The latest research study “Asset Tracking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global asset tracking market size reached US$ 13.28 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 29.93 Billion by 2027, exhibiting a growth rate (CAGR) of 13.30% during 2022-2027.
Asset tracking refers to the process of tracking the physical assets of organizations by scanning barcode labels attached using a global positioning system (GPS) or radio-frequency identification (RFID). It provides real-time and accurate data for an efficient asset management system. Asset tracking aids in upgrading or replacing numerous assets while saving time and expenses. It offers several benefits, including centralizing data with asset management software, increasing value with asset utilization reports, improving asset lifecycle maintenance, achieving greater security for assets, strengthening asset management protocols, etc. Consequently, asset tracking finds extensive applications in various industries, such as aviation, food and beverage (F&B), manufacturing, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Asset Tracking Market Trends and Drivers:
The escalating demand for these processes in organizations to streamline operations and optimize the utilization of existing resources across the globe is among the key factors stimulating the asset tracking market. Furthermore, they are also utilized to save costs, enhance profits, improve the return on investment (RoI), etc., which is acting as another significant growth-inducing factor. Besides this, the widespread adoption of asset tracking in the healthcare industry for enhancing workforce safety and patient care is positively influencing the global market. Moreover, the rising utilization of geographical information systems (GIS) in the transportation sector, owing to the easy availability of orthorectified images via satellites, is propelling the market growth. Apart from this, the growing integration of artificial intelligence (AI), predictive maintenance, augmented reality (AR), internet of things (IoT), digital twin, and telematics in asset tracking for better planning and maintenance of assets is further augmenting the global market. Additionally, the inflating popularity of cloud-based solutions in large enterprises to eliminate the need for installing additional hardware and storing the data in data centers is expected to fuel the asset tracking market over the forecasted period.
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Asset Tracking Market Report Segmentation:
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.) and Zebra Technologies Corporation.
The report has been segmented the market into following categories:
Breakup by Component:
Breakup by Deployment Mode:
Breakup by Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by End Use Industry:
- Transportation and Logistics
- Food and Beverages
- 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 (2016-2021)
- Market Outlook (2022- 2027)
- 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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