The global asset tracking market is forecast to sustain a healthy CAGR of 11.4% from 2023 to 2032, according to Research & Markets.

This will increase from an estimated market value of $17.3bn in 2023 to $45.8bn by 2032.

Key drivers propelling the asset tracking market forward include the burgeoning requirement for enhanced operational efficiency and resource optimisation across diverse organisations worldwide. Asset tracking technology is highly sought after for its potential to save costs, bolster profits and amplify return on investment (RoI).

Concurrently, advancements such as the integration of technologies including artificial intelligence (AI), predictive maintenance, augmented reality (AR), IoT and telematics are refining asset management processes, paving the way for future market growth.

The healthcare sector is increasingly adopting asset tracking systems to improve patient care and workforce safety. Similarly, geographical information systems (GIS) have found significant applications in the transportation sector, fuelled by the accessibility of detailed satellite imagery. The shift towards cloud-based offerings, particularly in large enterprises to mitigate hardware overheads and facilitate centralised data storage, is also contributing notably to the market momentum.

Asset tracking has deployed its reach across an array of end-use industries, including transportation, logistics, aviation, healthcare, manufacturing, and food and beverages. This widespread applicability points to an upward trend in the market’s growth curve, as organisations seek to leverage the benefits of real-time asset tracking and management.

The asset tracking market report provides an analysis of the market by segmenting it based on component, deployment mode, organisation size and end-use industry. Geographically, the study encompasses regions such as North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.

An assessment of the competitive landscape is also presented. It identifies and profiles players that are at the forefront of innovation and market expansion. These are crafting frameworks and forging alliances to consolidate their market presence globally, thereby influencing the asset tracking market’s progression.

As businesses around the world continue to adapt to evolving technological landscapes, asset tracking stands as an integral component driving future-ready enterprises towards achieving streamlined operations and heightened security protocols for their physical assets.

Companies featured are Actsoft, ASAP Systems, Asset Panda, AT&T, Azuga (Bridgestone), Fleet Complete, GigaTrak, Tenna, Trimble, Ubisense, Verizon Communications, Wasp Barcode Technologies (Datalogic) and Zebra Technologies.

For more information about this report visit www.researchandmarkets.com/r/gqtmzg.