Global Asset Tracking Software Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Asset tracking software is a tool that enables businesses to monitor and manage the location, status, and usage of their assets in real time. It is used across various industries to efficiently monitor and manage the movement and utilization of valuable assets. This software enhances operational efficiency, reduces loss and theft, and optimizes asset utilization.

Sizing and Forecast

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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Segmentation & Regional Insights

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

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.

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Major Driver Impacting Market Growth

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.

Key Industry Players

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

The asset tracking software market report table of contents includes:

1. Executive Summary
2. Asset Tracking Software Market Characteristics
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