According to the report by Expert Market Research (EMR), the global asset tracking market size is projected to grow at a CAGR of 13.7% between 2024 and 2032. Aided by the growing application of this technology across large organisations, the market is expected to grow significantly by 2032.
Asset tracking refers to the method of tracking physical assets, either by scanning barcode labels attached to the assets or by using tags using GPS or RFID which broadcast their location. It has become an essential practice in various industries for the management and optimisation of assets, enhancing operational efficiency, and reducing the risk of loss or misplacement.
The asset tracking market growth is propelled by several critical factors. The increasing need for asset management in large organisations to efficiently manage their resources and inventory has been a significant driver. This need is further accentuated by the growing emphasis on reducing operational costs and increasing productivity.
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Technological advancements have also spurred market growth. The integration of IoT, AI, and cloud computing with asset tracking solutions has led to more sophisticated, accurate, and efficient tracking systems. These technologies have expanded the capabilities of asset tracking systems beyond mere location identification, incorporating predictive maintenance, asset condition monitoring, and real-time analytics.
According to the asset tracking market analysis, this technology is widely used across various industries, including logistics, healthcare, manufacturing, and retail. In logistics, it helps in tracking shipments and inventory, while in healthcare, it is used for managing medical equipment and pharmaceuticals. Manufacturing industries utilise asset tracking for equipment management and workflow optimisation, and retail businesses use it for inventory tracking and loss prevention.
Regionally, North America accounts for a significant portion of the asset tracking market share, primarily due to the presence of major technology companies and the early adoption of advanced technologies. However, the Asia-Pacific region is projected to witness rapid growth, driven by increasing industrialisation, the rise in e-commerce, and the growing adoption of technology-driven solutions in countries like China and India.
The market is on a trajectory of rapid growth, driven by technological advancements, the increasing need for efficient asset management, and its broad applications across various industries. With continuous innovation and adaptation to emerging technologies, the market is expected to maintain its upward trend, offering more sophisticated, reliable, and efficient asset tracking solutions to businesses worldwide.
Asset Tracking Market Segmentation
The market can be divided based on component, deployment type, end use, and region.
Market Breakup by Component
- Hardware
- Software
Market Breakup by Deployment Type
- Cloud Based
- On-Premise
Market Breakup by End Use
- Transportation and Logistics
- Aviation
- Healthcare
- Manufacturing
- Food and Beverages
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Asset Tracking Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global asset tracking market. Some of the major players explored in the report by Expert Market Research are as follows:
- ActSoft, Inc.
- AT&T Inc.
- Oracle Corporation
- Trimble, Inc.
- Zebra Technologies Corporation
- Others
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