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When a business keeps track of its physical assets, asset tracking occurs. You must give your assets a GPS tracking system, a barcode scanner, or a radio-frequency identification (RFID) in order to accomplish this.
Your physical assets may include things like vehicles, computers, generators, or other technological machinery. Your company’s assets add value and are essential to its operation. These physical commodities are considered tangible assets, whereas contracts, proprietary software, and patents are examples of intangible assets.
If you work for a company that routinely stocks inventory, assets are not the same as inventory. You stock and keep track of the inventory using the assets. A comprehensive asset management system for all of your assets is crucial.
You need to be conscious of what offers value and what you might be able to sell or get rid of to make extra space in your workspace when you’re beginning a business from scratch. Knowing what you have makes it easier to decide what you need to replace or enhance in order to stay on the cutting edge of your business.
You can save expenses while also figuring out better, more effective ways to complete tasks. Because they will have a very thorough log of materials to refer to, your administrative staff members will be able to complete their tasks more quickly.
Investing in asset tracking is also beneficial for maintaining precise business records and comprehending Due to precise departmental breakdowns, you can estimate your taxes. In some businesses, asset monitoring is also a need for recordkeeping, so it’s wise to stay on top of things.
The Global Asset tracking market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
The AK300 LTE car tracker and AS500 extended standby asset tracker are two new products launched from ATrack Technology Inc., a well-known global telematics company.
With its many interfaces, the AK300 vehicle tracker can support a variety of applications for commercial vehicles, helping logistics companies to increase fleet management effectiveness.
The AS500 long standby asset tracker complies with IP69K requirements for waterproof and dustproof housing design, and when used in conjunction with high-efficiency power-saving technology, it can run for up to ten years with everyday use.
Cloud-based management enables the sector to handle high-value assets efficiently without needing a power supply around-the-clock.
The Mobile Internet of Things (M-IoT) firm BeWhere (“BeWhere” or the “Company”) is pleased to announce the launch of its newest asset tracking tools, the BeSol+ and BeTen+.
The company’s most popular caravan and equipment tracking device, the BeSol, has evolved into the BeSol+.
An industry-leading 5-minute live reporting frequency without an external power source is made possible by the BeSol+’s incorporation of solar recharging, Low-Power 5G and 2G communications, GPS, GLONASS, GNSS, Wi-Fi, and BLE indoor and outdoor location technologies, a 7-amp rechargeable battery, and a larger solar panel.
The BeSol+ also gains an IP68 designation for water and dust resistance and keeps all of its integrated environmental sensors, including an accelerometer and sensors for temperature, air pressure, humidity, light exposure, and pressure.
Along with these brand-new and sophisticated capabilities, the BeSol+ offers tamper-proof sensors that send out fast alerts in the event that a tracker is taken from an asset and hub-odometer level precision for tracking trailer mileage.
The BeTen+ is a development of the BeTen, the company’s first asset tracker, and it is made for tracking unpowered containers and machinery.
The BeTen+ also includes Low Power 5G and 2G communications, GPS, GLONASS, GNSS, Wi-Fi, and BLE indoor and outdoor location technologies, as well as a hybrid power source made up of a 5.6-amp disposable battery and a super-capacitor that improves battery life by 20% and offers better performance in colder climates.
To enable precise, more energy-efficient asset tracking, Onsemi launched its End-to-End Positioning System.
The system is built on onsemi’s RSL15 MCU, the lowest power Bluetooth® 5.2 MCU in the industry, and combines software algorithms and components supplied by Unikie and CoreHW, creating a fully integrated solution with components that have been optimised for use together.
The new Bluetooth Low Energy (Bluetooth LE) technology enables tags to be used for object or person tracking with sub-meter accuracy in predefined tight locations like warehouses, shops, or other structures.
While lowering the amount of development work and time to market, it is scalable to huge volumes of monitored objects in terms of performance and cost.
The RSL15 is perfect for a variety of industrial automation applications, including asset monitoring, smart retail, and IoT edge nodes, thanks to its new improved features.
Using the IQ values for the received signals, Unikie, a cutting-edge engineering firm specializing in enabling smart spaces, built the software algorithms and components to determine the real-time positions of a Bluetooth LE-based tag.
The Unikie BLE translation Engine product is a bundled version of Unikie’s high-performance translation software for edge or cloud deployment.
Additionally, enterprise systems and data analyzers may simply be linked with Unikie’s APIs.
A variety of sectors can use Bluetooth Angle of Arrival (AoA) development kits from CoreHW, a fabless semiconductor business producing Integrated Circuit (IC) technologies, to take advantage of indoor location systems for improved location-based applications.
North America
The North American market, particularly the USA, will be one of the prime markets for (Asset Tracking Market) due to the nature of industrial automation in the region, high consumer spending compared to other regions, and the growth of various industries, mainly AI, along with constant technological advancements. The GDP of the USA is one of the largest in the world, and it is home to various industries such as Pharmaceuticals, Aerospace, and Technology. The average consumer spending in the region was $72K in 2023, and this is set to increase over the forecast period. Industries are focused on industrial automation and increasing efficiency in the region. This will be facilitated by the growth in IoT and AI across the board. Due to tensions in geopolitics, much manufacturing is set to shift towards the USA and Mexico, away from China. This shift will include industries such as semiconductors and automotive.
Europe
The European market, particularly Western Europe, is another prime market for (Asset Tracking Market) due to the strong economic conditions in the region, bolstered by robust systems that support sustained growth. This includes research and development of new technologies, constant innovation, and developments across various industries that promote regional growth. Investments are being made to develop and improve existing infrastructure, enabling various industries to thrive. In Western Europe, the margins for (Asset Tracking Market) are higher than in other parts of the world due to regional supply and demand dynamics. Average consumer spending in the region was lower than in the USA in 2023, but it is expected to increase over the forecast period.
Eastern Europe is anticipated to experience a higher growth rate compared to Western Europe, as significant shifts in manufacturing and development are taking place in countries like Poland and Hungary. However, the Russia-Ukraine war is currently disrupting growth in this region, with the lack of an immediate resolution negatively impacting growth and creating instability in neighboring areas. Despite these challenges, technological hubs are emerging in Eastern Europe, driven by lower labor costs and a strong supply of technological capabilities compared to Western Europe.
There is a significant boom in manufacturing within Europe, especially in the semiconductor industry, which is expected to influence other industries. Major improvements in the development of sectors such as renewable energy, industrial automation, automotive manufacturing, battery manufacturing and recycling, and AI are poised to promote the growth of (Asset Tracking Market) in the region.
Asia
Asia will continue to be the global manufacturing hub for (Asset Tracking Market) over the forecast period with China dominating the manufacturing. However, there will be a shift in manufacturing towards other Asian countries such as India and Vietnam. The technological developments will come from China, Japan, South Korea, and India for the region. There is a trend to improve the efficiency as well as the quality of goods and services to keep up with the standards that are present internationally as well as win the fight in terms of pricing in this region. The demand in this region will also be driven by infrastructural developments that will take place over the forecast period to improve the output for various industries in different countries.
There will be higher growth in the Middle East as investments fall into place to improve their standing in various industries away from petroleum. Plans such as Saudi Arabia Vision 2030, Qatar Vision 2030, and Abu Dhabi 2030 will cause developments across multiple industries in the region. There is a focus on improving the manufacturing sector as well as the knowledge-based services to cater to the needs of the region and the rest of the world. Due to the shifting nature of fossil fuels, the region will be ready with multiple other revenue sources by the time comes, though fossil fuels are not going away any time soon.
Africa
Africa is expected to see the largest growth in (Asset Tracking Market) over the forecast period, as the region prepares to advance across multiple fronts. This growth aligns with the surge of investments targeting key sectors such as agriculture, mining, financial services, manufacturing, logistics, automotive, and healthcare. These investments are poised to stimulate overall regional growth, creating ripple effects across other industries as consumer spending increases, access to products improves, and product offerings expand. This development is supported by both established companies and startups in the region, with assistance from various charitable organizations. Additionally, the presence of a young workforce will address various existing regional challenges. There has been an improvement in political stability, which has attracted and will continue to attract more foreign investments. Initiatives like the African Continental Free Trade Area (AfCFTA) are set to facilitate the easier movement of goods and services within the region, further enhancing the economic landscape.
RoW
Latin America and the Oceania region will showcase growth over the forecast period in (Asset Tracking Market). In Latin America, the focus in the forecast period will be to improve their manufacturing capabilities which are supported by foreign investments in the region. This will be across industries mainly automotive and medical devices. There will also be an increase in mining activities over the forecast period in this region. The area is ripe for industrial automation to enable improvements in manufacturing across different industries and efficiency improvements. This will lead to growth of other industries in the region.
