Global Asset Tracking Software Market Size Forecast 2024 - 2033
17 Dec, 2024
What Is The Overview Of The Global Asset Tracking Software Market?
Asset tracking software is a tool that enables businesses to monitor and manage the location, status, and usage of their assets in real time. It is used across various industries to efficiently monitor and manage the movement and utilization of valuable assets. This software enhances operational efficiency, reduces loss and theft, and optimizes asset utilization.
Asset Tracking Software Global Market Report 2024 provides data on the global asset tracking software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Asset Tracking Software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Asset Tracking Software?
The asset tracking software market grew from $17.05 billion in 2023 to $19.17 billion in 2024 at a CAGR of 12.4%, driven by real-time analytics demand, cost reductions, and supply chain management needs. By 2028, the market will reach $30.75 billion at a CAGR of 12.5%, propelled by healthcare growth, remote monitoring needs, smart city development, and cybersecurity enhancements. Trends include IoT and AI adoption, blockchain integration, mobile solutions, and asset management automation.
What Are The Leading Drivers Of Growth In The Asset Tracking Software Market?
The expansion of the transportation and logistics industries is anticipated to drive the growth of the asset tracking software market. These industries are crucial for the efficient movement of goods and people, supporting global trade and economic activities. Growth in these sectors is fueled by globalization, e-commerce expansion, technological advancements, and the need for efficient supply chain management. Asset tracking software is vital for real-time monitoring and management of vehicles, shipments, and inventory, improving efficiency, optimizing operations, and enhancing security. For instance, in December 2023, the Bureau of Transportation Statistics reported that the transportation sector represented 9.0% of the U.S. GDP in 2022, up from 8.4% in 2021. Thus, the growth in transportation and logistics industries is driving the asset tracking software market.
Get Your Free Sample of the Global Asset Tracking Software Market ReportHow Are The Segments Defined Within The Global Asset Tracking Software Market?
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
How Are New Trends Expected To Influence The Growth Of The Asset Tracking Software Market?
Major companies operating in the asset tracking software market are increasingly focusing on IoT integration to enhance real-time visibility and efficiency in asset monitoring and management across various industries. IoT asset-tracking solutions leverage Internet of Things technology to provide real-time monitoring and management of assets, using connected devices to streamline operations and boost efficiency. For instance, in December 2023, Globalstar, Inc., a US-based satellite communications company, introduced the GSatSolar device in collaboration with Global Satellite Engineering (GSE), a US-based firm specializing in machine-to-machine, satellite, and IoT solutions. The GSatSolar is a compact, durable, and cost-effective IoT asset-tracking device designed to improve the tracking capabilities of value-added resellers (VARs) and customers by enabling near-real-time asset tracking. Its satellite-powered design is particularly suited for remote IoT operations, expanding tracking capacity, enhancing field data collection reliability, and supporting autonomous data collection in remote areas. The asset tracking software market is projected to reach $M billion in 2023, $N billion in 2024, and $O billion in 2028.
Which Region Drives The Highest Growth In The Asset Tracking Software Market?
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.