According to the report titled ‘GLOBAL Asset Tracking Market 2019-2028’, available with Market Study Report, global asset tracking market size is projected to expand at a CAGR of 12.95% over the forecast period 2019-2028.
 

As per the findings of the research literature, advancements in IoT and logistics 4.0 technologies, along with escalating surging demand for third-party logistics service providers are promoting global asset tracking market development. Moreover, rapid growth of the e-commerce industry is enhancing the industry outlook.
 

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Further, government initiatives encouraging GPS tracking are expected to present new growth opportunities for the industry in the forthcoming years. However, low market awareness, high initial investment cost of asset tracking software, and privacy concerns about consumer’s data are negatively impacting businesses operating in this domain.
 

Based on type, global asset tracking market is categorized into software (on-premise, cloud), hardware (QR code/barcode, global positions system, radio-frequency identification, Bluetooth energy, long range wide area network, custom hardware), and services.
 

In terms of end-user scope, the market segmentation comprises healthcare, transportation and logistics, manufacturing, IT & telecommunication, construction, oil & gas, and others.
 

From a geographical perspective, key contributors to the growth are North America (U.S., Canada), United Kingdom (Russia, Spain, Italy, France, Germany, U.K.), Asia Pacific (India, Japan, China, South Korea, Australia & New Zealand, ASEAN Countries), Latin America (Mexico, Brazil), and Middle East & Africa (South Africa, Saudi Arabia, Turkey, United Arab Emirates).
 

Experts analysts state that Asia Pacific market is touted to grow considerably in the upcoming years, mainly driven by proliferating adoption of advanced technologies like IoT and AI across various end-user industries, particularly in emerging economies like India, China, Singapore, and Thailand.
 

Speaking of the competitive landscape, top contenders in global asset tracking industry sphere are Zebra Technologies Corp., Verizon Communications Inc., Ubisense Group plc, Trimble Inc., Tenna, Spireon Inc., Oracle Corp., Onasset Intelligence Inc., Hilti Corp., Gigatrak, Fleet Complete, Cloudhawk, Azuga Inc., AT&T Inc., and Asset Panda.