Global Asset Tracking Software Market Trends and Projections for 2024

"The Business Research Company recently released a comprehensive report on the Global Asset Tracking Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The asset tracking software market size has grown rapidly in recent years. It will grow from $17.05 billion in 2023 to $19.17 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to increased demand for real-time data analytics, enhanced accuracy in tracking systems, reduction in operational costs, increased demand for efficient supply chain management, and expansion of cloud computing services.

The asset tracking software market size is expected to see rapid growth in the next few years. It will grow to $30.75 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to growth in the healthcare sector, the increasing need for remote asset monitoring, the growing importance of predictive maintenance, the development of smart cities, and enhancements in cybersecurity measures. Major trends in the forecast period include the adoption of IoT and AI technologies, cloud-based solutions, integration with advanced technologies like blockchain, mobile-based tracking solutions, and automation in asset management.

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Market Drivers and Trends:

The growing transportation and logistics industries are expected to propel the growth of the asset tracking software market going forward. The transportation and logistics industries facilitate the efficient movement of goods and people across various modes of transportation, crucially supporting global trade and economic activities. The transportation and logistics industries are growing due to increasing globalization, e-commerce expansion, technological advancements, and the need for efficient supply chain management. Asset tracking software is instrumental in the transportation and logistics industries for real-time monitoring and managing vehicles, shipments, and inventory, optimizing operations, improving efficiency, and enhancing security. For instance, in December 2023, according to the Bureau of Transportation Statistics, which is part of the United States Department of Transportation, in 2022, the transportation sector represented 9.0% of the U.S. GDP, an increase from 8.4% in 2021 and 7.7% in 2020. Therefore, the growing transportation and logistics industries are driving the asset tracking software market.

Major companies operating in the asset tracking software market are focusing on IoT integration, such as Internet of Things (IoT) asset-tracking solutions, to enhance real-time visibility and improve efficiency in monitoring and managing assets across various industries. IoT asset tracking solutions utilize Internet of Things technology to monitor and manage assets in real-time, leveraging connected devices for increased efficiency and streamlined operations. For instance, in December 2023, Globalstar, Inc., a US-based satellite communications company, launched GSatSolar in collaboration with Global Satellite Engineering (GSE), a US-based company that specializes in designing and developing machine-to-machine, satellite, and IoT solutions. It is a compact, durable, and cost-effective IoT asset-tracking device that enhances value-added resellers (VARs) and customers' tracking software capabilities by enabling near-real-time tracking of additional assets. Through its satellite-powered design tailored for remote IoT operations, GSatSolar expands the capacity for tracking assets, facilitating more reliable field data collection and potentially boosting efficiency while supporting autonomous data collection in remote areas.

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Major Key Players of the Market:

Microsoft Corporation, Verizon Communications Inc., AT&T Inc., Siemens AG, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Stanley Black and Decker Inc., Zebra Technologies Corporation, Trimble Inc., Datalogic S.P.A., Geotab Inc., QBurst, Freshworks, Impinj Inc., Fleet Complete, Mojix Inc., Tenna LLC, Savi Technology Inc., UpKeep Technologies, Ubisense Group Plc., Zerion Software, PcsInfinity, Sortly

Asset Tracking Software Market 2024 Key Insights:

• The asset tracking software market size is expected to see rapid growth in the next few years. It will grow to $30.75 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%.
• Rising Transportation And Logistics Sectors Drive Asset Tracking Software Market Growth
• IoT Integration Revolutionizing Asset Tracking Software Market
• North America was the largest region in the asset tracking software market in 2023

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