Asset Tracking Software
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What Will the Asset Tracking Software Industry Market Size Be by 2025?
In the past years, there has been a rapid expansion in the market size of asset tracking software. It is projected to rise from $19.17 billion in 2024 to $21.61 billion in 2025, reflecting a compound annual growth rate (CAGR) of 12.7%. The historical growth can be linked to a surge in demand for on-the-spot data analysis, improved accuracy of tracking systems, decrease in operational expenses, heightened requirement for effective supply chain management, and the broadening of cloud computing services.
What’s the Long-Term Growth Forecast for the Asset Tracking Software Market Size Through 2029?
Anticipated to experience robust growth in the forthcoming years, the market size of asset tracking software is predicted to expand to $34.54 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 12.4%. The growth is primarily due to the progress in the healthcare sector, growing need for monitoring assets remotely, the rising significance of predictive maintenance, development of intelligent cities, and improvements in cybersecurity measures. The forecast period is slated to witness major trends like the integration of technologies like IoT and AI, adoption of cloud-based solutions, interoperability with advanced technologies such as blockchain, tracking solutions via mobile, and automation of asset management.
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What Are the Key Growth Drivers Fueling the Asset Tracking Software Market Expansion?
The expansion of transportation and logistics industries is predicted to drive the asset tracking software market’s growth. These industries enable the smooth transit of people and goods through diverse transportation modes, thereby significantly bolstering global trade and economic activities. The upswing in these industries can be attributed to the rise in globalization, the e-commerce boom, technological progress, and the demand for proficient supply chain management. Asset tracking software plays a vital role in these fields, providing real-time tracking and handling of vehicles, shipments, and inventory, streamlining operations, improving efficacy, and bolstering security. For example, in December 2023, the Bureau of Transportation Statistics of the United States Department of Transportation revealed that the transportation sector contributed 9.0% to the U.S. GDP in 2022, a surge from 8.4% in 2021. such growth in transportation and logistics industries underpins the growth of the asset tracking software market.
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What Are the Key Trends Driving Asset Tracking Software Market Growth?
Top firms in the asset tracking software market are emphasizing IoT incorporation, specifically Internet of Things (IoT) asset-tracking systems, to amplify real-time transparency and augment efficacy in supervising and controlling assets across diverse sectors. These solutions make use of IoT technology for real-time asset monitoring and management, using connected gadgets for heightened efficiency and optimized operations. To illustrate, in December 2023, a US satellite communications corporation called Globalstar, Inc. launched GSatSolar. This project was undertaken in partnership with Global Satellite Engineering (GSE), a company from the US that pioneers in designing and developing machine-to-machine, satellite, and IoT solutions. GSatSolar is a compact, robust, and cost-effective IoT asset-tracking gadget that enriches tracking software skills of value-added resellers (VARs) and customers by permitting near-real-time tracking of further assets. GSatSolar’s satellite-driven design, made specifically for remote IoT operations, enables the tracking of more assets, resulting in more dependable data collection in the field. This could potentially increase efficiency while endorsing autonomous data compilation in distant regions.
How Is the Asset Tracking Software Market Segmented?
The asset tracking software market covered in this report is segmented –
1) By Component: Software, Service
2) By Deployment: Cloud, On-Premise
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Application: Government And Defense, Banking, Financial Services And Insurance (BFSI), Information Technology And telecommunication, Healthcare, Education, Retail, Other Applications
Subsegments:
1) By Software: On-Premises Software, Cloud-Based Software, Mobile Asset Tracking Software, Real-Time Location Systems (RTLS) Software, Barcode Or RFID Asset Tracking Software
2) By Service: Installation And Integration Services, Training And Support Services, Consulting Services, Maintenance And Upgrades Services
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Which Companies Are Leading the Charge in Asset Tracking Software Market Innovation?
Major companies operating in the asset tracking software market are Microsoft Corporation, Verizon Communications Inc., AT&T Inc., Siemens AG, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Stanley Black and Decker Inc., Zebra Technologies Corporation, Trimble Inc., Datalogic S.P.A., Geotab Inc., QBurst, Freshworks, Impinj Inc., Fleet Complete, Mojix Inc., Tenna LLC, Savi Technology Inc., UpKeep Technologies, Ubisense Group Plc., Zerion Software, PcsInfinity, Sortly
Which Regions Are Leading the Global Asset Tracking Software Market in Revenue?
North America was the largest region in the asset tracking software market in 2023. The regions covered in the asset tracking software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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