Asset Tracking Market Size (2024 - 2029)

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 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.