GLOBAL ASSET TRACKING MARKET 2019-2028
MARKET OUTLOOK
According to a Triton Market Research’s report, the global market for asset tracking is expected to exhibit a CAGR of 12.95% during the estimated period of 2019-2028.
The growth in IoT and logistics 4.0, along with rising demand from 3PL companies, is primarily driving the market’s evolution. Additionally, government initiatives in favor of GPS tracking are generating several opportunities for the asset tracking market’s growth. The automated delivery sector is also offering multiple opportunities to the studied market to reach its projected growth.
However, the high initial cost of asset tracking software significantly weighs down the market’s progress. The privacy concerns pertaining to consumers’ data and low market awareness, are factors challenging the market’s future.
REGIONAL OUTLOOK
The global asset tracking market covers North America, Asia-Pacific, Latin America, Europe, Middle East and Africa regions.
The Asia-Pacific is expected to become the fastest-growing market for asset tracking during the projected phase 2019-2028. The region is expected to observe tremendous growth, owing to the rising adoption of numerous technological advancements. China, India, Thailand, and Singapore are offering multiple growth opportunities to the asset tracking market. The rapid increase in the deployment of IoT and AI in numerous end-user industries, is further expected to motivate the studied market’s progress during the estimated period.
Furthermore, small- & medium-scale enterprises in the emerging economies are investing in augmenting the adoption of numerous advanced technological solutions for their business operations. Here, prominent market players are innovating rapidly to provide asset tracking solutions for various end-user industries. This is further expected to widen the asset tracking market’s scope and growth in the APAC region.
COMPETITIVE OUTLOOK
The major companies involved in the asset tracking market comprise GigaTrak, Ubisense Group PLC, Asset Panda LLC, Fleet Complete, Azuga, OnAsset Intelligence Inc, CloudHawk, Trimble Inc, Oracle Corporation, Tenna, Verizon Communications Inc, Zebra Technologies Corporation, AT&T Inc, Spireon Inc, and Hilti.
AT&T Inc is a service provider of telecommunication, media, and technology. It offers wireless communications, digital video services, managed networking, and more. The company develops, produces, and markets feature films, television, gaming, and content over multiple physical and digital formats. The Asset Tracker 1 (AT1) offered by the company is one of the smallest and cost-effective trackers, providing unparalleled insight over high-value assets in the field. It serves individual customers and enterprises in several countries worldwide, with its headquarter in the United States.
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