Inkwood Research anticipates that the global asset tracking market will reach $47858.85 million by 2028, growing with a CAGR of 12.28% during the forecast period. Asset management comprises hardware, software, and services solutions that help track assets during transport or storage, using the Internet of Things (IoT) technology. Moreover, the market is essential for avoiding thefts and gaining valuable operational insights.
GLOBAL ASSET TRACKING MARKET FORECAST 2019-2028
Global Asset Tracking Market by Type (Hardware (Qr Code/barcode, Rfid, Gps, Ble, Lorawan, Custom Hardware), Software (Cloud, on-premise), Services) by Application (Transportation and Logistics, Healthcare, Manufacturing, Construction, It and Telecommunication, Oil and Gas, Others) and by Geography.
Inkwood Research anticipates that the global asset tracking market will reach $47858.85 million by 2028, growing with a CAGR of 12.28% during the forecast period.
Asset management comprises hardware, software, and services solutions that help track assets during transport or storage, using the Internet of Things (IoT) technology. Moreover, the market is essential for avoiding thefts and gaining valuable operational insights. The asset tracking hardware covered in the report includes QR Code/Barcode, RFID, GPS, BLE (Bluetooth Low Energy), LoRaWAN, (low-power wide-area network), and custom hardware.
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Key market drivers fuelling the global asset tracking market growth:
- Rising demand from third-party logistics companies
- Companies are outsourcing their logistic operations to third-party logistics service providers (3PL).
- Numerous 3PL service providers are now utilizing asset tracking as add-on services to increase operational performance, improve security, and gain market insights.
- Also, third-party logistics players are shifting toward mobile asset tracking solutions.
- Thus, the demand for asset tracking solutions, from third party logistics companies is rising.
- Increased adoption of IoT devices during transportation
- Need for improving fleet performance
Major factors restraining the global asset tracking market growth:
- High initial asset tracking software cost
- Costs associated with asset tracking solutions are high. Besides, they vary according to monthly assets, for a feature-packed tracking system.
- Thus, unless the operation is relatively massive and the solution improves operational performance, companies are not likely to buy them.
- For the majority of companies, the essential considerations comprise cost and the number of licenses. The majority of packages include a base price for a single-user license or core module, incorporated with the price of additional permits, extended features, and modules.
- Privacy concerns
- Lack of awareness
The report scope of the global asset tracking market covers the segmentation analysis of type and application.
Market by Application:
- Transportation and Logistics
- The transportation and logistics segment is predicted to lead and dominate the type category.
- The segment’s players use some of the most innovative and custom-built tracking solutions, prevalent in the current business scenario.
- Moreover, owing to considerable demands from the industry, nearly all asset tracking vendors in the market possess custom solutions to serve the sector.
- Transport and logistics observe a tremendous need for mobile asset tracking solutions.
- Furthermore, the demand for asset tracking systems also follows a growing trend across the public transportation sector.
- Healthcare
- Manufacturing
- Construction
- IT and Telecommunication
- Oil and Gas
- Others
Geographically, the global asset tracking market has been segmented on the basis of four major regions, which includes:
- North America: The United States and Canada
- Europe: The United Kingdom, Germany, France, Italy, Russia, Belgium, Poland, and Rest of Europe
- Asia Pacific: China, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Australia & New Zealand, and Rest of Asia Pacific
- The Asia Pacific is expected to witness the highest growth rate over the forecast period, owing to the growing adoption of diverse technological developments, within the region.
- The rapid increase in IoT and AI adoption is expected to be a significant market driver across most end-user industries.
- Additionally, the transition towards organized retailing and the multi-fold growth in e-commerce is anticipated to propel the region’s market growth.
- The e-commerce sector observes a growing need for warehousing and inventory management. As a result, the adoption of asset tracking solutions is accelerating.
- Rest of World: Latin America, and the Middle East & Africa
The major players operating in the global asset tracking market:
- Asset panda LLC
- AT & T Inc
- Hilti
- Tenna
- Verizon Communications Inc
- Others
Key strategies adopted by some of these companies:
In August 2020, Fleet Complete extended its incorporation into Canada, with Ford Data Services. This integration provided Canadian fleet owners with a more feature-rich and versatile connected vehicle solution, through regular, factory-fitted telematics hardware, from Ford. In May 2020, Asset Panda released a new Auditing Fixed Assets tool, enabling users to set up audits in 3 simple steps. In March 2020, Hilti acquired Concrete Sensors, a connected device, applications, and service provider. The agreement extends the Digital (IoT) portfolio of Hilti’s business.
Key trends of the global asset tracking market:
- Government initiatives, in favor of GPS tracking, are contributing to the market growth.
- Growth in the e-commerce industry increases the adoption of asset tracking solutions.
- Automated delivery provides the market with lucrative opportunities.
- IoT and Logistics 4.0 are on the rise.
Frequently Asked Questions & Answers (FAQ):
- How will the COVID-19 pandemic impact the global asset tracking market?
A: The COVID-19 pandemic has resulted in slowdowns across shipments, as well as the overall logistics market. Thus, the market in 2020 is likely to observe slow growth.
- What is the global asset tracking market’s key segment?
A: LoRaWAN (low-power wide-area network) will have tremendous growth potential during the forecast period and is hence, a key segment of the asset tracking market.
- Which region is the critical investment pocket for the global asset tracking market?
A: The Asia Pacific is the key investment pocket for the global asset tracking market.
- RESEARCH SCOPE & METHODOLOGY
- STUDY OBJECTIVES
- SCOPE OF STUDY
- METHODOLOGY
- ASSUMPTIONS & LIMITATIONS
- EXECUTIVE SUMMARY
- MARKET SIZE & ESTIMATES
- MARKET OVERVIEW
- MARKET DYNAMICS
- DEVELOPMENT OF ASSET TRACKING
- MARKET DEFINITION
- KEY DRIVERS
- RISE IN DEMAND FROM THIRD-PARTY LOGISTICS COMPANIES
- INCREASED ADOPTION OF IOT DEVICES DURING TRANSPORTATION
- NEED FOR IMPROVING FLEET PERFORMANCE
- KEY RESTRAINTS
- INITIAL COST OF ASSET TRACKING SOFTWARE IS HIGH
- PRIVACY CONCERNS
- LACK OF AWARENESS
- KEY ANALYTICS
- KEY INVESTMENT INSIGHTS
- PORTER’S FIVE FORCE ANALYSIS
- BUYER POWER
- SUPPLIER POWER
- SUBSTITUTION
- NEW ENTRANTS
- INDUSTRY RIVALRY
- OPPORTUNITY MATRIX
- VENDOR LANDSCAPE
- KEY BUYING CRITERIA
- ACCESSIBILITY
- MOBILITY
- FEATURES
- SCALABILITY
- PRICING
- SUPPORT
- IMPACT OF COVID-19 ON ASSET TRACKING MARKET
- MARKET BY TYPE
- HARDWARE
- QR CODE/BARCODE
- RFID
- GPS
- BLE
- LORAWAN
- CUSTOM HARDWARE
- SOFTWARE
- CLOUD
- ON-PREMISE
- SERVICES
- HARDWARE
- MARKET APPLICATION
- TRANSPORTATION AND LOGISTICS
- HEALTHCARE
- MANUFACTURING
- CONSTRUCTION
- IT AND TELECOMMUNICATION
- OIL AND GAS
- OTHERS
- GEOGRAPHICAL ANALYSIS
- NORTH AMERICA
- UNITED STATES
- CANADA
- EUROPE
- UNITED KINGDOM
- GERMANY
- FRANCE
- ITALY
- RUSSIA
- BELGIUM
- POLAND
- REST OF EUROPE
- ASIA PACIFIC
- CHINA
- JAPAN
- INDIA
- SOUTH KOREA
- INDONESIA
- THAILAND
- VIETNAM
- AUSTRALIA & NEW ZEALAND
- REST OF ASIA PACIFIC
- REST OF WORLD
- LATIN AMERICA
- MIDDLE EAST & AFRICA
- NORTH AMERICA
- COMPANY PROFILES
- ASSET PANDA LLC
- AT & T INC
- AZUGA
- CLOUDHAWK
- FLEET COMPLETE
- GIGATRAK
- HILTI
- ONASSET INTELLIGENCE INC
- ORACLE CORPORATION
- SPIREON INC
- TENNA
- TRIMBLE INC
- UBISENSE GROUP PLC
- VERIZON COMMUNICATIONS INC
- ZEBRA TECHNOLOGIES CORPORATION
LIST OF TABLES
TABLE 1: MARKET SNAPSHOT – ASSET TRACKING
TABLE 2: GLOBAL ASSET TRACKING MARKET, BY TYPE, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 3: GLOBAL ASSET TRACKING MARKET, BY TYPE, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 4: GLOBAL HARDWARE MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 5: GLOBAL HARDWARE MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 6: GLOBAL ASSET TRACKING MARKET, BY HARDWARE, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 7: GLOBAL ASSET TRACKING MARKET, BY HARDWARE, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 8: GLOBAL QR CODE/BARCODE MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 9: GLOBAL QR CODE/BARCODE MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 10: GLOBAL RFID MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 11: GLOBAL RFID MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 12: GLOBAL GPS MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 13: GLOBAL GPS MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 14: GLOBAL BLE MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 15: GLOBAL BLE MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 16: GLOBAL LORAWAN MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 17: GLOBAL LORAWAN MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 18: GLOBAL CUSTOM HARDWARE MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 19: GLOBAL CUSTOM HARDWARE MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 20: GLOBAL SOFTWARE MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 21: GLOBAL SOFTWARE MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 22: GLOBAL ASSET TRACKING MARKET, BY SOFTWARE, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 23: GLOBAL ASSET TRACKING MARKET, BY SOFTWARE, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 24: GLOBAL CLOUD MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 25: GLOBAL CLOUD MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 26: GLOBAL ON-PREMISE MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 27: GLOBAL ON-PREMISE MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 28: GLOBAL SERVICES MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 29: GLOBAL SERVICES MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 30: GLOBAL ASSET TRACKING MARKET, BY APPLICATION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 31: GLOBAL ASSET TRACKING MARKET, BY APPLICATION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 32: GLOBAL TRANSPORTATION AND LOGISTICS MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 33: GLOBAL TRANSPORTATION AND LOGISTICS MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 34: GLOBAL HEALTHCARE MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 35: GLOBAL HEALTHCARE MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 36: GLOBAL MANUFACTURING MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 37: GLOBAL MANUFACTURING MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 38: GLOBAL CONSTRUCTION MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 39: GLOBAL CONSTRUCTION MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 40: GLOBAL IT AND TELECOMMUNICATION MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 41: GLOBAL IT AND TELECOMMUNICATION MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 42: GLOBAL OIL AND GAS MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 43: GLOBAL OIL AND GAS MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 44: GLOBAL OTHERS MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 45: GLOBAL OTHERS MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 46: GLOBAL ASSET TRACKING MARKET, BY GEOGRAPHY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 47: GLOBAL ASSET TRACKING MARKET, BY GEOGRAPHY, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 48: NORTH AMERICA ASSET TRACKING MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 49: NORTH AMERICA ASSET TRACKING MARKET, BY COUNTRY, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 50: EUROPE ASSET TRACKING MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 51: EUROPE ASSET TRACKING MARKET, BY COUNTRY, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 52: ASIA PACIFIC ASSET TRACKING MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 53: ASIA PACIFIC ASSET TRACKING MARKET, BY COUNTRY, FORECAST YEARS, 2019-2028 (IN $ MILLION)
TABLE 54: REST OF WORLD ASSET TRACKING MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)
TABLE 55: REST OF WORLD ASSET TRACKING MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)
LIST OF FIGURES
FIGURE 1: KEY INVESTMENT INSIGHTS
FIGURE 2: PORTER’S FIVE FORCE ANALYSIS
FIGURE 3: OPPORTUNITY MATRIX
FIGURE 4: VENDOR LANDSCAPE
FIGURE 5: KEY BUYING CRITERIA
FIGURE 6: GLOBAL ASSET TRACKING MARKET, GROWTH POTENTIAL, BY TYPE, IN 2019
FIGURE 7: GLOBAL ASSET TRACKING MARKET, BY HARDWARE, 2019-2028 (IN $ MILLION)
FIGURE 8: GLOBAL ASSET TRACKING MARKET, GROWTH POTENTIAL, BY HARDWARE, IN 2019
FIGURE 9: GLOBAL ASSET TRACKING MARKET, BY QR CODE/BARCODE, 2019-2028 (IN $ MILLION)
FIGURE 10: GLOBAL ASSET TRACKING MARKET, BY RFID, 2019-2028 (IN $ MILLION)
FIGURE 11: GLOBAL ASSET TRACKING MARKET, BY GPS, 2019-2028 (IN $ MILLION)
FIGURE 12: GLOBAL ASSET TRACKING MARKET, BY BLE, 2019-2028 (IN $ MILLION)
FIGURE 13: GLOBAL ASSET TRACKING MARKET, BY LORAWAN, 2019-2028 (IN $ MILLION)
FIGURE 14: GLOBAL ASSET TRACKING MARKET, BY CUSTOM HARDWARE, 2019-2028 (IN $ MILLION)
FIGURE 15: GLOBAL ASSET TRACKING MARKET, BY SOFTWARE, 2019-2028 (IN $ MILLION)
FIGURE 16: GLOBAL ASSET TRACKING MARKET, GROWTH POTENTIAL, BY SOFTWARE, IN 2019
FIGURE 17: GLOBAL ASSET TRACKING MARKET, BY CLOUD, 2019-2028 (IN $ MILLION)
FIGURE 18: GLOBAL ASSET TRACKING MARKET, BY ON-PREMISE, 2019-2028 (IN $ MILLION)
FIGURE 19: GLOBAL ASSET TRACKING MARKET, BY SERVICES, 2019-2028 (IN $ MILLION)
FIGURE 20: GLOBAL ASSET TRACKING MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2019
FIGURE 21: GLOBAL ASSET TRACKING MARKET, BY TRANSPORTATION AND LOGISTICS, 2019-2028 (IN $ MILLION)
FIGURE 22: GLOBAL ASSET TRACKING MARKET, BY HEALTHCARE, 2019-2028 (IN $ MILLION)
FIGURE 23: GLOBAL ASSET TRACKING MARKET, BY MANUFACTURING, 2019-2028 (IN $ MILLION)
FIGURE 24: GLOBAL ASSET TRACKING MARKET, BY CONSTRUCTION, 2019-2028 (IN $ MILLION)
FIGURE 25: GLOBAL ASSET TRACKING MARKET, BY IT AND TELECOMMUNICATION, 2019-2028 (IN $ MILLION)
FIGURE 26: GLOBAL ASSET TRACKING MARKET, BY OIL AND GAS, 2019-2028 (IN $ MILLION)
FIGURE 27: GLOBAL ASSET TRACKING MARKET, BY OTHERS, 2019-2028 (IN $ MILLION)
FIGURE 28: NORTH AMERICA ASSET TRACKING MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)
FIGURE 29: UNITED STATES ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 30: CANADA ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 31: EUROPE ASSET TRACKING MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)
FIGURE 32: UNITED KINGDOM ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 33: GERMANY ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 34: FRANCE ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 35: ITALY ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 36: RUSSIA ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 37: BELGIUM ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 38: POLAND ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 39: REST OF EUROPE ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 40: ASIA PACIFIC ASSET TRACKING MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)
FIGURE 41: CHINA ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 42: JAPAN ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 43: INDIA ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 44: SOUTH KOREA ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 45: INDONESIA ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 46: THAILAND ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 47: VIETNAM ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 48: AUSTRALIA & NEW ZEALAND ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 49: REST OF ASIA PACIFIC ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 50: REST OF WORLD ASSET TRACKING MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)
FIGURE 51: LATIN AMERICA ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
FIGURE 52: MIDDLE EAST & AFRICA ASSET TRACKING MARKET, 2019-2028 (IN $ MILLION)
- MARKET BY TYPE
- HARDWARE
- QR CODE/BARCODE
- RFID
- GPS
- BLE
- LORAWAN
- CUSTOM HARDWARE
- SOFTWARE
- CLOUD
- ON-PREMISE
- SERVICES
- HARDWARE
- MARKET APPLICATION
- TRANSPORTATION AND LOGISTICS
- HEALTHCARE
- MANUFACTURING
- CONSTRUCTION
- IT AND TELECOMMUNICATION
- OIL AND GAS
- OTHERS
- GEOGRAPHICAL ANALYSIS
- NORTH AMERICA
- UNITED STATES
- CANADA
- EUROPE
- UNITED KINGDOM
- GERMANY
- FRANCE
- ITALY
- RUSSIA
- BELGIUM
- POLAND
- REST OF EUROPE
- ASIA PACIFIC
- CHINA
- JAPAN
- INDIA
- SOUTH KOREA
- INDONESIA
- THAILAND
- VIETNAM
- AUSTRALIA & NEW ZEALAND
- REST OF ASIA PACIFIC
- REST OF WORLD
- LATIN AMERICA
- MIDDLE EAST & AFRICA
- NORTH AMERICA
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