The asset tracking market has witnessed substantial economies of scale improvements in recently years due to inexpensive connectivity and Machine-to-Machine (M2M) communications equipment and services. The advent of advanced Internet of Things (IoT) solutions leveraging M2M and other supporting technologies enables anytime, anywhere, any type of asset tracking. In addition, advancements in miniaturization and communications have made lower value asset tracking more practical, expanding the range of potential industries and asset types.
Asset Tracking Market Dynamics
There are substantial factors to consider when approaching the broader asset tracking market, which include asset class, value, and degree of mobility. Whereas asset tracking has historically been largely fleet-focused (commercial trucks, trailers, vans, and cars), there is great potential for expansion towards non-vehicle related assets. However, the market is currently constrained by the relatively low number of enterprise connected assets across certain important asset classes.
Leading asset tracking solution companies are focusing on the asset value to a business or governmental organization rather than the book value of the asset itself. A consultative marketing and sales approach is necessary to inform enterprise, first of the value of interconnecting business assets, and secondly demonstrative asset tracking outcomes that bring value straight to the bottom line.
There are also opportunities for technology integration, such as leveraging Artificial Intelligence (AI) for enhanced decision making. There are many roles that AI may play, ranging from machine learning and analytics to improved cybersecurity for connected enterprise assets.
By way of example, the recent BlackBerry acquisition of Cylance (a major player in the AI based cybersecurity market) represents a cybersecurity play that may be parlayed into IoT device security (e.g. BlackBerry UEM) and combined with asset tracking solutions (e.g. BlackBerry Radar) for greater overall enterprise security.
Asset Tracking Market Report
This report evaluates asset tracking technologies, solutions, and ecosystem including major players. The report assesses the impacts of various use case specific considerations in terms of asset technology and solution selection. The report also analyzes the market outlook for asset tracking globally, regionally, and by major country in each region.
The report provides analysis and forecasts by infrastructure such as asset tracking by software, which includes: Cost Management, Audit Management, Procurement Management, Condition Monitoring, Inventory Management, and more. This report evaluates the market for asset tracking technology components including M2M Communication, Embedded, On-board and Remote Computing Systems.
The report also assesses the impact of AI (including Machine Learning, Image and Patter Recognition, Neural Networking, and more), blockchain, and big data (including storage and data analytics) in support of asset tracking solutions. The report also evaluates cloud (including central and edge computing) vs. non-cloud based solutions.
Report also Analyzes the Asset Tracking Market in Smart Cities, Buildings, and Workplaces
This report also assesses the asset tracking market by category, such as the fleet tracking market. This is further broken down by land and non-land vehicles and vehicle types details for commercial trucks, vans, cars, and special-purpose vehicles. In terms of non-roadway vehicles, the report assesses aviation, railway, and water-based vehicle market potential. For the aviation asset tracking market, it includes planes, helicopters, and ground support equipment.
The report provides forecasting for the aforementioned as well as by region and country. This includes asset tracking market sizing by revenue as well as unit deployment from 2019 through 2024. Quantitative data and projections cover asset tracking market segmentation by technology, technology components and integration, infrastructure, connection type, range of mobility, location requirements, and by industry vertical.
Asset Tracking Market Segmentation
The core market of asset tracking system is segmented on the basis of hardware, software, and services. The asset tracking market is further divided by asset type, tracking functions, asset tracking application, deployment model, degree of mobility, connection type, organization type, and industry verticals. The types of asset include Electronics Assets, Returnable Transport Assets, In-Transit Equipment, Manufacturing Assets, and Personnel/Staff tracking.
Asset Tracking Market Application Types
The application types include Asset Tracking, Audit Management, Cost Tracking, Procurement Management, IT Service Management, and Compliance Management. In terms of deployment type, the market can be segmented into on-premise deployment and cloud deployment. The types of mobility include fixed asset, portable asset, and mobile asset.
Asset Tracking Market Connection Types
While satellite is often the first thing that one thinks about regarding asset tracking connectivity, terrestrial connections are also important. On the basis of connection type, asset tracking market can be divided into wired and wireless connectivity. The wired connectivity is divided by wired, Wi-Fi, and LiFi. The wireless connectivity market is divided into 3G, 4G LTE and 5G connectivity. The connectivity market can also be divided based on standards such as Ultra-Wideband (UWB), Ultra-Narrow Band (UNB), LPWAN and IoT Specific connection, proprietary radio based communication, and Bluetooth Low Energy (BLE) connectivity.
Asset Tracking Market by Business Size
The report also segments by business size. With the asset tracking market evolving to support sub-$1,000 book value asset tracking, which are found in both large enterprise as well as small and medium businesses (SMB). An example found in both large businesses such commercial airlines as well as small aviation operations is the aircraft chock, which has a very important role from an operational value stand-point. Asset tracking market segmentation by business size includes SMB and large Enterprise.
Asset Tracking Market in Industry Verticals
Industry verticals covered include Healthcare and Medical, Aerospace and Airport, Automotive and Transportation, Manufacturing and Industrial Automation, Warehousing, Logistics, and Shipping, Military and Government, Travel and Hospitality, Retail and Consumer Electronics, Agriculture and livestock management, Oil, Gas, and Mining, Food and Beverages, Education and Learning, Building Automation and Construction, Robotics and Drones, Banking and Financial Services, Telecommunication and IT, and Energy and Utilities, and Chemical and Textile.
Asset Tracking Market by Region
The market is segmented regionally by North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America includes USA, Canada, and Mexico. Europe country markets include Germany, UK, France, Russia, Spain, Italy, Poland, Norway, Sweden, Belgium, Netherlands, Denmark, Finland, Luxembourg, Benelux, and Switzerland. The APAC market is divided into leading countries including China, India, Japan, South Korea, Australia, Indonesia, Philippines, Vietnam, Thailand, Malaysia, New Zealand, Singapore, Hong Kong, and Taiwan. Latin America is divided into Brazil, Argentina, Colombia, Peru, Venezuela, Chile, and Bolivia. The UAE, South Africa, Saudi Arabia, and Egypt are some leading countries in Middle East and Africa.
Asset Tracking Market by IoT Deployment
IoT deployment is another crucial segmentation of the market that includes embedded devices, embedded systems, and services. Embedded devices are further segmented such as wearable IoT device or non-wearable IoT device. The embedded system IoT market is divided into property management, facility management, and fleet management. Each of these market segments is further divided into various categories.
Artificial Intelligence in Asset Tracking Market
Another market segment includes AI driven market that is divided into AI embedded device, AI embedded system, AI embedded software, and AI driven service. The market is also divided by AI technology that includes Deep Machine Learning, Image Recognition, Natural Language Processing (NLP), Voice Recognition, Artificial Neural Network, Pattern Recognition, and Predictive Analytics.
Other Technologies in Support of the Asset Tracking Market
The asset tracking market is also divided into micro-markets in relation with other emerging technologies such as big data storage and analytics, smart building integration market, AR driven asset tracking software market, smart workplace software market, asset tracking market in blockchain network, cloud specific asset tracking market, smart city deployment, asset tracking market over edge computing platforms, and the 5G network specific market.