Asset Tracking Market Growth, Outlook, Demand, Trends and Opportunity 2024-2032

Global Asset Tracking Industry: Key Statistics and Insights in 2024-2032

Summary:

• The global asset tracking market size reached USD 17.3 Billion in 2023.
• The market is expected to reach USD 45.8 Billion by 2032, exhibiting a growth rate (CAGR) of 11.08% during 2024-2032.
• Region-wise, the market has been classified 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.
• Hardware accounts for the majority of the market share in the component segment, as it is critical for gathering location data and ensuring asset visibility across various industries, such as logistics and manufacturing.
• On-premises hold the largest share in the asset tracking industry.
• Large enterprises remain a dominant segment in the market, as these enterprises often operate across multiple locations.
• Transportation and logistics represent the leading end use industry segment.
• The rising demand for efficiency is a primary driver of the asset tracking market.
• The increasing need for real-time visibility is reshaping the asset tracking market.

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Industry Trends and Drivers:

• Increasing demand for efficiency:

Asset tracking solutions enable businesses to make the most of their resources. Organizations can allocate assets more efficiently by accurately tracking their location and status. Traditional methods of asset tracking often involve manual data entry and physical inspections, which are time-consuming and prone to errors, while asset tracking technologies automate this process, reducing the need for manual labor and ensuring data accuracy. Asset tracking systems also provide real-time data on the condition of assets, enabling predictive maintenance. This proactive approach helps prevent unexpected breakdowns and reduces costly downtime, thereby increasing efficiency in organizations.

• Rising need for real-time visibility:

Real-time visibility is crucial for tracking the movement of goods from suppliers to consumers. Asset tracking systems provide real-time data on the location of shipments, helping organizations optimize routes, reduce transit times, and respond to unexpected delays promptly. Real-time visibility into inventory levels enables businesses to manage their stock more efficiently. Retailers can monitor stock levels in real-time and avoid overstocking or understocking, resulting in cost savings and improved consumer service. Moreover, organizations with a large fleet of vehicles or equipment can benefit from real-time asset tracking, as they can monitor asset usage, track idle time, and optimize asset allocation to ensure resources are used efficiently.

• Technological advancements:

The integration of Internet of Things (IoT) in asset tracking allows assets to be equipped with sensors and connected to the internet. These sensors can collect data on asset location, condition, and performance in real-time, providing valuable insights for businesses. In addition, radio-frequency identification (RFID) technology enables assets to be tagged with RFID tags or labels, which can be scanned remotely to identify and track them. Global positioning system (GPS) technology is also improving accuracy and coverage, making it a valuable tool for tracking mobile assets, such as vehicles and equipment. Real-time GPS tracking provides precise location data, enhancing asset visibility.

The asset tracking market forecast offers insights into future opportunities and challenges, drawing on historical data and predictive modeling.

Asset Tracking Market Report Segmentation:

Breakup By Component:

• Hardware
• Software

Hardware represents the largest segment, as physical tracking devices, such as RFID tags, GPS sensors, and IoT hardware, are essential for collecting real-time data on asset location and condition.

Breakup By Deployment Mode:

• On-premises
• Cloud-based

On-premises account for the largest market on account of the rising preference among organizations to keep asset tracking data within their own physical infrastructure for greater control and data security.

Breakup By Organization Size:

• Large Enterprises
• Small and Medium-sized Enterprises

Large enterprises exhibit a clear dominance in the market, as they have more extensive and diverse asset portfolios, requiring robust asset tracking solutions to manage and optimize their resources effectively.

Breakup By End Use Industry:

• Transportation and Logistics
• Aviation
• Healthcare
• Manufacturing
• Food and Beverages
• Others

Transportation and logistics hold the biggest market share due to the critical need for real-time visibility and tracking of assets, including vehicles, containers, and packages.

Breakup By Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Region-wise, the market has been segmented into North America (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.

Top Asset Tracking Market Leaders:

The asset tracking market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

• 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.)
• Zebra Technologies Corporation.

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