Asset Tracking Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 23.20 Billion |
| Market Size (2029) | USD 43.34 Billion |
| CAGR (2024 - 2029) | 13.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asset Tracking Market Analysis
The Asset Tracking Market size is estimated at USD 23.20 billion in 2024, and is expected to reach USD 43.34 billion by 2029, growing at a CAGR of 13.30% during the forecast period (2024-2029).
Asset management and tracking solutions are essential to achieve greater operational efficiencies in the current market scenario of rapid digitalization in manufacturing environments and office spaces.
- The asset tracking technology is deployed in the form of hardware, which includes GPS, RFID, BLE, QR Code, and software that includes on-premises and cloud deployment.
- Recent advancements in IoT technology have enabled several end users, such as transportation and logistics, manufacturing, and food and beverage, to acquire economical and efficient asset-tracking hardware. For instance, in the healthcare sector, hospitals and other healthcare facilities must closely monitor the status of medical equipment due to its high cost to deter theft and ensure ongoing accessibility. The hospital tracking system enables real-time monitoring of supplies and equipment. It may give patients the care they need and significantly raise the standard of patient care.
- During the COVID-19 pandemic, the demand for asset-tracking solutions, including contact tracing, rapidly increased due to businesses' and government facilities' need to help safeguard employees' and visitors' health and safety. Deployment of asset-tracking solutions witnessed growth, particularly in hospitals and large facilities. Notably, asset-tracking solutions in the healthcare sector witnessed substantial demand due to the ability to track scarce medical equipment assets such as defibrillators, ventilators, and various medical pumps to deliver critical time and operational efficiency savings when needed.
- Post-pandemic, the market is witnessing considerable growth driven by the proliferation of IoT in various end-user industries, coupled with the growing demand to track and manage assets effectively. In addition, the market has witnessed substantial technological advancements in hardware and software in asset-tracking technology, positively impacting the growth of the asset-tracking market post-pandemic.
- Although the high initial costs are restraining the market growth, it is stimulated by the rising demand from third-party logistics players through value-added tracking services and the growing adoption of IoT devices for asset tracking. IoT-based asset tracking is gaining substantial traction as it leverages sensors and connected devices to remotely monitor and track an asset's geo position and movements. Furthermore, IoT technology offers significant growth opportunities for tracking assets, achieving efficiency gains, and implementing new business models for companies, notably in the industrial, transport, and logistics sectors.
Asset Tracking Market Trends
Manufacturing to be the Largest End-user Industry
- With the growing popularity of Industry 4.0 and smart factories, it has become necessary for industries in the manufacturing sector to adopt advanced digital technologies to improve manufacturing processes. Asset tracking is currently widely adopted by industries for tracking and monitoring asset location and status.
- In manufacturing facilities, asset monitoring technologies are widely used to monitor the movement and storage of raw materials, work-in-progress, and finished goods. The supply chain's operations are streamlined, and stockouts are minimized due to real-time tracking data.
- Advanced asset tracking technology, such as IoT and Bluetooth Low Energy (BLE), is rapidly gaining traction in the manufacturing industry. BLE tags come in many sizes, shapes, and capabilities, making it easy for manufacturers to tackle that first use case. Whether parts or equipment, asset tracking incorporates Internet of Things (IoT) advancements with thin tags that may be automatically tracked throughout the factory or yard. Such advanced asset-tracking solutions with IoT are expected to enrich the asset-tracking solutions in the manufacturing sector, thus increasing the market's growth.
- The need to monitor multiple plant locations simultaneously to get real-time information about the process, operations, and inventory is expected to boost the growth of asset tracking in the manufacturing industry. Innovative asset-tracking solutions with IoT and Industrial IoT are anticipated to enrich the asset-tracking solutions. The growing IoT connectivity is leading to increasing demand for IoT asset-tracking devices.
- For instance, according to the data from IoT analytics, 2018, there were 9.9 billion active IoT device connections worldwide, projected to amount to 30.9 billion units by 2025. These devices play a crucial role in monitoring, locating, and managing assets remotely, which can enhance efficiency, improve security, and optimize utilization across various industries. The expanding IoT ecosystem is driving the adoption of such tracking devices to better manage and monitor assets in real time.
- The growing shift toward smart factories, Industry 4.0, and digitization of the manufacturing sector is providing a promising future for the market's growth during the forecast period.
North America Holds Largest Market Share
- North America is expected to account for a significant market share of the asset tracking market, owing to the high adoption rate of advanced technologies in countries across the United States and Canada.
- Canada and the United States have recently suffered similar supply chain logistics challenges, such as road and rail bottlenecks near borders and key ports. The necessity of redundancy and planning has been underscored by significant weather disasters, worker shortages, security interruptions, and work stoppages due to material scarcity. In June 2021, the White House announced the formation of the Supply Chain Disruptions Task Force, which has started a pilot to improve digital information exchange between private businesses operating logistics supply chains to address these concerns for the United States.
- The significant growth in the food and beverage sector in the United States and Canada, alongside the adoption of advanced technologies, contributes to the market's growth rate. The food and beverage sector is vital to the US economy. The industry accounts for around 5% of the nation's GDP and 10% of employment, including agriculture, manufacturing, retail, and food service. The US Committee for Economic Development reports that the food and beverage sector includes nearly 27,000 businesses and employs around 1.5 million people.
- Canada is also setting up its independent Supply Chains Task Force to confer with business leaders, employees, and industry experts to develop recommendations for both immediate and long-term solutions to logistical supply chain issues. Their shared determination to address supply chain logistics issues supports a long-standing cooperative agreement between Canada and the United States in transport logistics. This partnership ranges from joint management of the Great Lakes St. Lawrence Seaway System to implementing Intelligent Transportation Systems, which allows commercial vehicles access to real-time border delay information.
- As the healthcare sector in the region is also witnessing incremental growth, the key players are innovating asset-tacking solutions in the segment. For instance, in April 2023, GE announced the launch of ReadySee, an asset management and network supervision solution, and Portrait Mobile, a monitoring service. To protect sensitive patient health information (PHI), ReadySee transforms data into actionable insights about devices and infrastructure, eliminates manual efforts to locate such devices, and self-manages cybersecurity protocols. For their clinical teams to be prepared to care for their patients, ReadySee assists biomedical and IT healthcare professionals in ensuring their equipment is up and running.
- These strategic collaborations and product launches are aimed at providing the various industries such as logistics, manufacturing, food, beverage, and others with solutions meeting the current demand and technologies, boosting the adoption rate, consequently resulting in growth rate in the region.
Asset Tracking Industry Overview
The asset tracking market is highly competitive, with the presence of many significant market vendors and the emergence of new market vendors. The solution providers are heavily investing in multiple R&D activities to improve existing asset-tracking solutions and launch new solutions by integrating the latest technological developments in their solutions. Companies view global expansion as a path to attracting maximum market share. Some of the key players in the market are Asset Panda LLC, ActSoft Inc., Touma Incorporated (ASAP Systems), AT&T Inc., and GigaTrak (P&T Solutions Inc.).
- April 2023: Verizon Connect revealed improvements to its mobile workforce management platforms, offering businesses in the United States and Canada upgraded capabilities to monitor and control their field equipment. By introducing the Equipment Asset Tracker (EAT), companies may conveniently connect and track their assets in one centralized platform. This enhanced solution provides valuable insights into crucial equipment data, including location, status, and overall health, in a user-friendly manner.
- March 2023: OnAsset Intelligence Inc. launched its newest product, the Sentinel 200. The Sentinel 200, launched in Q2 this year, is the latest evolution of OnAsset's highly successful Sentinel product line and is one of the first devices using Amazon Sidewalk for logistics-focused use cases. With the launch of the Sentinel 200 operating on Amazon Sidewalk, OnAsset substantially augmented its existing global network to provide even more breadth of connectivity to help ensure customers maintain complete visibility of their critical shipments and assets.
Asset Tracking Market Leaders
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Actsoft Inc.
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Touma Incorporated (Asap Systems)
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Asset Panda
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AT&T Inc.
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GigaTrak (P&T Solutions Inc.)
*Disclaimer: Major Players sorted in no particular order
Asset Tracking Market News
- July 2023: Telenor IoT and Verizon Business formed a strategic alliance to enhance global IoT connectivity. The initial focus of this partnership is to extend the reach of eSIM-based network access and services by leveraging their combined network assets and managed IoT capabilities across Europe, Asia, and North America.
- April 2023: Tive Inc. partnered strategically with Freightflow, a cloud-based TMS built for the perishable produce industry. This partnership would enable Freightflow to provide its network of shippers and carriers with Tive's real-time visibility solution on all shipments, providing strategic differentiation while improving shipment efficiency, reducing costs, and delivering exceptional customer service.
Asset Tracking Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
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4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Threat of New Entrants
- 4.2.4 Threat of Substitutes
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Value Chain Analysis
- 4.4 Impact of COVID-19 on the Market
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4.5 Asset Tracking Solutions in the Consumer Market
- 4.5.1 Personal Asset Tracking Devices
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Increasing Demand from Third-party Logistics Players through Value-add Tracking Services
- 5.1.2 Increasing Adoption of IoT Devices for Asset Tracking
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5.2 Market Restraints
- 5.2.1 High Initial Cost of Asset Tracking Software
6. MARKET SEGMENTATION
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6.1 By Component
- 6.1.1 Hardware
- 6.1.2 Software
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6.2 By Deployment Type
- 6.2.1 On-cloud
- 6.2.2 On-premise
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6.3 By End-user Industry
- 6.3.1 Transportation and Logistics
- 6.3.2 Aviation
- 6.3.3 Healthcare
- 6.3.4 Manufacturing
- 6.3.5 Food and Beverages
- 6.3.6 Other End-user Applications
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6.4 By Geography
- 6.4.1 North America
- 6.4.2 Europe
- 6.4.3 Asia Pacific
- 6.4.4 Latin America
- 6.4.5 Middle East and Africa
7. CONSUMER ASSET TRACKING MARKET
- 7.1 Consumer Asset Tracking Market Overview
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7.2 By Consumer Asset Tracking Type
- 7.2.1 Family and Child Tracking
- 7.2.2 Pet Tracking
- 7.2.3 Consumer Vehicle Tracking
- 7.2.4 Other Consumer Asset Tracking Types
8. COMPETITIVE LANDSCAPE
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8.1 Company Profiles*
- 8.1.1 Actsoft Inc.
- 8.1.2 Touma Incorporated (Asap Systems)
- 8.1.3 Asset Panda
- 8.1.4 AT & T Inc.
- 8.1.5 GigaTrak (P&T Solutions Inc.)
- 8.1.6 OnAsset Intelligence Inc.
- 8.1.7 Fleet Complete
- 8.1.8 Oracle Corporation
- 8.1.9 Spireon Inc.
- 8.1.10 Trimble Inc.
- 8.1.11 Zebra Technologies Corporation
- 8.1.12 Verizon Communications Inc.
- 8.1.13 Ubisense Limited
- 8.1.14 TIVE
9. INVESTMENT ANALYSIS
10. MARKET OPPORTUNITIES AND FUTURE TRENDS
Asset Tracking Industry Segmentation
Asset tracking refers to tracking physical assets by scanning barcode labels attached to them or using tags using GPS, BLE, barcode, QR, or RFID, which broadcast their location. The study tracks the revenues accrued for the asset tracking market. They are evaluated by analyzing the sale of IoT-based asset tracking hardware and software deployed on-premise and on-cloud for enabling real-time information on asset conditions, operations, locations, and maintenance requirements of fixed and mobile assets in different end-use applications, like transportation and logistics, aviation, healthcare, manufacturing, food and beverages, and other end-user applications across different geographies. The study considers hardware leveraging technologies such as GPS, BLE, RFID, barcode, and QR.
Consumer asset tracking refers to tracking consumer physical assets using GNSS or other positioning technology and some type of wireless wide area network such as cellular networks, satellite networks, LoRa, or Sigfox. The consumer asset market study does not include revenue accrued from consumer asset tracking solutions based solely on short-range technologies, such as Bluetooth and Wi-Fi. Furthermore, the revenue accrued from the global asset tracking vendors and the COVID-19 impact on market projection had been considered.
The study is segmented by component (hardware and software), deployment (on-cloud and on-premise), end-user application (transportation and logistics, aviation, healthcare, manufacturing, food and beverage, and other end-user applications), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The analysis is based on the market insights captured through secondary research and the primaries. The report tracks the key market parameters, the underlying growth influencers, and the major vendors operating in the industry, which support the market estimations and growth rates during the forecast period. The report offers the market size in value terms in USD for all the abovementioned segments.
| By Component | Hardware |
| Software | |
| By Deployment Type | On-cloud |
| On-premise | |
| By End-user Industry | Transportation and Logistics |
| Aviation | |
| Healthcare | |
| Manufacturing | |
| Food and Beverages | |
| Other End-user Applications | |
| By Geography | North America |
| Europe | |
| Asia Pacific | |
| Latin America | |
| Middle East and Africa |
Asset Tracking Market Research FAQs
How big is the Asset Tracking Market?
The Asset Tracking Market size is expected to reach USD 23.20 billion in 2024 and grow at a CAGR of 13.30% to reach USD 43.34 billion by 2029.
What is the current Asset Tracking Market size?
In 2024, the Asset Tracking Market size is expected to reach USD 23.20 billion.
Who are the key players in Asset Tracking Market?
Actsoft Inc., Touma Incorporated (Asap Systems), Asset Panda, AT&T Inc. and GigaTrak (P&T Solutions Inc.) are the major companies operating in the Asset Tracking Market.
Which is the fastest growing region in Asset Tracking Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Asset Tracking Market?
In 2024, the North America accounts for the largest market share in Asset Tracking Market.
What years does this Asset Tracking Market cover, and what was the market size in 2023?
In 2023, the Asset Tracking Market size was estimated at USD 20.11 billion. The report covers the Asset Tracking Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asset Tracking Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asset Tracking Industry Report
Statistics for the 2024 Asset Tracking market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asset Tracking analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
