Dublin, May 01, 2024 (GLOBE NEWSWIRE) -- The "Asset Tracking Market Report by Component, Deployment Mode, Organization Size, End Use Industry, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global asset tracking market has demonstrated a robust growth trajectory, with an estimable market value of US$ 17.3 billion in 2023. The sector is forecasted to sustain a healthy compounded annual growth rate (CAGR) of 11.4% from 2023 to 2032, culminating in a projected market size of US$ 45.8 billion by the year 2032.
Technological Advancements Fueling Market Expansion
Key drivers propelling the asset tracking market forward include the burgeoning requirement for enhanced operational efficiency and resource optimization across diverse organizations worldwide. Asset tracking solutions are highly sought after for their potential to save costs, bolster profits, and amplify return on investment (RoI). Concurrently, advancements such as the integration of cutting-edge technologies like artificial intelligence (AI), predictive maintenance, augmented reality (AR), internet of things (IoT), and telematics are refining asset management processes, paving the way for future market growth.
Healthcare and Transportation Sectors Leading Adoption
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, fueled by the accessibility of detailed satellite imagery. The shift towards cloud-based solutions, particularly in large enterprises to mitigate hardware overheads and facilitate centralized data storage, is also contributing notably to the market momentum.
Diverse Applications Driving Industry Growth
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 organizations seek to leverage the benefits of real-time asset tracking and management.
Global Market Insights
The asset tracking market report provides an exhaustive analysis of the market by segmenting it based on component, deployment mode, organization size, and end-use industry. Geographically, the study encompasses vital regions such as North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. It delves into the dynamics of each region and sector, providing an insightful glimpse at the market's overall structure and its components' performance.
Competitive Landscape and Key Industry Players
A thorough assessment of the competitive landscape is also presented in the report. It identifies and profiles leading key players that are at the forefront of innovation and market expansion. These industry stalwarts are crafting strategic frameworks and forging alliances to consolidate their market presence globally, thereby influencing the asset tracking market's progression.
The findings within the report underscore the vital role of technology in asset tracking and its consequential impact on enhancing organizational efficiencies. 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
- Actsoft Inc.
- ASAP Systems
- Asset Panda
- AT&T Inc.
- Azuga Inc. (Bridgestone Corporation)
- Fleet Complete
- GigaTrak
- Tenna
- Trimble Inc.
- Ubisense Limited
- Verizon Communications Inc.
- Wasp Barcode Technologies Inc. (Datalogic S.p.A.)
- Zebra Technologies Corporation
For more information about this report visit https://www.researchandmarkets.com/r/gqtmzg
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