The global Asset Tracking Market is expected to grow at a significant CAGR during the forecast period (2021-2027). Given the high cost of business and industrial assets, particularly fleet equipment, the necessity for asset monitoring and tracking is critical. Furthermore, managers across sectors are discovering the necessity for a centralised system that offers crucial information, such as location, maintenance history, and contract (if applicable), for all assets in real-time to estimate the total cost of ownership. Managers can incur fewer administrative expenses, improved accountability, and cost savings by combining hardware, software, and network services. Furthermore, businesses may plan for maintenance and future expansion using the information on asset conditions, resulting in total efficiency.
The global asset tracking market is driven by technologies such as RFID, sensors, location-based technologies, integrating software, and the current IoT deployment. The use of RFID-based asset tracking technologies has increased in popularity. According to Zebra Technologies, a company that specialises in RFID and location technology for shop floors, asset management has become easier in industries like automotive and electronics as a result of the deployment of IoT technology.
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Although many types of trailer/truck tracking technology have been around for a long time, developments in the IoT and linked devices have considerably increased the possibilities of asset tracking systems. Currently, IoT in the transportation arena provides a considerably larger variety of data, including not just the trailer’s position and condition, but also the goods within. According to Cisco, the logistics sector will produce $ 1.9 trillion over the next decade as a result of unlocking better levels of operational efficiency through the deployment of IoT. This is since the (IoT) connects millions of shipments in real-time. For instance, in July 2019, T-Mobile announced the first Narrowband IoT asset tracking service in the US. Roambee BeeAware, the company’s initial asset tracking solution, is scheduled to be sold over a Narrowband IoT (NB-IoT) network in the United States.
Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
Segment Covered-
- By Component
- By Deployment Type
- By End-User
Regions Covered
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape: Actsoft Inc., ASAP Systems, Asset Panda, GigaTrak and AT&T Inc.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
- Recovery Timeline
- Deviation from pre-COVID forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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Global Asset Tracking Market by Segments
By Component
- Hardware
- Software
By Deployment Type
- On-Cloud
- On-Premise
By End-User
- Transportation & Logistics
- Aviation
- Healthcare
- Manufacturing
- Food & Beverages
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
