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Rising Transportation And Logistics Sectors Drive Asset Tracking Software Market Growth: An Emerging Driver Transforming The Asset Tracking Software Market Landscape
Asset Tracking Software
What Is the Projected Growth of the Asset Tracking Software Market?
The asset tracking software market has grown quickly, projected to expand from $19.17 billion in 2024 to $21.61 billion in 2025 at a CAGR of 12.7%, supported by demand for real-time analytics, improved tracking accuracy, reduced operational costs, better supply chain practices, and cloud technology adoption.
The asset tracking software market will grow quickly to $34.54 billion in 2029 at a CAGR of 12.4%, owing to healthcare expansion, predictive maintenance needs, remote monitoring, and smart city development; trends feature IoT and AI adoption, blockchain integration, cloud-based solutions, and mobile platforms.
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What Are the Different Asset Tracking Software Market Segments?
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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What Are the Primary Drivers Shaping the Asset Tracking Software Market?
The expansion of the transportation and logistics sectors is expected to propel the asset tracking software market. These sectors are growing due to globalization, e-commerce, and supply chain optimization needs. Asset tracking software enhances operations by monitoring goods and vehicles in real time. In December 2023, the Bureau of Transportation Statistics reported that the transportation sector accounted for 9.0% of U.S. GDP in 2022, up from 8.4% in 2021. Hence, industry growth is advancing the asset tracking software market.
Which Companies Are Leading in the Asset Tracking Software Market?
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
What Are the Latest Developing Trends in the Asset Tracking Software Market?
In the asset tracking software market, companies are incorporating IoT-based solutions to improve real-time asset management across industries. IoT asset tracking systems enhance efficiency by monitoring and managing assets with connected devices. For example, in December 2023, Globalstar, Inc., in partnership with Global Satellite Engineering, introduced GSatSolar, a satellite-powered IoT tracking device that allows near-real-time asset tracking and enhances data collection efficiency in remote locations.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Asset Tracking Software Market?
2. What is the CAGR expected in the Asset Tracking Software Market?
3. What Are the Key Innovations Transforming the Asset Tracking Software Industry?
4. Which Region Is Leading the Asset Tracking Software Market?
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