The number of businesses using asset tracking is set for substantial growth over the next five years as companies begin to rely on the technology to track cargo, increase transparency and accurately estimate delivery dates.
According to a new report from Juniper Research, asset tracking will reach 90 million this year and will grow to 114 million by 2025, a growth of 27%.
The growth in adoption of industrial logistics asset tracking will be driven by the need to increase supply chain resilience, which has become especially important given the COVID-19 pandemic. Juniper said the pandemic has highlighted the need for real-time data on location and delays to logistics operations. Key technologies that will help growth adoption of asset tracking include RFID and low power wide-area networks (LPWAN).
Juniper said that China will lead the asset tracking market, generating $3 billion in 2020 and increasing to $11 billion by 2025, a growth in spending of about 34%. China is a global exporter and has a strong base within the internet of things (IoT), meaning its position as an asset tracking leader will only accelerate because of COVID-19, the market research firm said.
Globally, $33 billion will be spent on asset tracking in 2025, up from just $10 billion in 2020.
Learn more about Juniper’s findings with its Fleet Tracking and Logistics Trends report.
