Asset Tracking Industry Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)
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The Asset Tracking Industry is segmented by Type (Solution, Services), Deployment (Cloud, On-premises), Application (Chatbots, Credit Scoring, Quantitative & Asset Management, Fraud Detection, and Other Applications), and Geography.
Market Overview
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Tracking of any item owned by a person or company that is regarded as having value and available to meet debts, commitments, or legacies is known as Asset Tracking. In order to determine the total cost of ownership, managers across industries are finding the need for a centralized system that provides critical information for all assets in real-time. By using a combination of hardware software and network services, managers are being able to incur lower administrative costs and better accountability and cost savings.
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With the help of information on the asset condition, they are able to plan for maintenance and future growth, thus, resulting in overall efficiency. Industries of nearly every kind benefit from asset tracking not only because it prevents theft, loss, and damage, but because assets comprise such a large percentage of a company’s holdings that asset management is essential for meeting compliance and industry-standard regulations
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Opting for a cloud-based asset tracking solution is even better. It keeps all your recorded data secure with simultaneous backups. With a well-grounded asset tracking solution, you never lose out on essential information.
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Market Segmentation
Component
Hardware
Software
Deployment
On premise
In the cloud
Industry
Education
Construction
Healthcare
Government
Non-profit
Logistics
Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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Table of Contents
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Introduction to Asset Tracking
1.1. What is Asset Tracking
1.2 Asset Tracking VS Inventory Tracking
2. Research Methodology
3. Executive Summary
4. Market Segmentation
5. Importance of Asset Tracking
6. Types of Asset Tracking Technology
7.1 Market Trends
7.2 Growth Drivers
7.2.1 Covid- 19 pandemic
7.2.2 Growth of IoT
7.2.3 Growth of the Logistics Industry
7.2.4 Proliferation of ecommerce
7.2.5 Work from Home & Remote learning
8. Recent Developments
8.1 Smartphone Barcode scanning
8.2 Intangible Intellectual Property (IP) assets are being tracked
8.3 Consumers are tracking their assets too
8.4.Given the increasing value (and tracking of) physically small or intangible assets (asset theft)
8.5 Asset tracking software is being used by smaller and smaller organizations
8.6 Asset tracking is moving to the Cloud
8.7 Assets are tracked across remote locations
8.8 More and more assets are being tracked
8.9 Smaller and smaller assets are being tracked
8.10 Transportation and Logistics Sector
9. Competitive Landscape – Major Market Players
9.1 Upkeep
9.2 Asset Panda
9.3 Wasp Barcode Technologies
9.4 ActSoft Inc.
9.5 ezOfficeInventory
9.6 Cheqroom
9.7 Reftab
9.8 GigaTrak
9.9 Spireon
9.10 AssetSonar
10. Key Statistics
11. Alternate usage of technologies
12. Key Trends
12.1 Real time Data Analytics
12.2 Upgraded indoor positioning
12.3 Artificial Intelligence
12.4 Mobile Computing
12.5 Blockchain Data Records
13. Opportunities
13.1 Sector wise
13.2 Geography wise
14. Advantages
15. Challenges
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Market Overview
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The Asset Management System Market is projected to grow from USD 16.1 billion in 2019 to USD 32.22 billion by 2025; it is expected to grow at a CAGR of 13.45% from 2019 to 2025. Due to the high price of enterprise and industrial assets, especially fleet and construction equipment, the need for monitoring and tracking these assets is paramount. Furthermore, in order to determine the total cost of ownership, managers across industries are realizing the need for a centralized system that provides critical information, such as location and maintenance history, for all assets in real-time.
By using a combination of hardware software and network services, managers are being able to incur lower administrative costs and better accountability and cost savings. Moreover, with information on the asset condition, they are able to plan for maintenance and future growth, thus, resulting in overall efficiency.
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The Asset Tracking market is segmented by Component, Deployment, Industry, and Geography.
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Asset Tracking is enabled by technologies like RFID, NFC, QR codes, IoT, BLE, and GPS. Advancements like using mobile computing, artificial intelligence, and blockchain data records help companies implementing Asset Tracking to reduce downtime by locating and monitoring the status of assets, understanding utilization, and access their lifecycle records.
Market Drivers and Challenges
The main factors that have led to the demand for asset tracking technologies over the last couple of years are the spread of IoT, increased online shopping, remote learning, and increased safety norms in construction. This has presented opportunities for players in the sector to cater to industries like education, construction, healthcare, and logistics by offering products that are customized to their needs.
Despite the opportunities in this space, challenges remain. Using technologies like RFID and GPS require uninterrupted internet connections and this is difficult to ensure when containers cross geographical borders or contain potentially interfering materials like steel or cement.
While these challenges stand in the way of increased adoption, the asset tracking space is constantly being entered by new players, which will lead to a rapidly growing market in the future.
Key Market Players
The asset tracking market is fragmented, considering the presence of multiple vendors providing different solutions. The solution providers are investing in multiple R&D activities, in order to improve the existing solutions and launch new products by integrating the latest technological developments in their solutions.
Furthermore, companies are viewing global expansion as a path to attract maximum market share.