Asset Tracking Software Market Size, Share, Trends, and Industry Growth, By Type (Cloud and On-Premise), By Application (Government and Defense, BFSI, IT and Telecommunication, Healthcare, Education, Retail, and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Asset Tracking Software Market REPORT OVERVIEW

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The global asset tracking software market size was USD 7255.1 Million in 2022 and market is projected to touch USD 15123 Million by 2031, at a CAGR of 8.5% from 2022 to 2031.

Asset tracking is a technique used to track physical assets by scanning the labels with associated barcodes or using tags that employ GPS or RFID to indicate their whereabouts. Asset monitoring enables an organization to track and find its assets in real-time, which aids in effective inventory management. The asset tracking systems also contribute to decreased losses and more responsibility, improving the general customer experience.

Solutions for monitoring item quantities, personal assignments, and maintenance requirements are what asset tracking and inventory management solutions provide. It is a costly and time-consuming task. These solutions might have an impact on supplier data. Third-party logistics providers can compete on the technology front with asset tracking as an add-on service, assuring significant product differentiation. Solutions for mobile asset tracking are becoming more popular among third-party logistics companies. It is used by IT administrators, network operators, and system operators to gain a physical monitoring and quantitative record of IT assets. This software has the potential to scan the IT infrastructure for IT assets and compile the organization’s entire IT inventory.

COVID-19 Impact: Growing E-Commerce Propelled the Software Market

Due to shifting consumer consumption patterns and the quick uptake of Omni channel distribution models, the COVID-19 pandemic significantly increased the demand for e-commerce, particularly online groceries. This is expected to lead to a demand for effective logistics and warehouse management systems, particularly given a significant drop in the workforce during the pandemic. The e-commerce adoption surged the demand for tracking assets, which boosted the demand for asset tracking software. 

LATEST TRENDS

"Steady Adoption of Ai and IoT to Elevate Market Growth"

The integration of advanced technologies is likely to boost the asset tracking software market growth. A significant amount of operational scalability is provided by the combination of IoT/M2M with cloud-based infrastructure. These technological developments are making asset tracking for smaller enterprises more affordable and effective. As a result, many smaller company clients, particularly those who historically did not maintain extensive physical infrastructure and expensive equipment, are finding the asset tracking industry more economically viable. These factors are estimated to surge software demand in the global market.

Asset Tracking Software Market Segmentation

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• By Type Analysis

By type, the market is segmented into cloud and on premise.

• By Application Analysis

Based on application, the market is classified into government and defense, BFSI, IT and telecommunication, healthcare, education, retail, and others.

DRIVING FACTORS

"Various Advantages of the Software to Increase the Advanced Software Demand"

The market is expected to grow primarily due to the proliferation of brick-and-mortar retailers, e-commerce, asset tracking, and inventory management. Additionally, this solution offers several advantages, including helping the business save employees' time from manually recording data and lowering the possibility of record-keeping errors, which will further depress market value. Additionally, by implementing this solution, businesses may concentrate on more difficult duties rather than monitoring assets and inventories, which can help them expand their clientele and have a beneficial ripple effect throughout the organization.

"Rising Need for Appropriate Asset Tracking to Offer Growth Opportunities"

The demand for improving the lifetime performance of assets is increasing, which is driving the expansion of the asset tracking software market. Furthermore, the market is heavily driven by reliance on physical infrastructure. Big data integration with EAM and the advent of cloud deployment models are anticipated to open up new commercial prospects. Due to a rise in adoption rates, Asia-Pacific and the Middle East and Africa would present numerous prospects for the advancement of the corporate asset management market.

RESTRAINING FACTORS

"Lack of Consumer Awareness and High Prices of the Software to Hinder Market"

The price of asset tracking software is high, which is estimated to hamper the market expansion. Additionally, the lack of consumer awareness about the software and its application is likely to hamper market growth. 

Asset Tracking Software Market REGIONAL INSIGHTS

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"North America to Dominate the Market Owing to the Rapid Adoption of Technology"

North America is predicted to hold a dominating part of the asset tracking software market share owing to the steady adoption of advanced technologies. 

Asia Pacific is likely to show significant growth by virtue of the expanding e-commerce sector in the emerging countries. Expanding automotive, IT, and healthcare sectors is leading to the rising demand for asset tracking software.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

The global market has seen numerous utility asset management firms deliver a range of goods, programs, and services to support various electrical power grid components. To meet the unique needs of the utilities, several businesses are actively working at the regional and international levels. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

List of Market Players Profiled

• Freshworks (U.S.)
• Sortly (U.S.)
• QBurst (U.S.)
• UpKeep Technologies (U.S.)
• Ubisense Group (U.K.)
• Mojix (U.S.)
• PcsInfinity (India)
• Zerion Software (U.S.)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2021 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.