Given the high price of enterprise and industrial assets, especially fleet equipment, the need for monitoring and tracking these assets is paramount. Furthermore, in a bid to determine the total cost of ownership, managers across industries are finding the need for a centralized system that provides critical information, such as location, maintenance history, and contract (if any), for all assets, in real time. By using a combination of hardware software and network services, managers are being able to incur lower administrative costs and better accountability and cost savings. Moreover, with information on the asset condition, they are able to plan for maintenance and future growth, thus, resulting in overall efficiency.
GPS tracking, in contrast to the traditional barcode and spreadsheets, has emerged as one of the common practices to accelerate productivity gains, reduce operational costs, and streamline compliance.
Additionally, the adoption of RFID-based asset tracking solutions has also been on the rise. For instance, according to Zebra Technologies, which specializes in RFID and location technology for shop floors, across industries, such as automotive and electronics, managing assets has simplified with the implementation of IoT technology. Manufacturers are adopting Industry 4.0 practices and converting/setting up smart factories, wherein the workers use a combination of technologies, such as RFID, wearables, and mobile automated systems, to monitor the physical processes on the shop floor, thereby, enabling them to make decentralized decisions.
On the other hand, with the increasing need for just-in-time shipments (owing to the e-commerce boom), the need for tracking assets has increased further.
Overall, technologies, such as RFID, sensors, location-based technologies, and integrating software, and the recent IoT implementation have been serving the needs of asset management. Factors, such as e-commerce and the increasing industrial assets due to Industry 4.0, have been promoting the asset management market.
Key Market Trends The Transportation and Logistics Sector is Expected to Hold a Strong Market Demand
- The transportation and logistics sector is greatly driven by the shifting economic conditions and strong consumer confidence. Such factors, along with the growing popularity of e-commerce, have radically changed the fundamental distribution patterns. Therefore, for logistics companies, asset management has more utility beyond reduced costs, i.e., increased customer satisfaction (retention). - According to Verizon’s 2019 Fleet Technology Trends Study, 64% of fleets reported having used GPS fleet tracking software, up from 59% in the previous year (2018). Such statistics indicate the increased use of asset management technologies. - Although different forms of trailer/truck tracking technologies have existed for many years, advances in the IoT and connected devices have greatly expanded the capabilities of asset monitoring systems. Currently, IoT across the transportation space offers a much broader range of information, in addition to the location and status of the trailer, but also the cargo inside. - According to Cisco, over the next decade, the logistics industry, with the implementation of IoT, is likely to generate USD 1.9 trillion, as a result of unlocking higher levels of operational efficiency. This is considering the fact that IoT connects millions of shipments in real time.
North America is Expected to Hold a Strong Market Share Over the Forecast Period
- According to Cisco, over the next decade, the logistics industry, with the implementation of IoT, is likely to generate USD 1.9 trillion, as a result of unlocking higher levels of operational efficiency. This is considering the fact that IoT connects millions of shipments in real time. - With its strong manufacturing and transportation and logistics base, North America offers significant potential to asset management technology providers. Furthermore, the governments in the region contributed to increasing the need for asset management in the region. For instance, in the US transportation and logistics sector, the Federal Highway Association (FHWA), along with the American Association of State Highway and Transportation Officials (AASHTO) and state and local departments of transportation (DOTs), has been encouraging the application of asset management. - International and domestic companies in the US logistics industry have benefited from the highly skilled workforce and relatively low costs. According to the data from Select USA, business logistics costs in the United States reached USD 1.6 trillion in 2018, which was 8% of the country’s GDP, indicating the high level of activities in the region. - In addition, the region also houses significant asset management technology providers, which indicates the region’s dominance, in terms of innovation in the market studied. - Moreover, the region is known for the adoption of new technologies, and it has been one of the largest regions to have implemented IoT across industries, starting from automotive. In line with these trends, asset management vendors are increasing their foothold in the region. For instance, in March 2019, NimbeLink, a provider of cellular Internet of Things (IoT) solutions and services, announced that its NimbeLink AT2 Asset Tracking Solution will be made available in Canada, exclusively on the world-class TELUS LTE-M network. Branded as the TELUS LTE-M Asset Monitor, the device enables TELUS customers to track the movement and condition of their key assets throughout Canada.
Competitive Landscape The asset tracking market is fragmented, considering the presence of multiple vendors providing different solutions. The solution providers are investing in multiple R&D activities, in order to improve the existing solutions and launch new products by integrating the latest technological developments in their solutions. Furthermore, companies are viewing global expansion as a path to attract maximum market share.
- July 2019 - T-Mobile launched the United States’ first Narrowband IoT asset tracking solution. The company is expected to sell its first asset tracking solution, Roambee BeeAware, on a Narrowband IoT (NB-IoT) network in the United States. - March 2019 - Trimble introduced its new TMT ServiceConnect module, which is designed to enable fleet shops using Trimble’s TMT Fleet Maintenance (TMT) software, to be connected to medium- and heavy-duty service locations (more than 4,500). According to the company, by licensing the add-on module, its TMT users are expected to gain direct connectivity to multiple service centers to ultimately get the equipment transported faster.
Reasons to Purchase this report: - The market estimate (ME) sheet in Excel format - 3 months of analyst support
Our reports have been used by over 10K customers, including:
The global data historian market size is expected to grow from USD 1.1 billion in 2020 to USD 1.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.0% during the forecast period. A data historian solution, also referred to as process historian or operational historian, is a software program that deals with time-series data. A time-series...
The industry 4.0 market is expected to register a CAGR of approximately 20.71% during the forecast period (2020 - 2025). With the advent of Industry 4.0 in the manufacturing industry, various industrial plants are embracing digital technologies to enhance, automate, and modernize the whole process, hence, improving the performance metrics...
The increasing need to analyze the data collected through connected devices contribute to the growth of the connected device analytics market The global connected device analytics market size is projected to grow from USD 14.3 billion in 2020 to USD 40.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of...
The global industrial IoT market was valued at USD 313.27 billion in 2019, and it is expected to reach a value of USD 607.73 billion by 2025, registering a CAGR of 12.3% over the forecast period 2020 - 2025. The Industrial Internet of Things (IIoT) systems are primarily incorporated to enhance the operational efficiency of industrial and manufacturing...
The IoT chip market expected to grow at a CAGR of 6.0% during the forecast period The global IoT chip market is estimated to grow from USD 392.0 billion in 2020 to USD 525.4 billion by 2025, at a CAGR of 6.0%. The growth of application-specific MCUs and flexible SoC-type designs, adoption of IPv6, which provides more IP...
IoT node and gateway market expected to grow at CAGR of 6.5% from 2020 to 2026 The global IoT node and gateway market is estimated to grow from USD 387.1 billion in 2020 to USD 563.7 billion by 2026, at a CAGR of 6.5%. The major factors driving the IoT node and gateway industry growth are the development of internet connectivity,...
The global IoT market is expected to reach a value of USD 1256.1 billion by 2025 from USD 690 billion in 2019 at a CAGR of 10.53%, during the period 2020-2025. With the development of wireless networking technologies, the emergence of advanced data analytics, a reduction in the cost of connected devices, an increase in cloud platform adoption,...
IIoT market expected to grow at a significant rate from 2020 to 2025. The global IIoT market size is expected to grow from USD 77.3 billion in 2020 to USD 110.6 billion by 2025, at a CAGR of 7.4% during the forecast period. The growth of the IIoT sector is driven by factors such as technological advancements in semiconductor...
The IoT Testing market was valued at USD 781.96 billion in 2019 and is expected to reach USD 3624.23 billion by 2025, at a CAGR of 32.34% over the forecast period 2020 - 2025. The use of IoT testing using innovative technologies has led to the increasing use of different types of testing tools for various purposes, and the market is estimated...
The internet of things (IoT) market in manufacturing was valued at USD 221.18 billion in 2019 and is expected to reach USD 575.36 billion by 2025, witnessing a CAGR of 18.07% during the forecast period of 2020 - 2025. With the increasing demand in the last two decades for traceability and transparency, companies have started making the processes...
Internet Of Things
Mobile Services
Data Analytics
IT Services
Network Equipment
Application
Application Security
Near Field Communication
World
APAC
North America
Latin America
Africa
Middle East
Energy Consumption
Electronics Production
By continuing to use this site you consent to the use of cookies on your device as described in our Cookie Policy unless you have disabled them.
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.