Press release
IoT Integration Revolutionizing Asset Tracking Software Market Trend: A Crucial Influence on the Asset Tracking Software Market's Transformation in 2025
Asset Tracking Software
The surge in the transportation and logistics sectors is predicted to accelerate the expansion of the asset tracking software market in the future. These sectors help to move goods and people effectively via different transportation channels, playing a vital role in international trade and economic activities. Factors such as increasing globalization, growth of e-commerce, advancements in technology, and the necessity for efficient supply chain management contribute to the expansion of the transportation and logistics sectors. Asset tracking software plays a pivotal role in these sectors by allowing real-time supervision and control of vehicles, shipments, and stock, enhancing operations, increasing productivity, and intensifying security. For instance, data from the Bureau of Transportation Statistics, a branch of the United States Department of Transportation, revealed that the transportation sector accounted for 9.0% of the U.S. GDP in 2022, a rise from 8.4% in 2021. Therefore, the rising trend in transportation and logistics sectors is fuelling the growth in the asset tracking software market.
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What Is the projected market size and growth rate for the asset tracking software market?
In recent times, the market size of asset tracking software has seen rapid expansion. It's projected to increase from $19.17 billion in 2024 to $21.61 billion in 2025, recording a compound annual growth rate (CAGR) of 12.7%. Factors contributing to this growth include a rise in demand for live data analytics, advancements in tracking system precision, diminished operational expenses, an amplified necessity for proficient supply chain management, and growth in cloud computing services.
In the forthcoming years, the asset tracking software market is forecasted to experience a significant surge, expanding to $34.54 billion in 2029 at a compound annual growth rate (CAGR) of 12.4%. The predicted growth during this period can be attributed to expansion in the healthcare sector, escalating demands for remote asset monitoring, the rising significance of predictive maintenance, the evolution of smart cities, and advancements in cybersecurity measures. Key trends projected for this period consist of the integration of IoT and AI technologies, adoption of cloud-based applications, collaboration with cutting-edge technologies such as blockchain, mobile-oriented tracking solutions, and automation in the realm of asset management.
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What new trends are reshaping the asset tracking software market and its opportunities?
Leading firms in the asset tracking software market are concentrating on incorporating Internet of Things (IoT) components, like IoT asset tracking solutions, to improve the effectiveness and efficiency of real-time asset monitoring and management across multiple sectors. IoT asset tracking solutions employ IoT technology to control and manage assets in real-time, making use of connected gadgets for operational efficiency and simplification. For instance, Globalstar, Inc., a satellite communications firm based in the US, rolled out GSatSolar in December 2023, in association with Global Satellite Engineering (GSE), a US company specializing in the creation of machine-to-machine, satellite, and IoT solutions. This is a reliable, compact, and cost-friendly IoT asset-tracking device that augments tracking software facilities for value-added resellers (VARs) and customers by facilitating close to real-time tracking of additional assets. GSatSolar, with its design specific for remote IoT operations, increases the potential for tracking assets, enabling more dependable field data gathering, and potentially enhancing efficiency while promoting autonomous data collection in remote locations.
What major market segments define the scope and growth of the asset tracking software market?
The asset tracking software market covered in this report is segmented -
1) By Component: Software, Service
2) By Deployment: Cloud, On-Premise
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Application: Government And Defense, Banking, Financial Services And Insurance (BFSI), Information Technology And telecommunication, Healthcare, Education, Retail, Other Applications
Subsegments:
1) By Software: On-Premises Software, Cloud-Based Software, Mobile Asset Tracking Software, Real-Time Location Systems (RTLS) Software, Barcode Or RFID Asset Tracking Software
2) By Service: Installation And Integration Services, Training And Support Services, Consulting Services, Maintenance And Upgrades Services
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Which region dominates the asset tracking software market?
North America was the largest region in the asset tracking software market in 2023. The regions covered in the asset tracking software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the asset tracking software industry growth?
Major companies operating in the asset tracking software market are 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
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What Is Covered In The Asset Tracking Software Global Market Report?
•Market Size Forecast: Examine the asset tracking software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the asset tracking software market for a structured understanding.
•Key Players Overview: Analyze major players in the asset tracking software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the asset tracking software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the asset tracking software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the asset tracking software market.
•Industry Challenges: Identify potential risks and obstacles affecting the asset tracking software market.
•Competitive Landscape: Review strategic developments in the asset tracking software market, including expansions, agreements, and new product launches.
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