Global Asset Tracking Market Report and Forecast 2024-2032

Global Asset Tracking Market Outlook

The global asset tracking market stood at a value of USD 27.21 million in 2023. The market is further expected to grow at a CAGR of 17.2% in the forecast period of 2024-2032 to attain a value of above USD 113.51 million by 2032.

Significant Demand for Cloud-Based Deployment to Bolster the Growth of the Asset Tracking Industry

Based on deployment type, the cloud-based segment accounts for a significant share in the market and is anticipated to witness a steady growth in the forecast period. The cloud-based software provides significant advantages including security, value for time and money, data centralisation, and accuracy, among others. Additionally, the growing awareness about the cost-efficiency offered by the cloud-based systems compared to buying systems, hard disks, among others, is also estimated to add to the market growth. Cloud-based software can run on a simple laptop, saving a lot of money.

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North America to Provide Significant Growth Opportunities to the Asset Tracking Industry

The asset tracking industry in North America is driven by the strong manufacturing and transportation and logistics base in the region. For instance, in countries like the United States, the Federal Highway Association (FHWA), along with the American Association of State Highway and Transportation Officials (AASHTO) and state and local departments of transportation (DOTs) are increasingly deploying asset management solutions. This can be attributed to the benefits of improved operational efficiency and productivity offered by these solutions. Over the forecast period, the emergence of highly skilled workforce in the logistics market, along with the technological advancements in the transportation sector is likely to augment the market growth in the region in the forecast period.

Asset Tracking: Market Segmentation

Asset tracking is defined as a method used to track physical assets either by scanning the attached barcode labels or with the use of tags through GPS or RFID, which denotes their location.  Asset tracking helps in the efficient inventory management, as it allows an organisation to monitor and locate its assets in real time. In addition, the asset tracking systems help reduce the instances of losses and improve accountability, thereby enhancing the overall customer experience.

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Based on component, the market is segmented into:

• Hardware
• Software

On the basis of deployment type, the industry is divided into:

• Cloud Based
• On-Premise

The major end-uses of asset tracking include:

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

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Application of Asset Tracking in the Healthcare Sector to Boost the Growth of the Asset Tracking Industry

The global asset tracking industry is being driven by its growing use in the healthcare sector. This can be attributed to the growing demand for medical equipment and upgraded surgical equipment in hospitals, ambulatory surgical centres, clinics, and medical camps. In addition, the growing requirement for improved asset lifecycle maintenance, efficient security, and stringent asset management protocols are leading to the increased deployment of asset tracking system in the industry. Over the forecast period, the thriving food and beverage industry in emerging economies of the world is likely to support the market growth in the forecast period.

Key Industry Players in the Global Asset Tracking Market

The report gives a detailed analysis of the following key players in the global asset tracking market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• ActSoft, Inc.
• AT&T Inc.
• Oracle Corporation
• Trimble, Inc.
• Zebra Technologies Corporation
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report