Research Identifies Growth Opportunities within Asset Tracking Market Including Technology Integration and Focus on High Impact Enterprise Assets
Mind Commerce Releases Findings of Asset Tracking Market Report: Sees $32 Billion Global Market by 2024, Driven by Expansion into New Asset Classes as well as Leveraging Artificial Intelligence, Internet of Things Technologies, and Data Analytics
SEATTLE, Feb. 12, 2019 /PRNewswire-PRWeb/ -- Rapidly moving beyond a fleet management centric marketplace, Mind Commerce sees the global asset tracking market reaching $32 billion by 2024, growing at 14.9% CAGR.
There are many opportunities for technology integration, such as leveraging Artificial Intelligence (AI) for enhanced decision making. Accordingly, the global asset tracking market for AI in embedded devices will grow at 28.2% through 2024.
Mind Commerce sees a major trend shift as leading enterprise organizations increasingly realize the value in connected assets goes beyond protecting high book value items. Substantial asset tracking market growth will come from within certain sub-segments such as industries with low cost items that have high operational impacts.
For example, there are many medium-value assets involved in ground support operations for aircraft such as dollies, service stairs, and tripod jacks. In contrast, an aircraft chock (used to hold a plane in place on the ground so that it does not roll prior to push-back) typically costs less than $100 each. While representing a small book value to an organization, the aircraft chock has a very important role from an operational value stand-point. As commercial airliners represent multi-million dollar investments, a missing or unavailable chock could mean substantial material losses and/or intangible value lost due to bad public relations.
Leading asset tracking market vendors are taking a consultative sales approach with their clients. This includes provision of business case analysis for strategic and high-impact connected enterprise assets.
As part of a rapidly expanding Internet of Things (IoT) enabled solutions market, the IoT supported asset tracking market will account for more than 93% of all enterprise and industrial solutions by 2024. However, IoT introduces a new set of challenges for enterprise such as end-point security. Leading companies will combine asset tracking and device security as combined solution.
By way of example, the recent BlackBerry acquisition of Cylance (a major player in the AI based cybersecurity market) represents a cybersecurity play that may be parlayed into IoT device security (e.g. BlackBerry UEM) and combined with asset tracking solutions (e.g. BlackBerry Radar) for greater overall enterprise security. This is a prime example of the anticipated positive impact of the AIoT market within industry verticals.
The Mind Commerce report, Asset Tracking Market by Technology (M2M/IoT, Edge Computing, Smart Devices), Infrastructure (Platform, Software, and Services), Connection Type (Wired, 3G, 4G, 5G, WiFi, and WiMAX), Mobility (Fixed, Portable, and Mobile), Location Determination (GPS, RFID, Others), and Industry Verticals 2019 – 2024, evaluates asset tracking technologies, solutions, and ecosystem including major players. The report assesses the impacts of various use case specific considerations in terms of asset technology and solution selection. The report also analyzes the market outlook for asset tracking globally, regionally, and by major country in each region.
This second edition of asset tracking market research from Mind Commerce is broader in scope of coverage across a wide array of important sub-segments. The report provides analysis and forecasts by technology, components (including M2M Communication, Embedded, On-board and Remote Computing Systems), infrastructure (such as asset tracking by software), and much more.
The report assesses the impact of AI (including Machine Learning, Image and Patter Recognition, Neural Networking, and more), blockchain, and big data (including storage and data analytics) in support of asset tracking solutions. The report also evaluates cloud computing (including central and mobile edge computing) vs. non-cloud based solutions. This report also assesses special opportunities, such as the asset tracking market in smart cities, smart buildings, and smart workplaces.
The report provides forecasts for the aforementioned that includes asset tracking market sizing by revenue, unit deployment, region and countries from 2019 through 2024. This includes assets not typically associated with the fleet tracking market.
About Mind Commerce
Mind Commerce is an ICT strategy company that has focused exclusively on Information and Communications Technology (ICT) for over twenty years. Our ICT reports provide key trends, projections, and in-depth analysis for infrastructure, platforms, devices, applications, services, emerging business models and opportunities.
The Mind Commerce ICT consulting practice covers many important telecom and IT topics with a concentrated focus on certain key emerging and highly disruptive technology areas including: Artificial Intelligence, Broadband, Cloud Computing, Data Management Analytics, Edge Computing, Immersive Technologies (Augmented and Virtual Reality), Industrial Automation, Internet of Things, and Robotics.
We focus on key emerging and disintermediating technology areas for service providers, technology providers, developers (communications, applications, content, and commerce), systems integrators and consultants, government organizations and NGOs, and the financial community. Visit us at https://mindcommerce.com/
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SOURCE Mind Commerce
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