bargaining power of suppliers: Established carriers face low threat from suppliers as they have controls over distribution and last-mile delivery networks.

Threat of new substitutes: Emergence of new delivery modes like drones can pose potential threat, however regulatory uncertainty currently limits their use as substitutes.

Competitive rivalry: Intense competition exists among existing players to gain market share. Players differentiate through continual upgrade of technology, innovative services and geographic expansion.

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 of 2023-2030, due to increasing e-commerce activities resulting from rising internet penetration. The market size is projected to reach US$ 8.82 billion by 2030 from US$ 3.92 billion in 2023.

Regional analysis indicates North America dominates the market currently owing to high e-commerce adoption, while Asia Pacific is expected to grow at the fastest pace during the forecast period with China and India emerging as major markets. Increasing middle-class population and digital revolution in Asia is driving high demand for parcel tracking services in the region.

Key players operating in the Live Package Tracking market are UPS, FedEx, DHL, USPS, Amazon Logistics, LaserShip, OnTrac, Purolator, Canada Post, Deutsche Post DHL. Major players are focusing on technological innovations like smartphone apps, advanced algorithms and IoT integration for real-time visibility to gain competitive advantage.

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