Asset Tracking Software Global Market Report 2024

The asset tracking software market size has grown rapidly in recent years. It will grow from $17.05 billion in 2023 to $19.17 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The rise observed in the historical period can be credited to a heightened demand for real-time data analytics, improved precision in tracking systems, decreased operational expenses, a surge in the necessity for effective supply chain management, and the broadening reach of cloud computing services.

The asset tracking software market size is expected to see rapid growth in the next few years. It will grow to $30.75 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. Anticipated growth in the forecast period can be ascribed to the expansion of the healthcare domain, an escalating requirement for remote asset monitoring, the increasing significance of predictive maintenance, the advancement of smart city initiatives, and enhancements in cybersecurity protocols. Prominent trends expected in the forecast period include the uptake of IoT and AI technologies, the utilization of cloud-centric solutions, integration with cutting-edge technologies such as blockchain, the adoption of mobile-centric tracking solutions, and the automation of asset management processes.

The asset tracking software market is anticipated to experience growth propelled by the expanding transportation and logistics industries. These sectors facilitate the efficient movement of goods and people across various transportation modes, playing a crucial role in global trade and economic activities. Their growth is fueled by factors such as increasing globalization, the expansion of e-commerce, technological advancements, and the demand for efficient supply chain management. Asset tracking software plays a vital role in these industries, enabling real-time monitoring and management of vehicles, shipments, and inventory, thereby optimizing operations, improving efficiency, and enhancing security. For instance, according to the Bureau of Transportation Statistics, a part of the United States Department of Transportation, in December 2023, the transportation sector accounted for 9% of the U.S. GDP, up from 8.4% in 2021 and 7.7% in 2020. Hence, the growth of the transportation and logistics industries is a driving force behind the asset tracking software market.

Major players in the asset tracking software market are prioritizing IoT integration, particularly Internet of Things (IoT) asset-tracking solutions, to enhance real-time visibility and efficiency in asset monitoring and management across various industries. IoT asset tracking solutions leverage IoT technology to monitor and manage assets in real-time, utilizing connected devices to streamline operations and enhance efficiency. For instance, in December 2023, Globalstar, Inc., a U.S.-based satellite communications company, collaborated with Global Satellite Engineering (GSE), a U.S.-based firm specializing in machine-to-machine, satellite, and IoT solutions, to launch GSatSolar. This compact and durable IoT asset-tracking device enhances tracking software capabilities for value-added resellers (VARs) and customers by enabling near-real-time tracking of additional assets. Designed for remote IoT operations, GSatSolar's satellite-powered design expands asset tracking capacity, facilitating reliable field data collection and potentially improving efficiency, particularly in remote areas.

In February 2022, Construction Industry Solutions Ltd. (COINS), a UK-based construction software firm, acquired AssetTagz for an undisclosed sum. This acquisition aligns with COIN's strategy of providing solutions that offer construction firms instant and accurate data, contributing to cost reduction, enhanced compliance, and improved decision-making capabilities. AssetTagz, a UK-based asset management solution, caters to various sectors including construction, government, mining, oil and gas, financial services, and security services.

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.

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.

The countries covered in the asset tracking software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Asset tracking software serves as a vital tool for businesses, enabling them to continuously monitor and oversee the whereabouts, condition, and utilization of their assets in real time. Across diverse industries, this technology facilitates the efficient management and tracking of valuable assets, contributing to heightened operational efficiency, reduced instances of loss and theft, and optimized asset deployment.

Comprising software and services, the asset tracking software ecosystem encompasses programs and applications tailored to streamline asset monitoring and management. Deployment options range from cloud-based solutions to on-premise setups. Organizations of varying sizes, including small and medium enterprises (SMEs) and large enterprises, leverage this software across a spectrum of sectors such as government and defense, banking, financial services, and insurance (BFSI), information technology and telecommunications, healthcare, education, retail, among others.

The asset tracking software market research report is one of a series of new reports that provides asset tracking software market statistics, including asset tracking software industry global market size, regional shares, competitors with a asset tracking software market share, detailed asset tracking software market segments, market trends and opportunities, and any further data you may need to thrive in the asset tracking software industry. This asset tracking software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The asset tracking software market consists of revenues earned by entities by providing services such as customer support and training, mobile accessibility, customization and scalability, compliance, and reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. The asset tracking software market also includes sales of radio frequency identification (RFID) tags, global positioning system (GPS) trackers, asset management software, barcode labels, and scanners. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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