Market Research Report
Global Asset Tracking Market Forecast 2019-2028
|Published by||Inkwood Research||Product code||962708|
|Published||Content info||181 Pages
Delivery time: 2-3 business days
|Global Asset Tracking Market Forecast 2019-2028|
|Published: October 2, 2020||Content info: 181 Pages||
The global asset tracking market is evaluated to project a CAGR of 12.28%, over the forecast years of 2019 to 2028. The market growth is attributed to factors such as, the increased adoption of IoT devices during transportation, the growing need for improving fleet performance, and the rising demand from third-party logistics companies.
Asset management comprises software, hardware, and services solutions that help track assets during storage and transportation. The technology utilizes the Internet of Things (IoT) to track assets. As a result, the asset tracking market is vital for evading thefts and gaining valuable operational insights. Moreover, such solutions are emerging as crucial techniques for securing greater operational efficacies, especially in office spaces and manufacturing environments.
Asset tracking is particularly customized for third-party logistics enterprises, especially for providing end-to-end transparency. Moreover, they can efficiently maintain clients, owing to constant collaboration and innovation. Companies utilize third-party logistics providers (3PLs), primarily for core fulfillment services such as, transportation, shipping, and warehousing. They also offer modern amenities as a result of on-demand and fast-paced business needs. Such value-added services may range from customized labeling or final assembly to specialized distribution.
The global asset tracking market growth analysis includes assessing Europe, North America, the Asia Pacific, and the rest of the world. The Asia Pacific is anticipated to observe the highest growth rate during the forecast period, due to the significant contributions by the region's developing economies, and the increasing adoption os numerous technological advancements. Moreover, the surging increase in Artificial Intelligence (AI) and IoT in the majority of end-user enterprises, in addition to the investments by small and medium companies, are projected to drive the asset tracking market growth in the Asia Pacific.
The global market is characterized by moderate to high product differentiation and rising levels of product penetration. As a result, the market is expected to observe an intense competition, over the forecast period.
Some of the distinguished companies operating in the market are, Asset Panda LLC, Verizon Communications Inc, AT & T Inc, Tenna, Hilti, etc.