Asset Tracking Software Market Is Booming Worldwide with Mojix, Datalogic, Trimble
Updated · Jun 04, 2023
Published Via 11Press : Asset tracking is a method for keeping track of tangible assets by scanning the labels with the corresponding barcodes or by utilizing tags that use GPS or RFID to track their whereabouts. An organization may track and locate its assets in real time via asset monitoring, which helps with efficient inventory management. The asset monitoring systems also help to foster more accountability and less loss, which enhances the overall customer experience. The development may be attributed to the increase in demand for asset monitoring software from a number of end-user industries, including government and defense, BFSI, IT & communications, healthcare retail education, and others.
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Asset Tracking Software Market Report Highlights:
|Unit||Value (USD Billion)|
|Key Companies Profiled||Zebra Technologies Corporation, Stanley Black And Decker, Honeywell International, Datalogic, Trimble, Ubisense Group, Mojix, Impinj|
The market for asset tracking software might reach a potential value of $33.2 billion, increasing at a predicted 12.25% CAGR by 2028. The market’s estimated value at the moment is USD 17.47 billion.
Breakdown by Application:
By End User:
- Transportation and Logistics
- Food and Beverages
According to an investigation expert at HTF MI, American corporations will drive the most growth in the global asset-tracking software market throughout the forecasted time. Due to new methods used by companies in the Asset Tracking Software market, it is anticipated that the competition will get even more fierce in the approaching years. Asset Tracking Software research study delivers information on the competitive environment and the product/service offerings of top firms to assist customers in increasing their revenue shares in the sector. In order to maximize the benefits of growth prospects, this Asset Tracking Software market learning also endorses techniques that contestants can use and accentuates important zones they should concentrate on.
The report offers several leading players:
- Zebra Technologies Corporation
- Stanley Black And Decker
- Honeywell International
- Ubisense Group
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- Siemens paid $1.5 billion to purchase the California-based software business Brightly in July 2022.
- The acquisition sought to broaden Siemens’ smart infrastructure offering and provide clients with a more complete asset management solution.
- The software platform from Brightly gave businesses access to real-time data and insights on asset performance, allowing them to streamline operations, save downtime and boost overall effectiveness.
- The purchase was a component of Siemens’ aim to digitize sectors and use analytics and data to spur growth.
- The marketplace for asset tracking software is very cutthroat.
- Asset monitoring solutions are offered by a variety of market participants, ranging from tiny startups to well-established businesses.
- The use of RFID and Bluetooth Low Energy (BLE) technology for real-time tracking, the incorporation of asset tracking software with other business systems like enterprise resource planning (ERP) and warehouse management systems (WMS), the adoption of cloud-based software solutions, and the use of artificial intelligence (AI) and machine learning (ML) to analyze data and improve asset management are some of the most recent trends and developments in asset tracking software.
- Additionally, there is a rising need for asset monitoring software that is accessible from smartphones and tablets and is mobile-friendly.
- New asset-tracking solutions have also emerged as a result of the growth of Internet of Things (IoT) technology.
- These solutions make use of sensors and other devices to track the position, state, and status of assets in real time.
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Market Growth Drivers:
- The increasing adoption of asset-tracking solutions by various industries to boost operational effectiveness and cut costs, the rising demand for real-time monitoring and tracking of assets, the rising popularity of the Internet of Things (IoT), and the rising demand for better supply chain visibility and inventory management are some of the factors fueling growth in the global asset tracking software market.
- Additionally, the expansion of the asset monitoring software market has been aided by the introduction of cutting-edge technologies like RFID, GPS, and cloud computing.
- Numerous obstacles have been standing in the way of the global asset monitoring software market’s expansion.
- High installation costs, a lack of standards, cybersecurity issues, a shortage of qualified personnel, opposition to change, and poor connection are a few of these.
- Small and medium-sized organizations may be discouraged from using asset monitoring software due to the high implementation costs, which include hardware, software, and installation.
- Furthermore, a lack of standardization in software can lead to incompatibilities across various systems, making it difficult to expand and integrate asset monitoring systems.
- Additionally, because asset monitoring software collects and stores sensitive data, it is vulnerable to cyber threats, raising worries about data breaches and cyber-attacks.
- Additionally, there is a scarcity of qualified employees who can run and manage asset-tracking systems since the deployment and maintenance of asset-tracking software require specialized skills and expertise.
- Additionally, some companies could choose to keep using manual asset monitoring techniques, which would result in resistance to change and a delayed uptake of asset-tracking software.
- Finally, because asset tracking systems depend on network access, they are less useful in isolated or rural regions with poor connectivity.
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