According to Mordor Intelligence’s report, asset tracking market was valued at USD 17.14 billion in 2020 and is expected to reach USD 34.82 billion by 2026 at CAGR of 13.45% during the forecast period 2021 – 2026. Given the high price of enterprise and industrial assets, especially fleet equipment, the need for monitoring and tracking these assets is paramount.
Source: Mordor Intelligence
The growth of the asset management system market is driven by reduced equipment downtime and optimum resource utilization requirements of resources, according to MarketsandMarket’s analysis. In addition, by using a combination of hardware software and network services, managers can incur lower administrative costs and better accountability and cost savings. Moreover, with information on the asset condition, they can plan for maintenance and future growth, thus, resulting in overall efficiency
Asset Management System Market, MarketsandMarkets
The adoption of inventory tracking solutions has been on the rise, according to Mordor Intelligence’s analysis. Manufacturers are adopting Industry 4.0 practices and transformed into smart factories in which deploy a combination of technologies such as RFID, wearables, and mobile automated systems, to monitor the physical processes on the shop floor, thereby, enabling them to make decentral decisions. In this regard, the global track and trace solutions market was at USD 2.88 billion in 2021 and projected to reach USD 12.71 billion by 2030, growing at a CAGR of 18% from 2021 – 2030.
Track and Trace Solutions Market, Precedence Research
In addition, an increase in demand from small and medium enterprises (SMEs) for barcode and RFID systems to track assets is expected to drive the growth. Also, an introduction of IoT and connecting technologies like predictive maintenance, augmented reality for asset tracking and inventory management solution are expected to boost the market growth in the region. Many enterprises are emphasizing on adoption of asset tracking and inventory management solutions which are cost effective and enhance the location granularity applications.
Posdata Group, Inc.
Let’s have a look at how to determine the right asset tracking technologies for business cases. Suggested by Deloitte, the type of technology you need is based on these three main factors. First, asset mobility signifiers the extent of movement of y our assets that need to be tracked. Second, if location accuracy is vital to your business case, the ultra-wide band (UWB) can offer centimeter precision. Third, if tracking frequency is priority, technologies such as BLE, Wi-Fi, or GPS can deliver. Otherwise, passive RFID tags and the readers are enough.
Source: Automatic Dispatching Management, Meta Smart Factory
A wide range of tracking technologies are available to cater your business needs. Choosing the right technology for your business use case depends on what you are aiming for, what the business challenges are, and in which environment you wish to deploy the solution. It is not one size fits all. Asset tracking solution can be categorized as long, wide range, or short range, with range being one of the key factors in technology selection for your business case. A comparative study of the technologies by Deloitte is outlined in the table
Source: Asset Intelligence Series, Deloitte.
Article by: ASST.PROF. SUWAN JUNTIWASARAKIJ, PH.D.