The global asset tracking market size reached US$ 15.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 33.5 Billion by 2028, exhibiting a growth rate (CAGR) of 12.7% during 2023-2028.
Asset tracking is the process of tracking the physical assets of the organization by scanning barcode labels attached using a global positioning system (GPS) or a radio-frequency identification (RFID). It provides real-time and accurate data for an efficient asset management system. It helps upgrade or replace various assets while saving time and expenses. It offers several benefits, such as centralizing data with asset management software, increasing value with asset utilization reports, improving asset lifecycle maintenance, achieving greater security for assets, and strengthening asset management protocols. As a result, asset tracking finds extensive applications in the food and beverage (F&B), transportation, aviation, healthcare, and manufacturing industries.
Asset Tracking Market Trends:
At present, there is a rise in the demand for asset tracking in various organizations to streamline operations and optimize the utilization of existing resources worldwide. This, along with the growing employment of asset tracking solutions to save costs, enhance profits, and improve the return on investment (RoI), represents one of the key factors driving the market. Besides this, the increasing demand for asset tracking in the healthcare industry to improve workforce safety and patient care is contributing to the growth of the market. In addition, the growing utilization of geographical information systems (GIS) in the transportation sector due to the wide availability of orthorectified images through satellites is positively influencing the market. Moreover, the integration of artificial intelligence (AI), predictive maintenance, augmented reality (AR), internet of things (IoT), digital twin, and telematics in asset tracking for better planning and maintenance of assets is offering a positive market outlook. Apart from this, the rising demand for cloud-based solutions in large enterprises to eliminate the need for installing additional hardware and storing the data in various data centers is bolstering the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global asset trackingmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, deployment mode, organization size and end use industry.
Breakup by Component:
Breakup by Deployment Mode:
Breakup by Organization Size:
Small and Medium-sized Enterprises
Breakup by End Use Industry:
Transportation and Logistics
Food and Beverages
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Actsoft Inc., ASAP Systems, Asset Panda, AT&T Inc., Azuga Inc. (Bridgestone Corporation), Fleet Complete, GigaTrak, Tenna, Trimble Inc., Ubisense Limited, Verizon Communications Inc., Wasp Barcode Technologies Inc. (Datalogic S.p.A.) and Zebra Technologies Corporation.
Base Year of the Analysis
Component, Deployment Mode, Organization Size, End Use Industry, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Actsoft Inc., ASAP Systems, Asset Panda, AT&T Inc., Azuga Inc. (Bridgestone Corporation), Fleet Complete, GigaTrak, Tenna, Trimble Inc., Ubisense Limited, Verizon Communications Inc., Wasp Barcode Technologies Inc. (Datalogic S.p.A.) and Zebra Technologies Corporation
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Key Questions Answered in This Report
The global asset tracking market was valued at US$ 15.4 Billion in 2022.
We expect the global asset tracking market to exhibit a CAGR of 12.7% during 2023-2028.
The rising adoption of asset tracking solutions, as they offer several benefits, including centralizing data with asset management software, increasing value with asset utilization reports, improving asset lifecycle maintenance, etc., is primarily driving the global asset tracking market.
The sudden outbreak of the COVID-19 pandemic has led to the escalating deployment of asset tracking solutions across the healthcare industry in improving workforce safety and patient care by streamlining operations and optimizing the utilization of existing resources across numerous nations.
Based on the component, the global asset tracking market has been divided into hardware and software. Currently, hardware exhibits a clear dominance in the market.
Based on the deployment mode, the global asset tracking market can be categorized into on-premises and cloud-based, where on-premises currently account for the majority of the global market share.
Based on the organization size, the global asset tracking market has been segregated into large enterprises and small and medium-sized enterprises. Currently, large enterprises exhibit a clear dominance in the market.
Based on the end use industry, the global asset tracking market can be bifurcated into transportation and logistics, aviation, healthcare, manufacturing, food and beverages, and others. Among these, the transportation and logistics industry currently holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa.
Some of the major players in the global asset tracking market include Actsoft Inc., ASAP Systems, Asset Panda, AT&T Inc., Azuga Inc. (Bridgestone Corporation), Fleet Complete, GigaTrak, Tenna, Trimble Inc., Ubisense Limited, Verizon Communications Inc., Wasp Barcode Technologies Inc. (Datalogic S.p.A.), and Zebra Technologies Corporation.
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