Global Asset Tracking Market to Reach US$ 45.8 Billion by 2032, Impelled by Growing Incidences of Asset Thefts

November 29, 2022 | Technology & Media

According to the latest report by IMARC Group, titled "Asset Tracking Market Report by Component (Hardware, Software), Deployment Mode (On-premises, Cloud-based), Organization Size (Large Enterprises, Small and Medium sized Enterprises), End Use Industry (Transportation and Logistics, Aviation, Healthcare, Manufacturing, Food and Beverages, and Others), and Region 2024-2032," the global asset tracking market reached a value of US$ 17.3 Billion in 2023. Asset tracking refers to the procedure adopted by enterprises for tracking their tangible or intangible assets. It includes technological equipment, vehicles, computers, generators, software, contracts and patents. It involves the utilization of asset tracking software that aid in easily checking and updating the data related to the asset information in an efficient manner. Its software uses several advanced technologies, such as barcodes, beacons, QR codes, the global positioning system (GPS) and near-field communication (NFC), that help in providing accurate and real-time data for an efficient asset management system. It is extensively applicable across construction, healthcare, education and leasing business domains.

Global Asset Tracking Market Trends:

The global market is primarily driven by the growing incidences of asset thefts across the industrial and corporate sectors. Coupled with the rising need for optimizing and streamlining operations is providing a boost to the demand for asset tracking across the globe. Along with this, continual technological advancements and the integration of asset tracking systems with cloud solutions are significantly supporting its demand on the global level. Apart from this, rapid digitization across the globe has encouraged numerous businesses to heavily invest in the deployment of asset tracking systems, thereby catalyzing the market. In line with this, the advent of the internet of things (IoT) sensor-based asset tracking systems that convey telemetric information to avoid accidents while safeguarding products is impacting the market growth favorably. Due to the escalating need for enhancing profits and improving the return on investment (ROI), there has been a significant increase in the uptake of asset tracking systems. Other factors, including rapid industrialization, continuous improvements in the information technology (IT) sector and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 45.8 Billion by 2032, exhibiting a CAGR of 11.08% during 2024-2032.

Market Summary:

  • On the basis of the component, the market has been segmented into hardware and software.
  • Based on the deployment mode, the market has been classified into on-premises and cloud-based.
  • On the basis of the organization size, the market has been bifurcated into large and small and medium-sized enterprises.
  • Based on the end use industry, the market has been segregated into transportation and logistics, aviation, healthcare, manufacturing, food and beverages and others.
  • On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, Deployment Mode, Organization Size, End Use Industry, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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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Global Asset Tracking Market to Reach US$ 45.8 Billion by 2032, Impelled by Growing Incidences of Asset Thefts
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