Asset Tracking Market to Hit US$ 29.93 Billion by 2022-2027 , accelerating at a CAGR of 13.30% During the Forecast Period

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 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 is the procedure of tracking the physical assets of corporations by scanning barcode labels. Some commonly known asset tracking solutions include barcodes, quick response (QR) codes, radio-frequency identification (RFID) tags, near-field communication (NFC), a global positioning system (GPS), Bluetooth low energy (BLE) beacons, and the internet of things (IoT). It offers several benefits, such as improved efficiency, reduced cost, enhanced asset lifecycle maintenance, improved security, increased equipment longevity, and strengthened asset management protocols. Owing to these benefits, asset tracking finds extensive applications in the transportation, food and beverage (F&B), logistics, aviation, healthcare, and manufacturing industries.

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 market is primarily driven by the escalating demand for asset-tracking solutions to enhance profits, minimize costs, and track the return on investment (RoI). In addition, the widespread adoption of asset-tracking solutions in various organizations, such as transportation, food and beverage (F&B), and manufacturing, to streamline operations and optimize the utilization of existing resources is contributing to market growth. Moreover, various technological advancements and the incorporation of the internet of things (IoT), artificial intelligence (AI), predictive maintenance, digital twin, telematics, and augmented reality (AR) in asset tracking for better planning and maintenance of assets represent another major growth-inducing factor. Along with this, the increasing utilization of cloud-based solutions in large organizations to eliminate the need for installing additional hardware and store the data in various data centers is providing a positive thrust to the market growth. Besides this, the market is also propelled by the growing healthcare sector and the escalating demand for asset-tracking solutions to enhance workforce safety and patient care.

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Asset Tracking Market Report Segmentation:

Competitive Landscape:

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:
• Hardware
• Software

Breakup by Deployment Mode:
• On-premises
• Cloud-based

Breakup by Organization Size:
• Large Enterprises
• Small and Medium-sized Enterprises

Breakup by End Use Industry:
• Transportation and Logistics
• Aviation
• Healthcare
• Manufacturing
• Food and Beverages
• Others

Breakup By Region:
• 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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