Global Asset Tracking Market Report 2023: Sector to Reach $33.5 Billion by 2028 at a CAGR of 13.83%
DUBLIN, March 24, 2023 /PRNewswire/ -- The "Asset Tracking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global asset tracking market size reached US$ 15.4 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 33.5 Billion by 2028, exhibiting a CAGR of 13.83% during 2022-2028.
Asset tracking is the process of tracking the physical assets of the organization by scanning barcode labels attached using a global positioning system (GPS) or a radio-frequency identification (RFID). It provides real-time and accurate data for an efficient asset management system.
It helps upgrade or replace various assets while saving time and expenses. It offers several benefits, such as centralizing data with asset management software, increasing value with asset utilization reports, improving asset lifecycle maintenance, achieving greater security for assets, and strengthening asset management protocols.
As a result, asset tracking finds extensive applications in the food and beverage (F&B), transportation, aviation, healthcare, and manufacturing industries.
Besides this, the increasing demand for asset racking in the healthcare industry to improve workforce safety and patient care is contributing to the growth of the market. In addition, the growing utilization of geographical information systems (GIS) in the transportation sector due to the wide availability of orthorectified images through satellites is positively influencing the market.
Moreover, the integration of artificial intelligence (AI), predictive maintenance, augmented reality (AR), internet of things (IoT), digital twin, and telematics in asset tracking for better planning and maintenance of assets is offering a positive market outlook. Apart from this, the rising demand for cloud-based solutions in large enterprises to eliminate the need for installing additional hardware and storing the data in various data centers is bolstering the market growth.
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For more information about this report visit https://www.researchandmarkets.com/r/dp5wnu
Research and Markets
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SOURCE Research and Markets