Asset Tracking Market Size, Share, Analysis, Trends, Growth, 2032

Asset Tracking Industry Prospective:

The global asset tracking market size was worth around USD 25.36 billion in 2023 and is predicted to grow to around USD 73.80 billion by 2032 with a compound annual growth rate (CAGR) of roughly 12.60% between 2024 and 2032.

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Asset Tracking Market: Overview

Asset tracking refers to the process of managing and monitoring business physical assets throughout the product's lifecycle. It deals with leveraging monitoring technologies such as barcode scanners, global positioning systems (GPS), and radio frequency identification (RFID) systems. Some of the most common assets managed using asset tracking solutions include vehicles, equipment, and overall inventory. Asset tracking allows businesses to learn about the status and location of a particular asset thus promoting business performance efficiency and asset security.

Furthermore, asset tracking systems also prevent theft since users are always aware of the asset location and can take necessary measures in case of theft or unwanted movement of an asset. The demand for tracking solutions for company assets is fueled by increased end-user applications especially influenced by companies such as vehicle fleet management, logistics, supply China management, healthcare, aviation, government-based sectors, and others.

During the forecast period, the industry for asset management is projected to generate high revenue, especially with the growth in the e-commerce and retail industries. Furthermore, the buildings & construction sector may create demand for improved asset management tools. The high cost of the solutions is expected to limit large-scale applications of asset tracking systems.

Key Insights:

• As per the analysis shared by our research analyst, the global asset tracking market is estimated to grow annually at a CAGR of around 12.60% over the forecast period (2024-2032)
• In terms of revenue, the global asset tracking market size was valued at around USD 25.36 billion in 2023 and is projected to reach USD 73.80 billion by 2032.
• The market is projected to grow at a significant rate due to the increasing use in the e-commerce industry.
• Based on the industry, the manufacturing segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on the technology, the radio frequency identification (RFID) segment is anticipated to command the largest market share.
• Based on region, North America is projected to dominate the global market during the forecast period.

Asset Tracking Market: Growth Drivers

Increasing use in the e-commerce industry to drive market demand rate

The global asset tracking market is expected to grow due to the growing applications of the solutions in the e-commerce industry. According to market analysis, e-commerce companies are some of the largest beneficiaries of asset management and tracking systems since the technology allows online sellers to ensure the maintenance of inventory, enhance logistics-related operations, and maintain physical goods. For instance, asset tracking can be leveraged to promote real-time inventory management with the use of RFID tags or barcodes.

Furthermore, the digital management of inventory allows e-commerce companies access to detailed reports and information on essential parameters such as inventory turnover and which products receive greater sales.

Thus, the companies will be in a position to undertake strategic changes to forecast demand and supply and improve overall business profits. Furthermore, the growing investments by e-commerce firms in developing a large fleet to ensure protection against supply chain disruptions will further encourage greater application of asset tracking.

For instance, in October 2022, Amazon, one of the world’s most prominent players in the e-commerce sector announced an investment of EUR 1 billion toward doubling the number of electric vehicle (EV) fleets in the European market by 2025.

Increased demand for healthcare industry-related tracking solutions to create improved market revenue

The global asset tracking market is projected to be further impacted by the increased demand for tools specially designed for the healthcare industry. Asset tracking applications and programs are essential to managing diagnostic devices, wheelchairs, and other medical equipment.

In November 2024, Airgain, a leading provider of wireless technologies and connectivity solutions, announced the launch of AT-Flight asset tracker offerings applications in the healthcare and logistics industries. The product is designed to be used for temperature-sensitive and high-value assets. It can be used for tracking across ground or air transportation mediums.

Asset Tracking Market: Restraints

Expenses associated with the technology will limit the industry’s expansion rate

The global industry for asset tracking is projected to be restricted due to the high expenses associated with the use of the technology. Deploying asset tracking solutions on a large scale will increase the user’s cost burden. For instance, software for RFID systems can cost more than USD 50,000 per year depending on the features offered. Furthermore, the cost increases further when the cost of RFID tags and readers is considered. Similarly, other asset tracking solutions are cost-intensive limiting the overall market adoption rate.

Asset Tracking Market: Opportunities

Increased innovation and improved performances by the solutions to generate growth opportunities

The global asset tracking market is expected to generate growth opportunities due to the increasing rate of innovation in the industry. For instance, the AT-Flight asset management by Airgain is powered using an integrated artificial intelligence (AI) system. The solution is designed to detect all flight events and automatically activate airplane mode thus complying with US Federal Aviation Administration (FAA) regulations and eliminating the need for manual intervention.

In October 2023, Hitachi Energy announced the launch of a new asset performance management (APM) software solution called the Lumada APM. The move helped the company establish its foothold in the asset tracking industry.

Increasing adoption of Industry 4.0, 5G, and Internet of Things (IoT) technologies to create expansion possibilities

The demand for asset tracking solutions is projected to further benefit from the amplifying investments toward advanced technologies such as 5G connectivity, Industry 4.0, and IoT solutions. For instance, the introduction of 5G connectivity will facilitate faster and more reliable communication between asset tracking readers and information-processing devices.

Integration of IoT and asset tracking can improve business efficiency and reduce unwanted losses. Such factors are likely to create demand in the global asset tracking market in the coming years.

Asset Tracking Market: Challenges

Privacy concerns and risks related to data security may challenge market expansion

The global industry for asset tracking is projected to be challenged by the growing risk of data security breaches. Asset tracking tools obtain and store critical information related to company assets. They are widely susceptible to advanced malware. Furthermore, these solutions also pose the risk of privacy breaches in case of unauthorized access.

Asset Tracking Market: Report Scope

Asset Tracking Market: Segmentation

The global asset tracking market is segmented based on industry, enterprise size, technology, deployment, and region.

Based on the industry, the global market segments are manufacturing, transportation & logistics, retail & ecommerce, food & beverages, healthcare, aviation, government, and others. In 2023, the highest growth was listed in the manufacturing segment. It dominated nearly 22% of the segmental revenue led by increased use of asset tracking systems in the manufacturing industry. The rising rate of industrial automation and the introduction of smart factories are helping the segment thrive according to market research.

Based on enterprise size, the global asset tracking industry is divided into large enterprises and small & medium enterprises (SMEs).

Based on the technology, the global market divisions are global positioning systems (GPS), radio frequency identification (RFID), M2M/IoT, barcode, and others. In 2023, the highest growth was listed in the radio frequency identification (RFID) segment. During the forecast period, the machine-to-machine (M2M) and IoT segment will lead the segmental revenue. The increasing advancements in IoT technology and higher adoption of M2M solutions will further promote the segmental demand. In 2023, IoT adoption rate increased by 16.75% as compared to 2022.

Based on deployment, the global market segments are on-premise and cloud.

Asset Tracking Market: Regional Analysis

North America to register the highest growth rate during the forecast period

The global asset tracking market is expected to be led by North America during the forecast period. The regional healthcare and manufacturing industries are promoting the adoption of asset tracking solutions across North American countries. Furthermore, the presence of a thriving e-commerce industry in the US and Canada regions is likely to promote the adoption of asset tracking solutions.

Amazon is investing big in deploying a large-scale fleet of vehicles and airplanes to ensure the prevention of supply chain disruptions. Europe is a prominent market for asset tracking. Countries such asGermany, the United Kingdom, and France are expected to generate significant revenues. The regional growth will be propelled by the increased use of asset tracking solutions in the healthcare sector. Furthermore, the growing applications in the regional buildings & construction industry may further fuel the regional market growth rate. Asia-Pacific is set to register its highest growth rate in the coming years.

In July 2024, Singapore-based UnaBiz, a leading IoT service provider, launched the Sigfox Atlas Sparks beta. According to company claims, the new geolocation software is equipped to transform the asset tracking industry for the logistics and supply chain sector. Increased end-user applications, the surge in technology innovation, and growing awareness will help the region thrive in the coming years.

Asset Tracking Market: Competitive Analysis

The global asset tracking market is led by players like:

• ManageEngine Asset Explorer
• Asset Panda
• NexTraq (Michelin Group)
• EZOffice Inventory
• Wasp Barcode Technologies (AssetCloud)
• Brickhouse Security
• Asset Tiger
• Switchboard
• Omnitracs
• Geotab
• Linxup
• Sortly
• Rentman
• Azuga
• CG4

The global asset tracking market is segmented as follows:

By Industry

• Manufacturing
• Transportation & Logistics
• Retail & Ecommerce
• Food & Beverages
• Healthcare
• Aviation
• Government
• Others

By Enterprise Size

• Large Enterprises
• Small & Medium Enterprises (SMEs)

By Technology

• Global Positioning System (GPS)
• Radio Frequency Identification (RFID)
• M2M/IoT
• Barcode
• Others

By Deployment

• On-Premise
• Cloud

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa