India Asset Tracking Market Competitive Research And Precise Outlook 2021 To 2026 -Coresonant Systems Private Limited, AT&T Inc., NFC Group

Market Insights Reports delivers key insights on the India Asset Tracking market in its latest report titled, “India Asset Tracking Market - Growth, Trends, COVID-19 Impact, And Forecasts (2021 - 2026)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.

The Indian asset tracking market was valued at around USD 400 million in 2020, and it is expected to register a CAGR of 17.3%, during the period of 2021-2026. 

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Top Key Players in the India Asset Tracking Market: Coresonant Systems Private Limited, AT&T Inc., NFC Group, Quinta Systems Private Limited (Software), Hilti (Software), Oracle Corporation, Chekra Business Solutions, Trimble Inc., Identis, Verizon Communications Inc., Zebra Technologies India, SAP SE, Omnitracs India

- December 2019 - Verizon Connect announced new workforce management solutions with the introduction of Verizon Connect Field Service Dispatch, which efficiently schedules and communicates the job information to technicians and customers throughout the day, in near-real-time, and it works alongside the Verizon Connect Reveal platform to combine vehicle location data and technician status to help manager operate faster.

Key Market Trends

Transport and Logistics Segment is Expected to Hold a Major Share

- Transportation and logistics are witnessing a significant demand for mobile asset tracking solutions in India. Some of the most advanced custom-built tracking solutions that are found in the current market scenario are used by transportation and logistics players. Due to significant demand from the sector, almost all the asset tracking vendors in the market have custom-built solutions to serve the transportation and logistics sector.
- Moreover, according to the IBEF, the Indian e-commerce market is expected to grow to USD 200 billion by 2026, from USD 38.5 billion as of 2017. The above developments may boost the growth of the market in the near future, and the ongoing digital transformation in the country is expected to increase India's total internet user base to 829 million by 2021, from 636.73 million in FY19. Transport and logistics may play a key role in driving Indian e-commerce forward, which is expected to boost the asset tracking market.
- Furthermore, asset tracking systems are expected to gain significant demand from the public transportation sector in India. Fleets of buses and trucks commissioned by the government need to be monitored in real-time, in order to ensure the good health of public transport and minimize the maintenance and operation costs through predictive maintenance features offered by the asset tracking solutions.

Regional Analysis:

The report offers in-depth assessment of the growth and other aspects of the India Asset Tracking market in important countries (regions), including:
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Hardware Segment is Expected to Hold Major Share

- Barcodes and QR codes are a type of hardware that witnessed increased usage among the asset tracking systems in India. They improve the user's operational efficiency and foster better customer service, thus, providing visibility into business management processes. Since the cost of developing a barcode or a QR code is low, they find applications on products that are non-returnable and have a lower life-cycle. For example, a unit shipment of any food package would bear such a tag.
- The global positioning system (GPS) is another hardware solution that is widely deployed in vehicles, but the application is not limited by it. There have been instances of organizations using it for keeping track of the employees. GPS tracking assists in monitoring the exact outdoor location. Easy availability and cheaper deployments are an indication of increased adoption among SMEs in the logistics sector. Asia-Pacific is experiencing increased adoption, with China and India being the major adopters.
- According to Nasscom, the Indian IoT market is expected to reach USD 15 billion by 2020 and constitute 5% of the global market. India is one of the strongest emerging economies in the Asian markets, and the manufacturing sector has witnessed high growth in the country due to government initiatives, like Make in India, which are aimed to provide global recognition for the manufacturing hub. Growing manufacturing of hardware devices, such as GPS, RFID, and BLE, is expected to be another driving factor for the asset tracking market.

This India Asset Tracking Market report addresses:

- The Market size from 2016-2021

- Expected market growth until 2026

- Forecast of how market drivers, restraints, and future opportunities will affect

- Segment and regions that will drive or lead the market growth and why

- Comprehensive mapping of the competitive landscape

- In-depth analysis of key sustainability strategies adopted by market place

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Post Covid-19 Analysis:

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