The asset tracking software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Asset Tracking Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The asset tracking software market size has grown rapidly in recent years. It will grow from $17.05 billion in 2023 to $19.17 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to increased demand for real-time data analytics, enhanced accuracy in tracking systems, reduction in operational costs, increased demand for efficient supply chain management, and expansion of cloud computing services.
The asset tracking software market size is expected to see rapid growth in the next few years. It will grow to $30.75 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to growth in the healthcare sector, the increasing need for remote asset monitoring, the growing importance of predictive maintenance, the development of smart cities, and enhancements in cybersecurity measures. Major trends in the forecast period include the adoption of IoT and AI technologies, cloud-based solutions, integration with advanced technologies like blockchain, mobile-based tracking solutions, and automation in asset management.
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Scope Of Asset Tracking Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Asset Tracking Software Market Overview
Market Drivers –
The growing transportation and logistics industries are expected to propel the growth of the asset tracking software market going forward. The transportation and logistics industries facilitate the efficient movement of goods and people across various modes of transportation, crucially supporting global trade and economic activities. The transportation and logistics industries are growing due to increasing globalization, e-commerce expansion, technological advancements, and the need for efficient supply chain management. Asset tracking software is instrumental in the transportation and logistics industries for real-time monitoring and managing vehicles, shipments, and inventory, optimizing operations, improving efficiency, and enhancing security. For instance, in December 2023, according to the Bureau of Transportation Statistics, which is part of the United States Department of Transportation, in 2022, the transportation sector represented 9.0% of the U.S. GDP, an increase from 8.4% in 2021 and 7.7% in 2020. Therefore, the growing transportation and logistics industries are driving the asset tracking software market.
Market Trends –
Major companies operating in the asset tracking software market are focusing on IoT integration, such as Internet of Things (IoT) asset-tracking solutions, to enhance real-time visibility and improve efficiency in monitoring and managing assets across various industries. IoT asset tracking solutions utilize Internet of Things technology to monitor and manage assets in real-time, leveraging connected devices for increased efficiency and streamlined operations. For instance, in December 2023, Globalstar, Inc., a US-based satellite communications company, launched GSatSolar in collaboration with Global Satellite Engineering (GSE), a US-based company that specializes in designing and developing machine-to-machine, satellite, and IoT solutions. It is a compact, durable, and cost-effective IoT asset-tracking device that enhances value-added resellers (VARs) and customers’ tracking software capabilities by enabling near-real-time tracking of additional assets. Through its satellite-powered design tailored for remote IoT operations, GSatSolar expands the capacity for tracking assets, facilitating more reliable field data collection and potentially boosting efficiency while supporting autonomous data collection in remote areas.
The asset tracking software market covered in this report is segmented –
1) By Component: Software, Service
2) By Deployment: Cloud, On-Premise
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Application: Government And Defense, Banking, Financial Services and Insurance (BFSI), Information Technology And telecommunication, Healthcare, Education, Retail, Other Applications
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Regional Insights –
North America was the largest region in the asset tracking software market in 2023. The regions covered in the asset tracking software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the asset tracking software market are Microsoft Corporation, Verizon Communications Inc., AT&T Inc., Siemens AG, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Stanley Black and Decker Inc., Zebra Technologies Corporation, Trimble Inc., Datalogic S.P.A., Geotab Inc., QBurst, Freshworks, Impinj Inc., Fleet Complete, Mojix Inc., Tenna LLC, Savi Technology Inc., UpKeep Technologies, Ubisense Group Plc., Zerion Software, PcsInfinity, Sortly
Table of Contents
1. Executive Summary
2. Asset Tracking Software Market Report Structure
3. Asset Tracking Software Market Trends And Strategies
4. Asset Tracking Software Market – Macro Economic Scenario
5. Global Asset Tracking Software Market Size and Growth
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32. Global Asset Tracking Software Market Competitive Benchmarking
33. Global Asset Tracking Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Asset Tracking Software Market
35. Asset Tracking Software Market Future Outlook and Potential Analysis
36. Appendix
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