The collecting and maintenance of reliable records for fixed assets is known as asset tracking. It's a time-consuming and costly process.
Covid-19 Impact & Market Status
COVID-19 has become a global epidemic, spreading to 215 nations and disrupting a variety of businesses around the world. The dynamics that used to govern numerous businesses are about to shift dramatically. As the world continues to struggle with the crisis, numerous industries continue to suffer. Transportation and logistics, as well as the hotel business, have a variety of effects. Nearly every continent has been affected by COVID-19, but the United States, Russia, Brazil, India, the United Kingdom, Spain, Italy, and Germany have seen a significant increase in diagnosed cases. COVID-19 will have an impact on globalization and integrated economy in most countries.
Companies are experiencing serious cash flow problems as a result of the installation of lockdowns in various regions. Reduced demand for asset management systems has resulted from the halting or slowing of electronic equipment or retail product manufacturing, as well as worldwide supply chain logistics problems caused by the outbreak of COVID-19. Due to the COVID19 outbreak, we re-evaluated our research assumptions and data to ensure that this study accurately reflects the impact of this "black swan" occurrence on the asset tracking and supply chain management sector. As a result, we've re-evaluated and modified our qualitative and quantitative as needed. COVID-19 sickness began to spread over the world in early 2020, infecting millions of people globally, prompting major countries around the world to enact foot prohibitions and work stoppage orders. Most businesses, with the exception of medical supplies and life support items, have been severely hit, and asset tracking industries have also been severely impacted.
Asset Tracking Market (Fleet and Non-Fleet)
The fleet tracking market is a subset of the overall asset tracking market, and it includes solutions for tracking land-based commercial wheeled or tracked motor vehicles such as trucks, trailers, vans, cars, special-purpose vehicles, and other fleet assets using various technologies (GPS, M2M/IoT, embedded and adjunct devices, on-board and remote computing, and so on). Private vehicles, trucks, and vans utilised for business are also included in land-based fleet tracking.
Market Technologies for Asset Tracking
From the early days of fixed asset monitoring and functional assessment via rudimentary Machine-to-Machine (M2M) technologies, the asset tracking ecosystem is fast evolving. A new ecosystem is emerging in which assets of all sizes, uses cases, and industries may be portable or highly mobile. The global linked device market will support several IoT applications that will become increasingly networked over the next five years.
The hardware segment to hold a significant share in market
In India, barcodes and QR codes are two types of hardware that have seen significant use in asset monitoring systems. Because creating a barcode or QR code is inexpensive, they are often used on products that are non-returnable and have a shorter life cycle. Increased usage among SMEs in the logistics sector can be attributed to easy availability and lower deployment costs. The Asia-Pacific region is seeing a growth in adoption, with China and India leading the way.
North America is expected to maintain its dominance
North America, with its strong manufacturing, transportation, and logistics bases, has a lot of opportunity for asset management system suppliers. The highly qualified labor and comparatively low costs have benefited both international and domestic enterprises in the US logistics industry. Likewise, the region is home to a number of prominent asset management technology suppliers, indicating the region's supremacy in terms of market innovation. Furthermore, the region is noted for its rapid acceptance of new technologies, and it is one of the major regions to have deployed the Internet of Things (IoT) across industries, beginning with automotive.
Asset tracking refers to the tracking of one-of-a-kind goods of value, whereas inventory tracking refers to the tracking of non-one-of-a-kind items of value. Many firms use inventory management systems to manage stockpiles of consumable goods across multiple locations.
The Asset Tracking market is expected to increase at a CAGR of 13.5% from USD 17.14 billion in 2020 to USD 40.32 billion in 2028. Asset tracking is accomplished by the use of tags that use GPS, BLE, RFID, and barcode scanning to broadcast the location of the assets. It's also used to track people who wear tags indoors.
RFID, sensors, location-based technologies, integrating software, and the latest IoT deployment are some of the key factors driving the asset tracking market's growth and consequently propelling the market's growth.
The market is growing due to the implementation of stringent government safety standards and quality control. A major driving force for the asset monitoring industry is the increase in IT infrastructure around the world, as well as the tremendous rise of e-commerce.
The market's expansion is being fueled by changing economic conditions and high customer confidence. The market's growth is being hampered by a lack of qualified IT professionals and competent personnel, as well as climate changes affecting the operations of numerous sectors.
The market's main restriction is the high initial cost and complicated system installation process. Market possibilities for the global asset tracking market include emerging artificial intelligence technologies and rising acceptance of cloud-based solutions. The retail space is expanding globally, which is one of the positive factors that will help the market grow throughout the forecast period.
To strengthen their market offers, asset management system players have used a variety of organic and inorganic growth tactics, such as new product releases, agreements, collaborations, partnerships, acquisitions, and product developments. Zebra Technologies Corp. (US), Stanley Black & Decker, Inc. (US), SATO Holdings Corp. (Japan), Impinj, Inc. (US), Honeywell International Inc. (US), Datalogic S.p.A (Italy), Trimble Inc. (US), TomTom International BV (Netherlands), and Topcon Corp. are the prominent competitors in this market (Japan). Other prominent competitors in the asset management system industry are NCR Corp. (US), Cognex Corp. (US), Fleetmatics LLC (US), and Teletrac Navman Group (US).
Latest Innovations in the Asset Tracking Market: a Snapshot
- T-Mobile launched the first Narrowband IoT asset tracking solution in the United States in July 2019. Roambee BeeAware, the company's initial asset tracking solution, is intended to be sold over a Narrowband IoT (NB-IoT) network in the United States.
- Trimble announced the TMT ServiceConnect module in March 2019, which is meant to connect fleet shops utilising Trimble's TMT Fleet Maintenance (TMT) software to medium- and heavy-duty servicing sites (more than 4,500).
- Techjockey.com introduced a new free asset management platform for small businesses and startups in 2018. It focuses on asset owners' and operators' efficiency and profitability, as well as operational reliability. It will help them become more efficient and productive. It's a cloud-based solution that lets companies manage vendors, track IT assets, and assign them to employees across different locations at any time.
- CarrierWeb, a global telematics provider that provides in-cab mobile communications, electronic logging devices, and trailer monitoring, was bought by asset-tracking expert I.D. Systems Inc. in January 2019.
Asset Tracking Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 40.32 billion|
|Growth Rate||CAGR of 13.5% during 2021-2028|
|Segment Covered||By Component, By Industry, By Application, By Organization Size, By Deployment Types, Regions|
|Regions Covered||North America, Europe, Asia Pacific, MEA|
|Key Players Profiled||Zebra Technologies Corp. (US), Stanley Black & Decker, Inc. (US), SATO Holdings Corp. (Japan), Impinj, Inc. (US), Honeywell International Inc. (US), Datalogic S.p.A (Italy), Trimble Inc. (US), TomTom International BV (Netherlands), and Topcon Corp. are the prominent competitors in this market (Japan). Other prominent competitors in the asset management system industry are NCR Corp. (US), Cognex Corp. (US), Fleetmatics LLC (US), and Teletrac Navman Group (US).|
Key Segments of the Asset Tracking Market
- By Component
- By Industry
- IT& Telecom
- Energy & Utilities
- Oil & Gas
- By Application
- IT Asset Tracking
- Equipment Tracking
- Facility Management
- Tool Tracking
- Funding Management
- Mandate Compliance
- Warehouse Management
- By Organization Size
- Small & Medium Enterprises
- Large Enterprises
- By Deployment Types
- By Regions
- Asia Pacific
- North America
- Middle East & Africa
- Latin America