Global Asset Tracking Market (2020 to 2028) - Government Initiatives in Favour of GPS Tracking Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Asset Tracking Market 2019-2028" report has been added to ResearchAndMarkets.com's offering.

According to this report, the global market for asset tracking is expected to exhibit a CAGR of 12.95% during the estimated period of 2019-2028.

The growth in IoT and logistics 4.0, along with rising demand from 3PL companies, is primarily driving the market's evolution. Additionally, government initiatives in favor of GPS tracking are generating several opportunities for the asset tracking market's growth. The automated delivery sector is also offering multiple opportunities to the studied market to reach its projected growth.

However, the high initial cost of asset tracking software significantly weighs down the market's progress. The privacy concerns pertaining to consumers' data and low market awareness, are factors challenging the market's future.

The Asia-Pacific is expected to become the fastest-growing market for asset tracking during the projected phase 2019-2028. The region is expected to observe tremendous growth, owing to the rising adoption of numerous technological advancements. China, India, Thailand, and Singapore are offering multiple growth opportunities to the asset tracking market. The rapid increase in the deployment of IoT and AI in numerous end-user industries, is further expected to motivate the studied market's progress during the estimated period.

Furthermore, small- & medium-scale enterprises in the emerging economies are investing in augmenting the adoption of numerous advanced technological solutions for their business operations. Here, prominent market players are innovating rapidly to provide asset tracking solutions for various end-user industries. This is further expected to widen the asset tracking market's scope and growth in the APAC region.

Market Dynamics

Drivers

• Growing Demand from 3Pl Companies
• Growth in IoT and Logistics 4.0

Restraints

• High Initial Cost of Asset Tracking Software

Opportunities

• Government Initiatives in Favour of GPS Tracking
• Opportunities from Automated Delivery

Challenges

• Privacy Pertaining to Consumer's Data
• Low Market Awareness

Companies Mentioned

• Asset Panda LLC
• AT&T Inc
• Azuga
• Cloudhawk
• Fleet Complete
• Gigatrak
• Hilti
• Onasset Intelligence Inc
• Oracle Corporation
• Spireon Inc
• Tenna
• Trimble Inc
• Ubisense Group plc
• Verizon Communications Inc
• Zebra Technologies Corporation

For more information about this report visit https://www.researchandmarkets.com/r/9zj254