DUBLIN, March 24, 2023 /PRNewswire/ -- The "Asset Tracking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global asset tracking market size reached US$ 13.28 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 29.93 Billion by 2027, exhibiting a CAGR of 14.51% during 2021-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Asset tracking is the process of tracking the physical assets of the organization by scanning barcode labels attached using a global positioning system (GPS) or a radio-frequency identification (RFID).
It provides real-time and accurate data for an efficient asset management system. It helps upgrade or replace various assets while saving time and expenses. It offers several benefits, such as centralizing data with asset management software, increasing value with asset utilization reports, improving asset lifecycle maintenance, achieving greater security for assets, and strengthening asset management protocols.
As a result, asset tracking finds extensive applications in the food and beverage (F&B), transportation, aviation, healthcare, and manufacturing industries.
At present, there is a rise in the demand for asset tracking in various organizations to streamline operations and optimize the utilization of existing resources worldwide.
This, along with the growing employment of asset tracking solutions to save costs, enhance profits, and improve the return on investment (RoI), represents one of the key factors driving the market. Besides this, the increasing demand for asset tracking in the healthcare industry to improve workforce safety and patient care is contributing to the growth of the market.
In addition, the growing utilization of geographical information systems (GIS) in the transportation sector due to the wide availability of orthorectified images through satellites is positively influencing the market.
Moreover, the integration of artificial intelligence (AI), predictive maintenance, augmented reality (AR), internet of things (IoT), digital twin, and telematics in asset tracking for better planning and maintenance of assets is offering a positive market outlook.
Apart from this, the rising demand for cloud-based solutions in large enterprises to eliminate the need for installing additional hardware and storing the data in various data centers is bolstering the market growth.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global asset tracking market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, deployment mode, organization size and end use industry.
Breakup by Component:
Breakup by Deployment Mode:
Breakup by Organization Size:
Breakup by End Use Industry:
Breakup by Region:
Key Questions Answered in This Report:
For more information about this report visit https://www.researchandmarkets.com/r/w9443p
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
These press releases may also interest you