A recent study by Triton Market Research titled ‘Global Asset Tracking Market’ includes the Global Analysis and Forecasts by Type (Hardware [QR Code/Barcode, GPS (Global Positioning System), LoRaWAN (Long Range Wide Area Network), BLE (Bluetooth Low Energy), RFID (Radio-Frequency Identification), Custom Hardware], Services, Software [Cloud, On-Premise]), End-user (Manufacturing, Healthcare, Transportation and Logistics, Construction, IT & Telecommunication, Oil & Gas, Others), and by Geography (North America, Latin America, Middle East and Africa, Europe, Asia-Pacific).
Asset management encompasses the software, hardware, and service solutions that help track goods during storage or transportation. It primarily helps in avoiding thefts and assists in gaining beneficial operation insights.
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Triton’s research report depicts that the global asset tracking market is probable to grow at a CAGR of 12.95% during the evaluated years 2019-2028. It is also expected to attain revenue worth $52.95 billion by 2028.
Factors such as growing demand from 3PL companies, along with growth in IoT and Logistics 4.0, are majorly motivating the asset tracking market’s growth. Logistics 4.0 helps attain higher operational efficiency and cost reduction, mainly used for decision-making in complex environments. The real-time monitoring of goods can enhance service quality, optimizes asset utilization, and prevents theft. Moreover, it helps in creating a more dynamic and customized delivery of services to the consumers. Hence, the growth in IoT and logistics 4.0 are directing the studied market’s growth. However, the high initial cost of asset tracking software is obstructing the asset tracking market’s development.
The market for asset tracking is segmented into type and end-user. Based on type, the market is broadly divided into hardware, services, and software. In terms of hardware, it is branched into QR code/barcode, GPS (Global Positioning System), LoRaWAN (Long Range Wide Area Network), BLE (Bluetooth Low Energy), RFID (Radio-Frequency Identification), and custom hardware. Similarly, software is bifurcated into cloud and on-premise. Lastly, as per the end-user, the market is divided into manufacturing, healthcare, transportation and logistics, construction, IT & telecommunication, oil & gas, and others.
Geographically, the Asia-Pacific is expected to become the fastest-growing asset tracking market during the projected period. The growth in the adoption of several technological advancements, including AI and IoT adoption, in several industries is driving the market’s growth across the region. Moreover, several small- and medium-sized enterprises are investing to increase the deployment of advanced technological solutions to enhance their business functions. Additionally, multiple market players are innovating to provide asset tracking solutions across every end-user industries. This further augments the demand for asset tracking solutions, thereby propelling the asset tracking market on a positive growth trajectory.
Ubisense Group PLC, Azuga, AT&T Inc, Oracle Corporation, Asset Panda LLC, Verizon Communications Inc, Fleet Complete, Spireon Inc, GigaTrak, Trimble Inc, Zebra Technologies Corporation, OnAsset Intelligence Inc, Tenna, Hilti, and CloudHawk are prominent companies present in this market.
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Question & Answer: Asset Tracking Market
Question 1: What major factors are motivating the growth of the asset tracking market?
Answer: Factors such as growing demand from 3PL companies, along with growth in IoT and Logistics 4.0, are majorly motivating the asset tracking market’s growth. Logistics 4.0 helps attain higher operational efficiency and cost reduction, mainly used for decision-making in complex environments. The real-time monitoring of goods can enhance service quality, optimizes asset utilization, and prevents theft. Moreover, it helps in creating a more dynamic and customized delivery of services to the consumers. Hence, the growth in IoT and logistics 4.0 are directing the studied market’s growth.
Question 2: What factor is obstructing the asset tracking market development?
Answer: The high initial cost of asset tracking software is obstructing the asset tracking market’s development.
Question 3: Which region is the fastest-growing in the asset tracking market?
Answer: Geographically, the Asia-Pacific is expected to become the fastest-growing asset tracking market during the projected period. The growth in the adoption of several technological advancements, including AI and IoT adoption, in several industries is driving the market’s growth across the region. Moreover, several small- and medium-sized enterprises are investing to increase the deployment of advanced technological solutions to enhance their business functions. Additionally, multiple market players are innovating to provide asset tracking solutions across every end-user industries. This further augments the demand for asset tracking solutions, thereby propelling the asset tracking market on a positive growth trajectory.
Question 4: Which are the prominent companies present in the asset tracking market?
Answer: Ubisense Group PLC, Azuga, AT&T Inc, Oracle Corporation, Asset Panda LLC, Verizon Communications Inc, Fleet Complete, Spireon Inc, GigaTrak, Trimble Inc, Zebra Technologies Corporation, OnAsset Intelligence Inc, Tenna, Hilti, and CloudHawk are prominent companies present in this market.
Related Report:
Global Supply Chain Management Software Market
The global supply chain management software market is probable to register growth at a CAGR of 9.78% during the evaluated period of 2019-2028, while acquiring revenue worth $33581 million by 2028.
Supply chain management is an important part of any business operation as it helps companies structure their business setup globally. The supply chain management software manages the information and material flow across the value chain, enhancing the SCM operations of a company.
Factors such as the need for a demand management system, growth in the e-commerce industry, and software’s ability to have better control over the supply chain, are elements majorly driving the growth of the studied market across the world.
However, the high cost of setup restricts the market to develop further. Even the possibility of cyberattack and the need for higher bandwidth for cloud-based solutions, are challenging the supply chain management software market’s expansion.
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