DUBLIN–(BUSINESS WIRE)–The “Global Asset Tracking Market 2030 by Component, Deployment, Organization Size, End-Uses and Region – Partner & Customer Ecosystem Competitive Index & Regional Footprints” report has been added to ResearchAndMarkets.com’s offering.
The Asset Tracking Market size is estimated to grow from USD 19.1 Billion in 2022 to reach USD 54.3 Billion by 2030, growing at a CAGR of 14.1% during the forecast period from 2023 to 2030.
The Transformative Impact of Asset Tracking on Industries
The Asset Tracking Market is poised for substantial growth during the forecast period due to its multifaceted advantages and widespread applications across various industries. This growth can be attributed to the inherent capabilities of asset tracking in revolutionizing the way organizations manage and utilize their physical assets.
By employing technologies like global positioning systems (GPS) or radio-frequency identification (RFID) to scan barcode labels, asset tracking furnishes real-time and precise data, forming the backbone of an efficient asset management system. This real-time visibility not only enhances decision-making but also streamlines processes, leading to considerable time and cost savings.
Furthermore, the transformative impact of asset tracking extends to upgrading or replacing assets in a timely manner, optimizing operational efficiency. The benefits offered are manifold: centralizing data through asset management software, bolstering asset value through insightful utilization reports, optimizing asset lifecycle maintenance, fortifying asset security measures, and reinforcing overall asset management protocols. These advantages translate into tangible improvements in productivity, resource allocation, risk mitigation, and regulatory compliance for organizations.
Also, as organizations increasingly recognize the potential of asset tracking to elevate their operational efficiency, reduce losses, and enhance overall performance, the market is expected to witness significant expansion during the forecast period. The compelling value proposition of real-time, data-driven asset management across industries solidifies asset tracking’s position as a key driver of innovation and growth in the market.
Increasing Market Growth Fuelled by Strong Demand for Cloud-Based Deployment in Asset Tracking Market
Based on deployment type, the cloud-based segment holds a substantial market share and is poised for consistent growth during the forecast period. Cloud-based software offers noteworthy benefits, such as enhanced security, efficient resource utilization, centralized data management, and heightened accuracy.
Furthermore, the increasing recognition of cloud-based systems’ cost-effectiveness in contrast to the expenses associated with purchasing physical systems and hardware like hard disks is expected to contribute to market expansion. Notably, cloud-based software can seamlessly operate on standard laptops, resulting in significant cost savings.
The Asset Tracking Industry is set to Experience Significant Growth in North America
The asset tracking market in North America thrives on the robust manufacturing and transportation and logistics infrastructure within the region. Notably, countries like the United States witness a strategic collaboration between the Federal Highway Association (FHWA), the American Association of State Highway and Transportation Officials (AASHTO), and local departments of transportation (DOTs) to progressively implement asset management solutions.
This proactive approach is underpinned by the evident advantages, including heightened operational efficiency and productivity, which these solutions confer. Looking ahead, the forecast period anticipates a further boost in market growth within the region, propelled by the emergence of a highly skilled workforce in the logistics arena and the continuous technological advancements within the transportation sector.
Major Classifications are as follows:
Asset Tracking Market, By Component
- Hardware
- Software
Asset Tracking Market, By Deployment
- Cloud Based
- On-Premise
Asset Tracking Market, By Organization Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Asset Tracking Market, By End-Uses
- Transportation and Logistics
- Aviation
- Healthcare
- Manufacturing
- Food and Beverages
- Others
Asset Tracking Market, By Geography
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Rest of the World
- Middle East
- UAE
- Saudi Arabia
- Israel
- Africa
- South Africa
- Rest of Africa
Companies Mentioned
- Actsoft Inc. (US)
- Touma Incorporated (Asap Systems) (US)
- SAP SE (Germany)
- Microsoft Corporation (US)
- Honeywell International Inc. (US)
- IBM Corporation (US)
- Asset Panda (US)
- AT&T Inc. (US)
- GigaTrak (P&T Solutions Inc.) (US)
- OnAsset Intelligence Inc. (US)
- Fleet Complete (Canada)
- Oracle Corporation (US)
- Spireon Inc. (US)
- Trimble Inc. (US)
- Zebra Technologies Corporation (US)
- Verizon Communications Inc. (US)
- Ubisense Limited (UK)
- Wasp Barcode Technologies Inc. Tenna (US)
For more information about this report visit https://www.researchandmarkets.com/r/ohmvl
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