According to the recent research report titled ‘Global Asset Tracking Market Size study, by component (Hardware and software), by Deployment type (On-premises and Cloud-based), by applications (Transportation & Logistics, Aviation, Healthcare, Manufacturing, Food & Beverages, and Other) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global asset tracking market is expected to record considerable growth over 2021-2027.
 

As per the report findings, global asset tracking market growth is primarily driven by the development of local financial rules to track production centers and increasing usage of IoT and connected devices. Further, surge in demand for image-based barcode scanners will add to market expansion over the anticipated period.
 

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Notably, according to Verizon’s Fleet Technology Trends report, in 2020, 72% of fleets had been using GPS fleet tracking software, up from 64% in 2019. This implies that asset control solutions are being used more frequently as they help plan for maintenance and future growth.
 

Although many types of trailer/truck tracking technology have been around for a long time, improvements in the Internet of Things and connected devices have significantly expanded the potential of asset monitoring systems.
 

Speaking of the restraining factors, hefty initial cost of asset management system is likely to act as a challenge for businesses in the forthcoming years.
 

Moving on to regional terrain, the key geographies highlighted in global asset tracking industry report are North America (U.S., Canada), Europe (U.K., France, Germany, Italy, Spain), Asia Pacific (India, China, Japan, Australia), and Latin America (Mexico, Brazil).
 

North America is a prominent region in terms of market share, creditable to the presence of a significant number of asset management technology suppliers. On the other hand, Asia Pacific market is expected to develop at a robust pace over 2021-2027, due to the increased uptake of new technologies in the area.
 

With respect to the competitive landscape, Trimble Inc., Spireon Inc., Oracle Corporation, Fleet Complete, OnAsset Intelligence Inc., GigaTrak, AT&T Inc., Asset Panda, ASAP Systems, and ActSoft Inc. are the leading organizations impacting the overall asset tracking market dynamics.