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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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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.
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