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Global Asset Tracking Market Growth Augmented by Surging Need for Improved Fleet Performance

 

Inkwood Research estimates that the Global Asset Tracking Market is evaluated to project a CAGR of 12.28% in terms of revenue during the forecasting years of 2019-2028.

"Browse 55 Market Data Tables and 52 Figures spread over 170 Pages, along with an in-depth TOC on the Global Asset Tracking Market Forecast 2019-2028."



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Asset management entails software, hardware, and service solutions that assist in tracking assets during storage and transportation. It uses the Internet of Things (IoT) technology to track them. Moreover, the market is critically essential for avoiding thefts, in addition to gaining valuable operational insights. Asset management and tracking solutions are increasingly being used as a vital technique to achieve greater operational efficiencies, particularly in office spaces and manufacturing environments.

Increased Need for Improved Fleet Performance Facilitates Market Growth

The growing number of freight vehicles and passengers that reinforce transportation and global commerce, globally, is likely to exert a positive influence on the fleet management sector. The industry relies on transportation, and conforms to the governments' legislation. Companies are also outsourcing their fleet management services to reduce the risks linked with vehicle investments. Fleet management helps enterprises enhance productivity, efficiency, while reducing transportation and payroll expenses, as well. Moreover, intelligent fleet management solutions, integrated with enhanced technologies, like, concurrent front-end intelligent, GPS-based telematics, and web-based management software, are gaining momentum, across global markets.

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Transportation and Logistics is the Fastest-Growing Application

Transportation and logistics are observing a growing demand for mobile asset tracking solutions. Moreover, the most advanced custom-built tracking solutions, in the present market scenario are utilized by transportation and logistics enterprises, across the world. Owing to the industry's substantial demand, the majority of asset tracking vendors presently have customized solutions, catering to the sector. Besides, the growing amount of data generated through individual fleet or singular vehicles is analyzed using advanced analytics modules and machine learning algorithms. They routinely present significant challenges faced by logistics systems and transportation fleets. Additionally, asset tracking systems are also witnessing surging demand from the public transportation division.

Asia Pacific to be the leading region in the Global Market by 2028

The Asia Pacific is anticipated to observe a growing trend over the forecast years, due to the remarkable contributions made by the region's developing economies, as well as the rising adoption of numerous technological advancements. Moreover, the rapid increase in artificial intelligence (AI) and the Internet of Things (IoT), and the significant investments of small and medium organizations, are anticipated to drive the region's market growth, over the forecast period.

The global market is characterized by moderate to high levels of product differentiation, in addition to rising levels of product penetration. Therefore, the market is expected to witness high competition, during the forecast years. Key players operating in the market are, Asset Panda LLC, Hilti, Verizon Communications Inc, AT & T Inc, etc. 

About Inkwood Research

Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.

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Related Reports:

GLOBAL TRACK & TRACE SOLUTIONS MARKET

GLOBAL CONNECTED LOGISTICS MARKET

GLOBAL SUPPLY CHAIN MANAGEMENT SOFTWARE MARKET

 

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