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.
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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.
Contact Us
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