The Global Asset Tracking Market Evaluated to Garner Revenue at $52.95 Billion by 2028

According to Triton’s research report, the global asset tracking market, which attained revenue worth $17.69 billion in 2019, is anticipated to witness growth at 12.95% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Asset Tracking Market’ comprises the Global Analysis and Forecasts by End-user (Construction, Oil & Gas, Healthcare, Transportation and Logistics, Manufacturing, IT & Telecommunication, Others), Type (Software [On-Premise, Cloud], Hardware [LoRaWAN (Long Range Wide Area Network), GPS (Global Positioning System), RFID (Radio-Frequency Identification), Custom Hardware, BLE (Bluetooth Low Energy), QR Code/Barcode], Services), and by Geography (Latin America, Middle East and Africa, Asia-Pacific, North America, Europe).


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Triton’s report signifies that the global asset tracking market is expected to develop at a CAGR of 12.95% during the considered years of 2019-2028. It is further evaluated to showcase revenue worth $52.95 billion by 2028.
Asset management comprises the hardware, software, and service solutions that assist in tracing items that are either stored or transported. The asset management solutions help in preventing in-transit theft, further attaining valuable insights from the goods.

The surging demand from 3PL companies, paired with a rise in IoT and logistics 4.0, are factors augmenting the growth of the asset tracking market worldwide. Logistics 4.0 assists in gaining higher operational efficiency and cost reduction, which are utilized for decision-making in complicated environments. The real-time monitoring of goods can improve the quality of services and help avoid goods theft. Therefore, the growth in IoT and logistics 4.0 are expected to drive the market’s progression. However, the high initial cost of asset tracking software is hindering the evolution of the asset tracking market.

The market for asset tracking is divided into end-user and type. In terms of end-user, the market is branched into construction, oil & gas, healthcare, transportation and logistics, manufacturing, IT & telecommunication, and others. Based on type, it is segmented into software, hardware, and services. Further, the software is bifurcated into on-premise and cloud. Whereas hardware is categorized into LoRaWAN (Long Range Wide Area Network), GPS (Global Positioning System), RFID (Radio-Frequency Identification), custom hardware, BLE (Bluetooth Low Energy), and QR code/barcode.

Globally, Asia-Pacific holds the largest market for asset tracking, and is expected to continue its hold till 2028. The region’s dominance can be attributed to the adoption of several technological advancements in various end-user industries, including the adoption of AI and IoT technologies. Additionally, the investments by small- and medium-sized enterprises to surge implementation of advanced technological solutions for various business functions are also improving the demand for asset tracking solutions. This further boosts the asset tracking market on a growth path.

Asset Panda LLC, Trimble Inc, OnAsset Intelligence Inc, CloudHawk, Verizon Communications Inc, GigaTrak, Oracle Corporation, Spireon Inc, Zebra Technologies Corporation, Azuga, Ubisense Group PLC, Fleet Complete, Tenna, Hilti, and AT&T Inc are well-known companies involved in the market.

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Question & Answer: Asset Tracking Market

Question 1: What factors are augmenting the growth of the asset tracking market?
Answer: The surging demand from 3PL companies, paired with a rise in IoT and logistics 4.0, are factors augmenting the growth of the asset tracking market worldwide.

Logistics 4.0 assists in gaining higher operational efficiency and cost reduction, which are utilized for decision-making in complicated environments. The real-time monitoring of goods can improve the quality of services and help avoid goods theft. Therefore, the growth in IoT and logistics 4.0 are expected to drive the market’s progression.

Question 2: What factor is hindering the evolution of the asset tracking market?
Answer: The high initial cost of asset tracking software is hindering the evolution of the asset tracking market.

Question 3: Which region is the dominating in the asset tracking market?
Answer: Globally, Asia-Pacific holds the largest market for asset tracking, and is expected to continue its hold till 2028. The region’s dominance can be attributed to the adoption of several technological advancements in various end-user industries, including the adoption of AI and IoT technologies. Additionally, the investments by small- and medium-sized enterprises to surge implementation of advanced technological solutions for various business functions are also improving the demand for asset tracking solutions. This further boosts the asset tracking market on a growth path.

Question 4: Which are the well-known companies involved in the asset tracking market?
Answer: Asset Panda LLC, Trimble Inc, OnAsset Intelligence Inc, CloudHawk, Verizon Communications Inc, GigaTrak, Oracle Corporation, Spireon Inc, Zebra Technologies Corporation, Azuga, Ubisense Group PLC, Fleet Complete, Tenna, Hilti, and AT&T Inc are well-known companies involved in the market.

Related Report:
Global Supply Chain Management Software Market

The global supply chain management software market is expected to witness growth in its revenue during 2019-2028 at 9.78% of CAGR. It is also anticipated to garner revenue worth $33581 million by 2028.

Supply chain management is crucial for every business to function efficiently, assisting in structuring business operations for companies. The SCM software handles the information and material flow through the value chain. This further advances the supply chain management operations of businesses.

The need for demand management, rising e-commerce industry, and software’s capability to have better control over the supply chain, are major factors motivating the development of the supply chain management software market.
Although, the high cost of setup, the possibility of cyberattacks, and the need for higher bandwidth for cloud solutions, are hampering the market’s future worldwide.

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