As businesses around the world increasingly rely on assets to drive productivity and efficiency, the asset tracking industry has seen substantial growth and evolution. In this blog post, we will delve into the latest statistics and trends shaping the asset tracking industry, providing valuable insights for organizations looking to optimize their asset management strategies.
The Latest Asset Tracking Industry Statistics Explained
By 2027, the global asset tracking market is anticipated to reach USD 36.3 billion, from USD 17.6 billion in 2020, at a CAGR of 12.8%.
This statistic indicates the projected growth of the global asset tracking market over a seven-year period from 2020 to 2027. The value of the asset tracking market is expected to increase from USD 17.6 billion in 2020 to USD 36.3 billion by 2027, representing a compound annual growth rate (CAGR) of 12.8%. This suggests a significant expansion in the market size and demand for asset tracking solutions, driven by factors such as technological advancements, increased adoption of Internet of Things (IoT) devices, and the growing need for efficient asset management across various industries. The forecasted CAGR of 12.8% reflects a robust and continuous growth trend in the asset tracking market, highlighting opportunities for businesses operating in this sector to capitalize on the rising demand for innovative tracking technologies.
The majority of businesses (65%) are planning to implement IoT and RFID for asset tracking by 2027.
This statistic indicates that a significant proportion of businesses, accounting for 65%, are intending to adopt Internet of Things (IoT) technology and Radio Frequency Identification (RFID) systems for the purpose of asset tracking within the next six years by 2027. By incorporating IoT and RFID into their operations, businesses aim to enhance efficiency and accuracy in tracking their assets, thereby improving inventory management, reducing operational costs, and increasing overall productivity. This trend suggests a growing recognition among businesses of the benefits of leveraging advanced technologies to optimize their asset tracking processes for better decision-making and competitive advantage in the rapidly evolving business environment.
North America accounted for the largest market share of over 35% in asset-tracking technologies in 2019.
This statistic indicates that North America had the highest proportion of market share in asset-tracking technologies in 2019, capturing over 35% of the total market. This suggests that North America was a significant player in the industry compared to other regions, showcasing a strong demand for asset-tracking technologies within the region. Factors such as advanced technological infrastructure, increasing adoption of IoT devices, and the need for efficient supply chain management could have contributed to North America’s dominance in this market segment. The high market share not only highlights the region’s prominence in asset-tracking technologies but also signifies potential opportunities for further growth and expansion in the future.
On average, companies can save up to 30% by using asset management software.
The statistic “On average, companies can save up to 30% by using asset management software” suggests that companies can achieve cost savings by implementing asset management software in their operations. This statement implies that using such software can lead to better efficiency in managing assets, reducing maintenance costs, improving decision-making, and optimizing resource allocation. The potential savings of up to 30% indicate a significant impact on the company’s bottom line, making asset management software a valuable investment for businesses seeking to streamline their operations and improve financial performance.
The hardware segment of asset tracking accounted for 64% of the total revenue in 2019.
This statistic indicates that in 2019, the hardware aspect of asset tracking contributed significantly to the overall revenue, making up 64% of the total revenue generated within the industry. This suggests that the sale of physical devices such as GPS trackers, RFID tags, and sensors played a central role in driving the financial performance of asset tracking companies during that year. The prominence of the hardware segment underscores its importance within the industry, highlighting the reliance on tangible technology solutions to support effective asset management practices and operations. The statistic signifies the substantial financial impact of hardware sales on the asset tracking sector in 2019.
The use of cloud-based asset tracking solutions is estimated to grow at 21.55% CAGR from 2021 to 2026.
This statistic indicates that the adoption of cloud-based asset tracking solutions is expected to see significant growth over the period from 2021 to 2026, with a Compound Annual Growth Rate (CAGR) of 21.55%. This implies that on average, the use of cloud-based asset tracking solutions is projected to increase by 21.55% each year during this timeframe. The increasing trend suggests a rising demand for such solutions, likely driven by factors such as the need for improved efficiency, visibility, and management of assets across various industries. The CAGR provides a simple way to understand the growth trajectory of this technology trend over the specified time period.
Mobile assets currently form about 35% of total enterprise assets.
The statistic indicates that mobile assets, which include smartphones, tablets, and other portable devices, make up approximately 35% of the overall assets owned by the enterprise. This suggests that mobile technology plays a significant role in the organization’s operations and investments, highlighting the importance of staying connected and agile in today’s digital marketplace. The high percentage of mobile assets indicates a strong reliance on technology for business activities, communication, and productivity. Monitoring and managing these mobile assets effectively will be crucial for optimizing performance and achieving strategic objectives in the organization.
By 2024, 35 million assets are expected to be tracked by IoT-based asset tracking solutions.
The statistic indicates that by the year 2024, it is projected that there will be a total of 35 million assets being monitored and tracked through Internet of Things (IoT) based asset tracking solutions. This suggests a significant growth in the adoption of IoT technology in asset management across various industries, as organizations seek to enhance efficiency, improve operational visibility, and optimize resource allocation. The deployment of IoT-based asset tracking solutions enables real-time monitoring and management of assets, leading to better decision-making processes and ultimately driving improvements in productivity and cost-effectiveness.
57% of improved efficiency in companies comes from better asset tracking practices.
The statistic that 57% of improved efficiency in companies comes from better asset tracking practices indicates that a significant portion of efficiency gains within businesses can be attributed to the effective monitoring and management of assets. By implementing more robust asset tracking systems and practices, organizations are able to better optimize the utilization of their resources, minimize asset downtime, reduce losses due to theft or misplacement, and improve overall operational efficiency. This statistic underscores the importance of investing in improved asset tracking methodologies as a key driver of enhanced productivity and performance in the business setting.
Retail sector represents one of the fastest-growing segments for asset tracking with a growth rate of 17.42% till 2024.
The statistic indicates that the retail sector is experiencing rapid growth in the adoption of asset tracking technologies, with a growth rate of 17.42% projected until 2024. This suggests that retailers are increasingly recognizing the value of tracking their assets, such as inventory, equipment, and other resources, in order to improve operational efficiency, reduce costs, and enhance overall business performance. The significant growth rate implies that asset tracking is becoming a key focus for retailers seeking to leverage data and technology to optimize their supply chain management and customer service processes. This trend underscores the importance of utilizing asset tracking solutions in the retail sector to stay competitive and meet the demands of a rapidly evolving marketplace.
Inefficient tracking methods cost companies around 20% of their total asset value.
The statistic suggests that companies incur a significant financial loss, estimated at around 20% of their total asset value, due to inefficient tracking methods. This highlights the importance of having robust systems in place for monitoring and managing assets to prevent substantial losses. Inefficient tracking methods can lead to a variety of issues such as inaccurate inventory levels, misplaced assets, and increased operating costs. By investing in improved tracking methods and technology, companies can enhance their asset management processes, reduce the risk of financial losses, and improve overall operational efficiency.
GPS technology in asset tracking is projected to expand at a CAGR of 13.7% from 2020 to 2027.
This statistic indicates that the use of GPS technology in asset tracking is expected to grow significantly over the period from 2020 to 2027, with a compounded annual growth rate (CAGR) of 13.7%. This suggests a strong trend towards increasing adoption of GPS technology in asset tracking applications such as fleet management, logistics, and inventory control. The projection implies that the market for GPS-based asset tracking solutions is anticipated to expand at a steady pace, driven by advancements in technology, increasing demand for real-time tracking capabilities, and the need for more efficient asset management practices. The forecasted CAGR of 13.7% reflects a positive outlook for the industry, indicating promising opportunities for businesses operating in this sector.
The APAC asset tracking market revenue is projected to reach $13.51 Billion by 2027.
The statistic indicates that the revenue generated in the Asia-Pacific (APAC) asset tracking market is forecasted to grow and reach a total of $13.51 billion by the year 2027. This projection suggests a significant increase in the market size and reflects a growing demand for asset tracking solutions and services in the APAC region. Factors such as increasing adoption of IoT technologies, rising need for efficient supply chain management, and growing concerns about asset security and theft prevention are likely driving this growth. This statistic serves as an important insight for businesses operating in the asset tracking industry to understand the market potential and explore opportunities for investment and expansion in the APAC region.
The healthcare sector is predicted to exhibit a CAGR of about 12.42% till 2025 in the asset tracking market.
The statistic suggests that the healthcare sector is expected to experience a Compound Annual Growth Rate (CAGR) of approximately 12.42% in the asset tracking market up to the year 2025. This forecast indicates that within the asset tracking market, the healthcare industry is projected to have substantial growth and investment opportunities over the specified period. The increasing adoption of asset tracking technologies and solutions within healthcare facilities is likely to drive this growth, leading to improved efficiency, cost savings, and better management of assets such as medical equipment and supplies. The CAGR of 12.42% reflects a strong growth trajectory for asset tracking applications specifically within the healthcare sector in the coming years.
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