Asset Tracking Market Size, Share, & Industry Analysis Report By Component (Hardware, Software, and Services), By Technology, By Deployment, By Enterprise Size, By End Use, By Region – Market Forecast, 2025–2034
- Published Date:Jun-2025
- Pages: 129
- Format: PDF
- Report ID: PM5812
- Base Year: 2024
- Historical Data: 2020-2023
Market Overview
The global asset tracking market size was valued at USD 23.86 billion in 2024, growing at a CAGR of 14.5% during 2025–2034. The growth is driven by the increasing demand for real-time tracking and monitoring.
Asset tracking refers to the systematic process of monitoring the location, condition, and usage of physical assets through technologies such as RFID, GPS, and barcodes. The growing need for security and loss prevention is accelerating the adoption of tracking solutions. Organizations across industries are increasingly focused on minimizing the risks associated with asset theft, misplacement, or unauthorized usage. This enables real-time visibility and control, thereby reducing operational disruptions and improving accountability. In May 2025, Access World revealed that its real-time asset tracking system helped with the recovery of USD 175,000 worth of stolen copper after a third-party warehouse loading error. The disposable trackers provided visibility despite the shipment being taken by a cybercrime-linked truck. Businesses can prevent internal and external theft, improve asset utilization, and ensure compliance with security standards with automated data capture and audit trails. The rising focus on asset protection is compelling enterprises to invest in robust tracking technologies as a strategic move toward safeguarding operational efficiency and reducing financial losses.
The rapid expansion of the e-commerce and logistics sectors further boosts the expansion opportunities. An April 2025 report from the International Centre for Trade Transparency stated expansion in the e-commerce logistics sector, forecasting a 15.5% growth rate with the industry's USD 569 billion valuation. The demand for real-time asset monitoring has amplified as global supply chain management has become more complex and delivery expectations have grown stricter. Asset tracking systems help logistics and e-commerce companies streamline inventory management, reduce delivery times, and improve customer satisfaction. These solutions offer end-to-end traceability for goods in transit, ensuring greater accuracy in order fulfillment and proactive response to delays or differences. The scalability and adaptability of tracking technologies make them essential tools in managing high-volume, time-sensitive operations. Consequently, the ongoing digital transformation within these sectors continues to drive the widespread implementation of these systems.
Industry Dynamics
Increasing Advancements in Asset Tracking
Increasing advancements in asset tracking technologies contribute to the market growth by improving the accuracy, efficiency, and scalability of tracking systems. Innovations such as IoT-enabled sensors, AI-driven analytics, blockchain technology for asset verification, and cloud-based platforms are transforming the way organizations monitor and manage their assets. In November 2024, RFID Discovery launched a new RFID mapping tool for healthcare, enabling hospitals to track medical equipment with passive tags via interactive maps. These technological improvements allow for seamless integration across various business operations, providing real-time insights into asset performance, location, and condition. As a result, companies are better equipped to reduce downtime, prevent asset loss, and optimize utilization. The continuous evolution of these technologies is encouraging businesses to transition from manual, error-prone tracking methods to automated, intelligent systems, thus reinforcing the demand for advanced solutions.
Government Initiatives and Digital Transformation
Government initiatives and widespread digital transformation efforts drive the adoption of tracking solutions across sectors. Many governments are encouraging industries to modernize infrastructure, adopt smart technologies, and implement transparent asset management practices as part of broader digitalization goals. Public sector investments in smart cities, transportation, healthcare, and defense increasingly incorporate asset tracking tools to ensure operational efficiency and regulatory compliance. Additionally, the push for digital transformation in both public and private sectors creates a favorable ecosystem for integrating tracking solutions into enterprise resource planning (ERP) and supply chain management systems. These efforts collectively accelerate the shift toward data-driven asset monitoring, thereby strengthening the growth trajectory.
Segmental Insights
By Component Analysis
The segmentation, based on component, includes hardware, software, and services. The software segment dominated the market in 2024 due to its role in enabling real-time data analytics, visualization, and decision-making across various asset-intensive industries. The demand for refined and user-friendly tracking software has increased as businesses increasingly rely on centralized platforms for asset monitoring, predictive maintenance, and automated reporting. These solutions support seamless integration with enterprise systems and offer customizable dashboards, which improve operational transparency and efficiency. Additionally, the shift toward digital workflows and the growing focus on cloud-based platforms have reinforced the dominance of the software segment.
By Technology Analysis
The segmentation, based on technology, includes RFID (radio-frequency identification), M2M/IoT, GPS, barcode, and others. The M2M/IoT segment is expected to witness substantial growth during the forecast period, driven by the rising adoption of connected devices and the growing need for automated, real-time asset visibility. IoT-enabled solutions allow businesses to gather continuous data on asset location, usage, and condition without human intervention. This connectivity improves responsiveness and operational control across industries such as logistics, manufacturing, and healthcare. Furthermore, as organizations seek scalable and cost-effective tracking frameworks, M2M/IoT technologies offer high adaptability. They can be integrated with predictive analytics, making them an effective choice for enterprises.
By Deployment Analysis
Based on deployment, the segmentation includes cloud and on-premise. The on-premise segment is expected to grow with a significant CAGR during the forecast period, as many organizations, particularly those in highly regulated industries, prioritize data privacy, security, and control over internal operations. On-premise solutions provide improved customization capabilities and allow businesses to manage sensitive asset information within their IT infrastructure. This approach is especially preferred by enterprises dealing with proprietary assets or operating in regions with strict data compliance requirements. The demand for tailored deployment strategies that support offline functionality and deeper system integration drives the growth in this segment.
By Enterprise Size Analysis
The segmentation, based on enterprise size, includes large enterprises and SMEs. The SMEs segment growth is driven by increasing awareness of the operational and financial benefits of asset tracking, along with the availability of cost-effective and scalable tracking solutions. Small and medium-sized enterprises are recognizing the importance of real-time asset visibility for reducing downtime, optimizing inventory, and improving customer satisfaction. The rising adoption of cloud-based platforms and plug-and-play IoT tracking systems has made these technologies more accessible to SMEs. Therefore, as these businesses aim to remain competitive and improve resource utilization, the demand for simplified and affordable tracking tools is steadily increasing.
Regional Analysis
The report provides market insights into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The North America asset tracking market dominated in 2024, due to its advanced technological infrastructure, early adoption of IoT and RFID technologies, and the presence of major solution providers. The region’s mature industrial base, particularly in sectors such as logistics, manufacturing, healthcare, and others, has driven investments in asset visibility and security solutions. In April 2022, Fortress Information Security received a USD 125 million investment from Goldman Sachs Asset Management to support its efforts in protecting critical industries in the US from supply chain cyber threats. Additionally, enterprises in North America have demonstrated a strong focus on automation, data-driven decision-making, and compliance with regulatory standards, all of which contribute to the higher growth of these tracking systems. These factors collectively drive the region’s market leadership.
The US asset tracking market held the largest share in 2024 due to the country’s advanced digital infrastructure, early adoption of IoT and automation technologies, and the strong presence of industry-leading solution providers. American enterprises across logistics, manufacturing, healthcare, and defense have heavily invested in scalable and integrated tracking systems to enhance operational transparency and compliance. In the US, the rising focus on technological innovation, supply chain resilience, and regulatory standards reinforces the demand for real-time visibility and data-driven asset management.
The Asia Pacific asset tracking market is projected to witness significant growth during the forecast period, driven by rapid industrialization, infrastructure development, and increasing investments in digital transformation. For instance, in April 2024, India's NIIF invested USD 200 million in iBUS to expand digital infrastructure, such as in-building solutions, small cells, managed WiFi, and emerging IoT technologies. Emerging economies in the region are expanding their manufacturing and logistics capabilities, creating increased demand for advanced tracking systems to support efficiency and scalability. Furthermore, the expansion of affordable IoT technologies and government-led initiatives promoting smart industries are encouraging widespread adoption. The region’s dynamic economic landscape and focus on modernizing supply chains position it as a high-growth market.
The China asset tracking sector is experiencing growth, driven by rapid industrial expansion, rising logistics demands, and increasing investments in digital transformation across major sectors. The government's push toward smart manufacturing and infrastructure modernization has led to increased adoption of IoT technologies, RFID, and cloud-based asset management solutions. Businesses are seeking greater efficiency and control over large-scale operations, driving a shift from manual to automated tracking systems.
The Europe asset tracking market is projected to witness substantial growth during the forecast period, driven by the region’s focus on operational transparency, sustainability, and regulatory compliance. Industries in the region are increasingly leveraging these tracking technologies to comply with strict environmental and safety standards while optimizing resource usage. The strong presence of manufacturing, automotive, and transportation sectors in the region further supports the demand for precise and reliable asset monitoring. Additionally, government support for digital infrastructure and cross-border trade efficiency is reinforcing adoption, making Europe a major growth contributor in the global landscape.
The UK asset tracking market growth is driven by the growing need for supply chain optimization, strict regulatory compliance, and an increasing focus on sustainable asset management practices. Industries across the UK are leveraging these tracking solutions to assure resource efficiency, minimize downtime, and improve accountability across operations. The region's focus on digital innovation, combined with widespread adoption of smart logistics and connected infrastructure, is encouraging enterprises to invest in real-time tracking solutions.
Key Players and Competitive Analysis Report
The asset tracking industry is experiencing competition fueled by emerging markets, rapid technological advancements, and transformative trends in IoT and GPS solutions. Major players are leveraging competitive intelligence and strategic planning to tap into revenue opportunities, especially among small and medium-sized businesses seeking affordable tracking solutions. While developed markets continue to dominate, strategic investments are targeting expansion in logistics, healthcare, and retail, driving further sector growth. Vendors are prioritizing sustainable value chains and development strategies to address ongoing supply chain disruptions. Revenue growth is being propelled by the rising demand for cloud-based and RFID solutions, with economic and geopolitical shifts shaping regional market forecasts. Companies are adopting targeted market entry strategies to access untapped regions, guided by expert insights into evolving sector trends. Growth projections indicate increasing adoption in emerging market segments, with competitive positioning now relying on technological innovation and strong partner ecosystems. Pricing dynamics and vendor share analyses reveal a rapidly changing landscape where innovation and strategic alliances are set to determine long-term market leadership.
A few key players are Actsoft.com, ASAP Systems, Asset Panda, AT&T Inc., Fleet Complete, GigaTrak (P&T Solutions Inc.), OnAsset Intelligence Inc., Qualcomm Technologies Inc., Samsara Inc., Spireon Inc., Tenna, Trimble Inc., Verizon, and Wasp Barcode Technologies.
Key Players
- Actsoft.com
- ASAP Systems
- Asset Panda
- AT&T Inc.
- Fleet Complete
- GigaTrak (P&T Solutions Inc.)
- OnAsset Intelligence Inc.
- Qualcomm Technologies Inc.
- Samsara Inc.
- Spireon Inc.
- Tenna
- Trimble Inc.
- Verizon
- Wasp Barcode Technologies
Asset Tracking Industry Developments
May 2025: Smartpin launched as a self-serve asset-tracking platform by Life360, leveraging 80M+ Bluetooth access points for real-time visibility of unpowered assets. Designed for simplicity, it requires no infrastructure and scales from small tools to large fleets.
March 2025: UnaBiz launched DIS-Echo, an asset-tracking solution using Sigfox 0G and high-frequency beaconing. It provides cost-efficient, scalable visibility for logistics and industrial assets across facilities or supply chains.
June 2024: Vodafone's grandcentrix launched the Asset Tracker Construction, a rugged GPS device designed for reliable monitoring of equipment in harsh environments such as construction sites. The tracker enhances visibility and durability for industrial asset management.
Asset Tracking Market Segmentation
By Component Outlook (Revenue, USD Billion, 2020–2034)
- Hardware
- Software
- Services
By Technology Outlook (Revenue, USD Billion, 2020–2034)
- RFID (Radio-Frequency Identification)
- M2M/IoT
- GPS
- Barcode
- Others
By Deployment Outlook (Revenue, USD Billion, 2020–2034)
- Cloud
- On-Premise
By Enterprise Size Outlook (Revenue, USD Billion, 2020–2034)
- Large Enterprises
- SMEs
By End Use Outlook (Revenue, USD Billion, 2020–2034)
- Transportation & Logistics
- Manufacturing
- Healthcare
- Retail & E-commerce
- Aviation
- Government
- Others
By Regional Outlook (Revenue, USD Billion, 2020–2034)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
Asset Tracking Market Report Scope
|
Report Attributes |
Details |
|
Market Size in 2024 |
USD 23.86 billion |
|
Market Size in 2025 |
USD 27.29 billion |
|
Revenue Forecast by 2034 |
USD 92.59 billion |
|
CAGR |
14.5% from 2025 to 2034 |
|
Base Year |
2024 |
|
Historical Data |
2020–2023 |
|
Forecast Period |
2025–2034 |
|
Quantitative Units |
Revenue in USD Billion and CAGR from 2025 to 2034 |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Industry Trends |
|
Segments Covered |
|
|
Regional Scope |
|
|
Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
FAQ's
The global market size was valued at USD 23.86 billion in 2024 and is projected to grow to USD 92.59 billion by 2034.
The global market is projected to register a CAGR of 14.5% during the forecast period.
North America dominated the market share in 2024.
A few of the key players in the market are Actsoft.com, ASAP Systems, Asset Panda, AT&T Inc., Fleet Complete, GigaTrak (P&T Solutions Inc.), OnAsset Intelligence Inc., Qualcomm Technologies Inc., Samsara Inc., Spireon Inc., Tenna, Trimble Inc., Verizon, and Wasp Barcode Technologies.
The software segment dominated the market in 2024.
The M2M/IoT segment is expected to witness the fastest growth during the forecast period.
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