The asset tracking software market has seen considerable growth due to a variety of factors.
• The asset tracking software market has experienced rapid growth in recent years. It is expected to increase from $19.17 billion in 2024 to $21.61 billion in 2025, at a compound annual growth rate (CAGR) of 12.7%.
The growth is attributed to higher demand for real-time data analytics, enhanced accuracy in tracking systems, reduced operational costs, increased demand for supply chain efficiency, and the expansion of cloud computing services.
The asset tracking software market is expected to maintain its strong growth trajectory in upcoming years.
• The asset tracking software market is projected to grow rapidly, reaching $34.54 billion by 2029, with a CAGR of 12.4%.
The market growth is driven by advancements in the healthcare sector, the need for remote asset monitoring, predictive maintenance, smart city developments, and improvements in cybersecurity. Major trends include the adoption of IoT and AI technologies, cloud-based solutions, blockchain integration, mobile-based tracking, and automation in asset management.
The growth of the transportation and logistics industries is expected to fuel the demand for asset tracking software. These industries, driven by globalization and the rise of e-commerce, rely on efficient supply chain management. Asset tracking software is crucial for real-time monitoring and managing shipments, vehicles, and inventory, enhancing operational efficiency and security. In 2022, the U.S. transportation sector accounted for 9.0% of the GDP, an increase from 8.4% in 2021. The expanding transportation and logistics sectors will continue to drive the asset tracking software market’s growth.
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
Companies in the asset tracking software market are integrating IoT technology to enhance real-time asset monitoring and improve operational efficiency. IoT asset tracking solutions use connected devices for more effective asset management and monitoring. For instance, in December 2023, Globalstar, Inc., a US-based satellite communications firm, launched GSatSolar, a cost-effective IoT asset-tracking device in collaboration with Global Satellite Engineering (GSE). This durable device enables near-real-time asset tracking, offering enhanced capabilities for resellers and customers. Its satellite-powered design is especially useful for remote IoT operations, improving field data collection and operational efficiency in isolated areas.
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.