Market Forecast for Asset Protection Technology —
The asset tracking ecosystem is rapidly transforming from the early days of fixed asset monitoring and functional assessment via rudimentary Machine-to-Machine (M2M) technologies. A new environment is developing in which assets may be portable or highly mobile with varying asset sizes, uses cases, and industries. As a result, the total global asset tracking market is forecast to reach $27.1 billion by 2023, growing at 14.8% CAGR.
Advancements in miniaturization and communications have made lower value asset tracking more practical, expanding the range of potential industries, asset types, and use cases.
The advent of advanced Internet of Things (IoT) solutions leveraging M2M and other supporting technologies enables anytime, anywhere, and any type of asset tracking. Mind Commerce sees rapid growth particularly in RTLS as well as Blockchain related software and services. Artificial Intelligence (AI) is anticipated to be an integral part of most solutions. Accordingly, the Global Asset Tracking Services Market for AI-driven assets will grow at 40.3% through 2023.
Additional research highlights include:
- Blockchain will become an important part of asset tracking software and services.
- Real Time Location Systems (RTLS) represent a $1.2 billion North America asset tracking solution market opportunity by 2023.
- The global asset tracking services market for AI-driven assets will grow at 40.3% through 2023.
Once a largely manual process, asset inventory management made great strides with the introduction of RFID and other technologies that enable enterprises to uniquely identify assets. Enterprise organizations with highly mobile and/or valuable assets are rapidly becoming aware of the benefits of connected assets in terms of overall management including location, status, and presence relative to other assets. Enterprise asset tracking needs are wide-ranging and include general surveillance and protection, care of custody management, maintenance, utilization, and other important functions.
Specific use cases will vary between sectors (enterprise vs. industrial), and industry verticals (aerospace, agriculture, healthcare, manufacturing, etc.), as well as each individual company. Accordingly, the business case for asset tracking varies widely based on each specific situation. The asset class is arguably one of the most important factors.
Fortunately for enterprise, managed solutions exist that enable incremental investment and scalability. These solutions may be either premises-based or cloud-based solutions that utilize a combination of technologies including sensors, communication modules, machine-to-machine (M2M) communications, and IoT networks. In both cases, many M2M and IoT solutions enable streaming data, which can facilitate real-time decision making.
This is very important for time-critical industries such as commercial aviation. It is therefore not uncommon to find asset tracking systems producing data that is used both for control purposes as well as a feed to advanced analytics platforms, which may use machine learning and other artificial intelligence tools to assist enterprise with long-term asset planning.
Resource: Mind Commerce’s Asset Tracking Market 2018-2023 report features: Asset Tracking Market by Technology (M2M/IoT, Edge Computing, Smart Devices), Connection Type (3G, 4G, 5G, WiFi, and WiMAX), Mobility (Fixed, Portable, and Mobile), Location Determination (GPS, RFID, Others), and Industry Verticals 2018-2023. It also evaluates asset tracking technologies, solutions, and ecosystems including major players. For more information about the report, please visit https://mindcommerce.com/reports/asset-tracking-market-2018-2023/.
Mind Commerce is an information services company that provides research and strategic analysis focused on the ICT industry. Their ICT reports provide key trends, projections, and in-depth analysis, for infrastructure, platforms, devices, applications, services, emerging business models, and opportunities. For more information, please visit https://mindcommerce.com/. Follow Mind Commerce on Twitter: @MindCommerce.