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Global Asset Tracking Market to Grow at a CAGR of 13.7% During 2022-2027, Aided by the Rising Application of Asset Tracking in the Transportation and Logistics Sector

According to a new report by EMR titled, ‘Global Asset Tracking Market Report and Forecast 2022-2027’, the global asset tracking market stood at a value of more than USD 16.9 billion in 2021. The market is further expected to grow at a CAGR of 13.7% in the forecast period of 2022-2027 to attain a value of above USD 36.51 billion by 2027.

The asset tracking market is driven by the growing application of asset tracking system in the transportation and logistics sector. Asset tracking offers real-time tracking and tracing of logistics assets. With this efficient asset tracking system, logisticians can check the position of their load carriers at any time. Hence, the logistic assets can be quickly spotted, and surpluses or shortages of shipping and logistic assets can be rectified. The asset tracking system can bolster the decision-making of logistic managers by eradicating problems such as shrinkages or delays.

 

In May 2021, AT&T Inc. (NYSE: T) enabled the next generation global mobile asset tracking with smart shipping label. The company connected a smart printable and disposable label that is likely to help businesses track the location and condition of products that are shipped worldwide and enable the actionable decisions based on the significant amounts of the data collected. Sony Semiconductor Israel has developed the adhesive label, which is activated when attached to the parcel and tracks every item shipped across the globe.

 

In terms of region, North America is likely to account for a significant share of the market, owing to the growing need of shipment tracking in the various sectors including military and defence, aviation, and food and beverage, among others.

 

In August 2021, the country witnessed a considerable rise in the track asset management owing to the America-Afghan conflict, where at the time of pulling out from the country, heavy amount of arms and ammunition were air-lifted, along with the soldiers. The market in the region will further be aided by the growing dependence of logisticians on the GPS systems, owing to its reliability and accuracy.

 

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Market Breakup by Components, Deployment Types, End-Uses, and Region:

  • The market is segmented on the basis of component into hardware and software.
  • On the basis of deployment type, the market is segmented into cloud-based and on-premise.
  • The significant end-uses of the product include transportation and logistics, aviation, healthcare, manufacturing, food and beverages, among others.
  • Region-wise, the global market for asset tracking can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • The global market for asset tracking is being driven by the emergence of GPS technology and the growing dependence of logisticians on the system.
  • The growing application of the asset tracking systems in various end-use sectors is likely to propel the market growth.
  • The market will be augmented by the growing concerns about the safety and security of the medical equipment in the healthcare sector.
  • The market will further be aided by the technological advancements and upgradation of the asset tracking systems, such as the upgraded versions of the cloud-based technology and advancements in the GPS technology, among others.
  • The market is likely to be driven by the transportation and logistics boom at the time of America-Afghanistan conflict, where a significant amounts of arms and ammunition is being air-lifted.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global asset tracking market for the periods (2016-2020) and (2022-2027).
  • The report also offers historical (2016-2020) and forecast (2022-2027) market information for the components, deployment types, end-uses, and regions of asset tracking.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global asset tracking market are ActSoft, Inc., AT&T Inc., Oracle Corporation, Trimble, Inc., and Zebra Technologies Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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