The Latest Asset Tracking Software Industry Statistics Explained
The global asset tracking software market was valued at approximately USD 11.12 billion in 2018.
The statistic indicates that the global asset tracking software market had a market value of around USD 11.12 billion in the year 2018. This value represents the total market size for software solutions used to track and manage assets across various industries worldwide. The significant market value highlights the increasing adoption of asset tracking software by businesses to enhance operational efficiency, improve inventory management, and optimize resource utilization. The continued growth in the market suggests a growing recognition of the importance of real-time asset visibility and tracking capabilities in modern business operations.
The market is expected to reach approximately USD 27.61 billion by 2025.
The statistic “The market is expected to reach approximately USD 27.61 billion by 2025” indicates the projected value of the market size by the year 2025. This figure represents the estimated total value of goods and services exchanged within that particular market. It suggests that the market is forecasted to grow or expand significantly over the coming years, reaching a substantial valuation of USD 27.61 billion by 2025. This statistic is important for investors, businesses, and policymakers to understand the potential size and opportunities within the market, helping them make informed decisions and strategies for the future.
The compound annual growth rate (CAGR) for 2019-2025 is predicted to be 12.7%.
The compound annual growth rate (CAGR) of 12.7% predicted for the years 2019 to 2025 represents the average annual growth rate that an investment would experience over the specified period if it grew at a steady rate. In this context, it suggests that a particular metric, such as revenue, sales, or market size, is expected to increase by an average of 12.7% each year from 2019 to 2025. This statistic is valuable for forecasting future performance and making informed strategic decisions, as it provides a standardized representation of growth that accounts for compounding effects over multiple time periods.
In 2018, North America accounted for the largest share of the asset tracking market due to the early adoption of these solutions.
The statement indicates that in 2018, North America had the highest market share in the asset tracking industry, primarily attributed to the region’s early adoption of asset tracking solutions. This suggests that North American businesses and organizations were among the first to recognize the benefits of implementing asset tracking technologies to improve operational efficiency, asset visibility, and inventory management. By embracing these solutions early on, North American companies likely gained a competitive advantage in terms of optimizing their processes and increasing productivity compared to regions that were slower to adopt asset tracking technologies.
The Asia-Pacific region is expected to grow at the highest CAGR in the coming years.
This statistic suggests that the Asia-Pacific region is projected to experience the highest Compound Annual Growth Rate (CAGR) compared to other regions in the near future. The CAGR is a measure used to represent the mean annual growth rate of an investment over a certain period of time, and in this context, it indicates the anticipated rate at which the economy of the Asia-Pacific region is expected to expand. This growth could be driven by various factors such as increasing investment, technological advancements, expanding consumer markets, and favorable government policies in the region. The high CAGR highlights the potential for robust economic development and increasing business opportunities in the Asia-Pacific region compared to other global regions.
The healthcare industry holds a significant share of the asset tracking software market.
The statistic indicates that the healthcare industry is a major player in the asset tracking software market, possessing a substantial portion of market share compared to other industries. This suggests that healthcare organizations are investing heavily in asset tracking solutions to efficiently monitor and manage their physical assets such as medical equipment, devices, and supplies. The industry’s prominence in this market segment may be driven by the need to optimize operations, streamline inventory management, ensure regulatory compliance, and improve overall efficiency within healthcare facilities. As a result, asset tracking software providers may focus on developing tailored solutions specifically designed to meet the unique needs and challenges faced by healthcare organizations.
Roughly 85% of enterprises will have implemented IoT-enabled asset tracking by 2022.
The statistic “Roughly 85% of enterprises will have implemented IoT-enabled asset tracking by 2022” indicates the increasing adoption of Internet of Things (IoT) technology in business operations. This suggests that the majority of businesses are recognizing the benefits of using IoT to track and manage assets more effectively. By incorporating IoT-enabled asset tracking systems, enterprises can improve operational efficiency, enhance decision-making processes, reduce costs, and gain better visibility into their assets. The expected widespread adoption by 2022 highlights the growing trend towards leveraging IoT solutions to optimize asset management practices across various industries.
In 2020, nearly 20% of companies reported tracking over 10,000 assets.
The statistic “In 2020, nearly 20% of companies reported tracking over 10,000 assets” indicates that a significant portion of companies surveyed or studied were managing a large number of assets. This suggests that these companies likely have complex operations that require extensive monitoring and management of various resources, such as equipment, inventory, or property. The statistic sheds light on the scale and complexity of asset management practices within organizations in 2020, highlighting the challenges that these companies may face in efficiently tracking and maintaining such a large number of assets for optimal performance and operational efficiency.
57% of enterprises consider asset tracking as essential for their bottom line.
The statistic stating that 57% of enterprises consider asset tracking as essential for their bottom line indicates that a significant majority of businesses recognize the importance of managing and monitoring their assets to improve their financial performance. Asset tracking refers to the process of keeping tabs on tangible resources such as equipment, inventory, and machinery to ensure efficient utilization and prevent loss or theft. By acknowledging asset tracking as crucial to their bottom line, these enterprises likely understand the positive impact it can have on optimizing operational efficiency, reducing costs, increasing productivity, and ultimately boosting profitability. This statistic underscores the widespread recognition of asset tracking as a strategic tool for enhancing business operations and driving financial success.
Asset tracking software helps in reducing equipment losses by up to 90%.
The statistic that asset tracking software helps in reducing equipment losses by up to 90% indicates the significant impact that utilizing such software can have on the security and management of valuable assets within an organization. By implementing asset tracking software, businesses can more effectively monitor the location and usage of their equipment, leading to improved visibility and control over assets. This, in turn, helps to minimize the risk of equipment losses, whether due to theft, misplacement, or unauthorized use, potentially resulting in a substantial reduction of losses by as much as 90%. Such a high reduction rate underscores the value and effectiveness of asset tracking software in enhancing asset management practices and protecting valuable resources.
The transportation and logistics sector had the highest share for asset tracking in 2019.
The statistic “The transportation and logistics sector had the highest share for asset tracking in 2019” indicates that among various industries, the transportation and logistics sector accounted for the largest proportion of asset tracking activities in 2019. Asset tracking involves monitoring and managing physical assets, such as vehicles, inventory, or equipment, in real-time to improve operational efficiency, security, and overall performance. The transportation and logistics sector’s reliance on asset tracking can be attributed to the need for precise location monitoring, route optimization, and inventory management to ensure smoother and more cost-effective operations. This statistic highlights the industry’s prioritization of leveraging technology and data-driven solutions to enhance their asset management strategies, ultimately driving productivity and competitiveness within the sector.
About 65% of companies’ investment costs are infrastructure related, showing an increase in demand for asset tracking software.
The statistic stating that about 65% of companies’ investment costs are infrastructure related indicates a significant portion of companies’ financial resources are allocated towards infrastructure development and maintenance. This suggests a strong emphasis on enhancing physical assets such as buildings, equipment, and infrastructure components. The accompanying observation of an increase in demand for asset tracking software further underscores the importance of efficiently managing and monitoring these assets. The rising interest in asset tracking software can be attributed to the need for companies to optimize their infrastructure investments, improve operational efficiency, enhance asset utilization, and ensure regulatory compliance. This shift towards digitizing asset management processes reflects a growing recognition of the value that technology can bring in streamlining operations and maximizing returns on infrastructure investments for businesses.
By 2026, IoT in asset tracking is predicted to reach USD 70 billion.
The statistic indicates that the market value of Internet of Things (IoT) technology used for asset tracking is expected to grow substantially, reaching a projected value of USD 70 billion by the year 2026. This forecast suggests a significant increase in the adoption and implementation of IoT solutions for tracking and monitoring assets across various industries such as logistics, supply chain management, healthcare, and manufacturing. The growth in this sector is driven by the increasing demand for real-time data and visibility of assets to enhance operational efficiency, improve decision-making processes, and reduce costs. As organizations continue to recognize the value of IoT technologies in asset tracking, the market is expected to experience continued expansion and innovation in the coming years.
The property management industry makes up the largest market user of asset tracking software, at 60%.
The statistic indicates that within the market of asset tracking software users, the property management industry accounts for the largest share at 60%. This means that among all the different industries and sectors that utilize asset tracking software, property management companies form the majority. This information highlights the significance of asset tracking software within the property management industry, suggesting that these companies heavily rely on such technology to monitor and manage their assets effectively. It also underscores the importance of asset management and tracking solutions in enhancing operational efficiency and productivity within the property management sector.
In 2021, 77% of organizations used some form of cloud computing for IT Asset Management.
In 2021, the statistic indicates that 77% of organizations utilized cloud computing in some capacity for their IT Asset Management needs. This suggests a significant adoption of cloud-based solutions by a majority of organizations for managing and tracking their IT assets. Cloud computing offers various benefits for IT Asset Management, such as scalability, flexibility, and accessibility, allowing organizations to efficiently monitor and manage their assets remotely. The high percentage of organizations leveraging cloud computing for IT Asset Management signifies a growing trend towards cloud-based solutions in the IT industry to streamline operations and enhance overall efficiency.
The cost of recovering lost assets is on average 25 times the cost of the asset itself.
This statistic suggests that recovering lost assets can be significantly more expensive than the actual cost of the asset that was lost. The average ratio of 25 times implies that the process of recovering lost assets, which may involve investigation, legal fees, recovery services, and other associated costs, can add up to a substantial amount. This highlights the importance of taking preventative measures to safeguard assets and reduce the risk of losses, as the potential costs of recovery can far outweigh the initial value of the asset. Organizations and individuals should prioritize asset protection strategies to minimize the financial impact of asset loss and the subsequent recovery efforts.
Companies using an Internet of Things (IoT) solution for asset tracking can decrease inventory errors by up to 30%.
The statistic suggests that companies utilizing an Internet of Things (IoT) solution for asset tracking have the potential to significantly reduce inventory errors by as much as 30%. This implies that by implementing IoT technology to track and monitor assets in real-time, companies can experience a notable improvement in the accuracy and reliability of their inventory management processes. With IoT devices providing accurate and up-to-date information on the location and status of assets, organizations can minimize human error and streamline inventory control operations, ultimately leading to better decision-making, reduced costs, and increased efficiency within their supply chains.
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