How Big is The Asset Tracking Market:

IMARC Group, a leading market research company, has recently releases report titled "Asset Tracking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global asset tracking market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The 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.

What is Asset tracking?

Asset tracking refers to the process of tracking the physical assets of an organization by scanning barcode labels attached utilizing a radio-frequency identification (RFID) or global positioning system (GPS). It comprises of diverse software and hardware components that provide real-time and accurate data for an effective asset management system. Asset tracking solutions help upgrade or replace multiple assets while saving expenses and time. They offer several benefits, which include centralizing data with asset management software, improving value with asset utilization reports, enhancing asset lifecycle maintenance, strengthening asset management protocols, and achieving greater security for assets. Consequently, asset tracking systems find widespread applications across numerous sectors, such as transportation, food and beverage (F&B), aviation, healthcare, manufacturing, etc.

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Asset Tracking Market Trends and Drivers:

The increasing requirement among organizations to streamline operations and optimize the use of existing resources across countries is primarily driving the global asset tracking market. Additionally, the escalating employment of these solutions to save costs and ensure a higher return on investment (RoI) is acting as another significant growth-inducing factor. Besides this, the inflating demand for asset tracking in healthcare establishments to enhance workforce safety and patient care and the growing usage of geographical information systems (GIS) in the transportation segment, owing to the extensive availability of orthorectified images through satellites, is also positively influencing the market growth. 

Moreover, the expanding integration of predictive maintenance, artificial intelligence (AI), augmented reality (AR), internet of things (IoT), telematics, and digital twin, in asset tracking for improved planning and maintenance of assets is further stimulating the global market. Apart from this, the shifting preferences toward cloud-based solutions in large enterprises for eliminating the need to install additional hardware and store the data in various data centers are expected to propel the global asset tracking market over the forecasted period.

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Asset Tracking Market Report Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• 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.

The report has been segmented the market into following categories:

Breakup by Component:

• Hardware

• Software

Breakup by Deployment Mode:

• On-premises

• Cloud-based

Breakup by Organization Size:

• Large Enterprises

• Small and Medium-sized Enterprises

Breakup by End Use Industry:

• Transportation and Logistics

• Aviation

• Healthcare

• Manufacturing

• Food and Beverages

• Others

By Geography:

• 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

Key highlights of the report:

• Market Performance (2017-2022)

• Market Outlook (2023- 2028)

• Porter’s Five Forces Analysis

• Market Drivers and Success Factors

• SWOT Analysis

• Value Chain

• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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