The European Software & Solution Summit 2016 (April 14th London) will reveal insights into the future role of global tracking in IoT markets.
Technavio expects the global tracking-as-a-service market to exceed $1bn by 2020.
Amit Sharma, lead analyst at Technavio for cloud computing research, said: "Economic and cultural globalisation has resulted in the rapid movement of ideas, commerce, people, and assets worldwide. As a result, businesses and people require real-time tracking technology to monitor the movement of people, property, and assets in order to conduct their business safely and efficiently."
The top four emerging trends influencing the global tracking-as-a-service market according to Technavio's ICT research analysts include opportunities for M2M platform providers. M2M platforms offer technologies to connect hardware, networks, software, and services to bring end-to-end tracking and monitoring solutions. Pre-built applications help create solutions tailored to meet the unique needs of a target user group.
The core components of M2M platform include the hardware that is used to capture the location of people and other objects under remote tracking and electronic monitoring. Devices use GPS, A-GPS, and AFLT location technologies to pinpoint location. M2M communications offer added values to domains, such as automotive, health, and consumer electronics, through remote monitoring and control using automated data exchange in real-time. It enables great revenue opportunities for tracking service providers.
M2M companies, such as Maven Systems, SensorLogic, and onAsset intelligence, offer tracking services with IoT. Such services will lead to opportunities for M2M platform providers.
Service providers in the market offer proprietary analytics services for both location-based information and electronic monitoring devices. This involves extraction of information from mobile phones or any other devices that can track location.
Analytics uses location data and past records to forecast early warnings of crimes in the offender monitoring market. Large-scale data analytics is used to pre-empt offenders about to commit a crime. This allows authorities to intervene and contain a potential situation. All these factors have boosted the growth of tracking device companies.
There will be a big shift from CAPEX to OPEX business models, it says. Asset tracking and vehicle tracking solutions are competitive areas as there are many service providers offering similar services. Therefore, to differentiate themselves, tracking service providers are offering services bundled with monitoring, tracking, and analytics services (based on PaaS). This also allows end-users to quickly build customized applications that track and monitor mobile workers and commercial assets.
Customers prefer monitoring services through PaaS owing to cost factors. The high costs involved in the long term have forced customers to use low-cost models or to shift from CAPEX to OPEX for tracking and monitoring services offered through PaaS.
Under the umbrella theme of "Creating Solutions for the Digital Age," the European Software & Solution Summit 2016 will shed light on these trends and examine the impact they will have on European software and solution development and delivery. Conference and breakout sessions will explore trends in Cloud hosting and service delivery, evolving business models, the Internet of Things (IoT), M2M and the impact that the introduction of high speed fixed and mobile communications is having on them and the speed with which they can be leveraged to transform business operations.