Asset Tracking Market Revenues to Reach USD 40.45 billion by 2028 – Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

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Hyderabad, July 14, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled “Asset Tracking Market (2023-2028),” the market is estimated at USD 21.09 billion in 2023. It is expected to register a CAGR of 13.91% during the forecast period.

Manufacturing environments and office spaces worldwide are witnessing rapid digitalization. Asset management and tracking solutions are crucial in this scenario to ensure better operational efficiencies. Recent advancements in the Internet of Things (IoT) technology also bring a positive outlook.

Report Summary:

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Report Attribute Details
Market Size (2023) USD 21.09 billion
Market Size (2028) USD 40.45 billion
CAGR (2023-2028) 13.91%
Study Period 2018-2028
Fastest Growing Market Asia-Pacific
Largest Market North America
Forecast Units Value (USD billion)
Report Scope Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends
Key Market Drivers Growth of IoT technology.
Technological innovations and the need for greater operational efficiency.


Who are the Top Companies in the Asset Tracking Market?

There are multiple vendors providing different asset-tracking solutions in the global market. They are trying to expand globally by integrating the latest technologies in their solutions. Thus, the market is fragmented.

The significant players in the asset tracking market in 2023 are,

  • Actsoft Inc.
  • Touma Incorporated (Asap Systems)
  • Asset Panda
  • AT & T Inc.
  • GigaTrak (P&T Solutions Inc.)
  • OnAsset Intelligence Inc.
  • Fleet Complete
  • Oracle Corporation
  • Spireon Inc.
  • Trimble Inc.
  • Zebra Technologies Corporation
  • Verizon Communications Inc.
  • Ubisense Limited

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Key Highlights from the Global Asset Tracking Market Report:

The boom in IoT Device Adoption

  • Asset tracking solutions can help organizations connect multiple processes, workforce, and assets into a single integrated strategic system using IoT technology.
  • Companies lose trillions of dollars due to theft and destruction of assets while transporting equipment, supplies, and materials from one site to another. IoT sensors and digital visibility software can address such issues effectively.

North America is the Center of Attention

  • The United States and Canada are leading in front in the adoption of advanced technologies across industries.
  • A long-standing cooperative agreement exists between Canada and the United States in transport logistics to address supply chain logistics issues.
  • These two countries face several challenges in supply chain logistics, such as weather disasters, labor shortages, security interruptions, and other geopolitical issues arising. Asset tracking solutions can help alleviate such bottlenecks in the process.

What are the Latest Developments in the Global Asset Tracking Market?

  • In May 2022, Boluda Corporación Maritima began using an asset tracking solution from WITRAC, a Valencia-based company that offers advanced technological solutions that connect and give visibility to the value chain.
  • In April 2022: Accruent announced a partnership with Advanced Idea Automation Services & Technologies. These firms provide a one-stop service for streamlining plant asset maintenance procedures which helps lower maintenance expenses while boosting output, effectiveness, and asset reliability.

Mordor Intelligence has Segmented the Global Asset Tracking Market Based on Component, Deployment Type, End-User Industry, and Geography:

  • By Component (Market Size and Forecast based on Value (USD billion), 2018-2028)
    • Hardware
    • Software
  • By Deployment Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
    • On-cloud
    • On-premise
  • By End-user Industry (Market Size and Forecast based on Value (USD billion), 2018-2028)
    • Transportation and Logistics
    • Aviation
    • Healthcare
    • Manufacturing
    • Food and Beverages
    • Other End-user Industries
  • By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
    • North America
    • Europe
    • Asia-Pacific
    • Latin America
    • Middle East & Africa

In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Asset Tracking Market Report (2023-2028).

Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:

About Mordor Intelligence:

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.

Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.

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CONTACT: Company Name: Mordor Intelligence Email: [email protected] Phone: +1 617-765-2493 Location: Hyderabad, Telangana Country: India 

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