North America Asset Tracking Market: Global Industry Analysis and Forecast (2024-2030)

  • North America Asset Tracking Market size was valued at USD 7.11 Bn. in 2023 and the total North America Asset Tracking Market size is expected to grow at a CAGR of 11.59 % from 2024 to 2030, reaching nearly USD 15.32 Bn. by 2030.

  • Format : PDF | Report ID : SMR_2209

North America Asset Tracking Market Overview

The asset tracking market refers to the technology and solutions used to monitor and manage physical assets through real-time data collection and analysis. This includes the use of various tracking technologies such as RFID, GPS, IoT sensors, and barcodes to ensure accurate location information, status updates, and condition monitoring of assets.  The North America asset tracking market is highly developed with widespread availability of advanced tracking solutions. The asset tracking market in North America is experiencing robust growth, driven by increasing demand for real-time visibility and operational efficiency.

 

The demand is fueled by sectors such as logistics, supply chain management, healthcare, and manufacturing, where efficient asset management is critical. The market is also supported by advancements in technology, including improved GPS accuracy, IoT connectivity, and data analytics capabilities. On the supply side, the market is well-supported by a range of technology providers offering diverse tracking solutions tailored to different industry needs. The availability of both high-end and cost-effective solutions ensures that organizations of various sizes implement asset tracking systems.

 

The market is well-represented across major industrial regions including the United States, Canada, and Mexico. The U.S. stands as the largest market thanks to its extensive logistics networks, technology adoption, and diverse industrial base.  Leading key players in the North American asset tracking market include IBM Corporation, Zebra Technologies Corporation, Honeywell International Inc., Cisco Systems Inc., Trimble Inc., Oracle Corporation, and Verizon Communications Inc. For instance, Tenna introduced the TennaINTEL Smart Equipment Tracker/BLE Reader and the TennaBLE RT1 Beacon, both specifically designed for construction use.  

 

Also, Geotab Inc. has unveiled the Geotab GO Anywhere, a robust hardware solution designed for tracking and managing fleet assets. When integrated with MyGeotab, GO Anywhere allows businesses to view all assets and vehicles on a single platform, featuring a rugged design, extended battery life, and easy installation for comprehensive asset monitoring and enhanced cost control.

 

IoT asset tracking provider Samsara Inc. has reported impressive financial results for its fiscal fourth quarter, driving a significant surge in its stock price. The company achieved earnings before specific costs of four cents per share, surpassing its own forecast and exceeding Wall Street expectations. Samsara's revenue reached $276.3 million, marking a remarkable 48% increase, far exceeding its predicted range. Despite a net loss of $113.3 million, up from $53.6 million the previous year, investors were buoyed by the strong revenue growth, resulting in a 16% increase in Samsara's stock in extended trading.

 

The company also reported an annual recurring revenue of $1.1 billion, up 39%, and an adjusted gross margin increase to 76%. Samsara's strong performance, driven by increased demand across multiple sectors and successful enterprise customer growth, positions it for continued growth, with optimistic forecasts for the next fiscal year.

 

The North America Asset Tracking Market report provides a comprehensive analysis of the strategies employed by top companies and a detailed examination of market segments and country trends. The report offers critical insights into pricing, costs, revenues, and profit margins, making it an invaluable resource for investors in this sector. By analyzing market dynamics, the report assesses the drivers of growth, potential constraints, opportunities, and challenges across different countries and segments.

North America Asset Tracking Market

 

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North America Asset Tracking Market Dynamics

Passive Real-Time Asset Inventory Tracking and Security Monitoring of Grid-Edge Devices:

The growing demand for passive real-time asset inventory tracking and security monitoring of grid-edge devices is a significant driver for the asset tracking industry. With the proliferation of smart grids and decentralized energy systems, utilities and other industries require efficient ways to monitor and manage numerous remote assets. Passive real-time tracking systems, which leverage low-power, long-range communication technologies, offer a cost-effective and scalable solution.

 

These systems provide continuous visibility into the status and location of grid-edge devices, enhancing operational efficiency and security. Additionally, the ability to monitor assets in real-time without the need for constant human intervention reduces labor costs and minimizes the risk of asset loss or theft. The increasing adoption of IoT technologies and the push towards more resilient and responsive infrastructure are further accelerating the demand for these advanced assets tracking solutions, making them a pivotal market driver.

 

Table: Asset Tracking Technologies

 

Read Range

Accuracy

Tag Price

Reader / Anchor Price

Battery Life

Other Characteristics

Barcodes / QR Codes

Up To 10 M

 

-

Printed

~$50 – 500; Can Be Read with A Smartphone

 

-

No Real- Time Data; Should Be Visible to Be Scanned

Passive RFID

Up To 10 M

 

-

$0.1

~$400 – 1500

 

-

No Real – Time Data; Should Not Be Visible to Be Scanned

Active RFID

Up To 100 M

2 M

~$20-30

~$500 – 5000

2 – 3 Years

Transmits Real- Time Data; Prone to Signal Interference

GPS

Globally

3 – 10 M

~$1 - 100

 

-

1 – 3 Years

Transmits Real-Time Data; Optimal for Global Tracking

 

Opportunity for North America's Asset Tracking Market

The asset tracking market, a sub-segment of the broader consumer IoT market, is poised for significant growth in North America. Unlike the general consumer IoT market, which encompasses a wide range of connected devices, consumer asset tracking focuses specifically on leveraging location data for remote monitoring and control. This requires the integration of GNSS or other positioning technologies with wireless wide-area networks such as cellular, satellite, LoRa, or Sigfox. Currently, many solutions rely on short-range technologies like Bluetooth and Wi-Fi. However, the market is still in its nascent stages, presenting tremendous growth opportunities.

 

Continuous advancements in battery life, processing power, and network technology are expected to drive down costs and improve solution efficiency, spurring consumer demand. Recent developments in Low-Power Wide-Area (LPWA) network technologies are particularly promising for applications requiring low battery consumption, such as pet tracking, bicycle tracking, and general asset tracking. As these technologies evolve, North America is well-positioned to become a leading market for innovative asset tracking solutions.

 

The Design and Development of an RFID-Enabled Asset Tracking System for Challenging Environments

Designing and developing an RFID-enabled asset tracking system for challenging environments presents several unique hurdles. These environments often include extreme temperatures, high humidity, and physical obstructions that can interfere with RFID signal transmission and reception. Additionally, ensuring the durability and reliability of RFID tags and readers in harsh conditions is critical. Another significant challenge lies in integrating the system with existing infrastructure and ensuring seamless data communication across various platforms.

 

Addressing these issues requires innovative solutions such as ruggedized RFID hardware, advanced signal processing algorithms, and robust network architectures. Moreover, power management is crucial, as these systems must often operate in remote locations with limited access to power sources. Despite these challenges, the benefits of deploying RFID-enabled asset tracking systems in such environments are substantial, offering enhanced visibility, improved asset utilization, and reduced operational costs.

The reasons Organizations Lose Difficult-to-Track Physical Assets

North America Asset Tracking Market1

North America Asset Tracking Market Segment Analysis

Based on Application, The supply chain management segment accounts for 35% of the North American asset tracking market in 2023. Companies are increasingly relying on asset tracking technologies to enhance visibility across their supply chains, reduce delays, and improve overall efficiency. The adoption of IoT and RFID technologies enables real-time tracking of goods, ensuring timely delivery and reducing the risk of lost or misplaced items. This enhanced transparency leads to better decision-making and optimized inventory levels, driving significant cost savings.

 

  • In 2023, it was reported that over 70% of North American supply chain companies implemented IoT-based asset tracking solutions, leading to a 20% reduction in lost or delayed shipments and a 15% improvement in inventory turnover rates.

 

Logistics is another critical segment, representing 30% of the market. The need for real-time tracking of vehicles, shipments, and packages is paramount in the logistics industry. Asset tracking solutions provide precise location data, improving route optimization, and enhancing delivery accuracy. With the growing e-commerce sector, the demand for reliable logistics tracking has surged, ensuring that consumers receive their orders promptly and accurately. These solutions also help in managing fleet operations more efficiently, reducing fuel consumption and maintenance costs.

 

  • In 2023, approximately 60% of logistics companies in North America utilized GPS and RFID tracking systems, resulting in a 25% reduction in delivery times and a 10% decrease in operational costs.

North America Asset Tracking Market2

Inventory management constitutes 20% of the asset tracking market in North America. Businesses are increasingly adopting asset tracking technologies to maintain accurate inventory records, reduce overstock and stockouts, and streamline warehouse operations. By integrating RFID, barcode scanning, and IoT sensors, companies automate inventory counts, improve accuracy, and minimize human error. This real-time visibility into inventory levels helps businesses respond swiftly to market demands and optimize their supply chain processes.

 

  • In 2023, data showed that the integration of RFID and IoT sensors in inventory management led to a 30% reduction in inventory holding costs and a 25% increase in inventory accuracy for North American businesses.

 

The equipment tracking segment held a 15% share of the market in 2023. Industries such as construction, healthcare, and manufacturing are leveraging asset tracking technologies to monitor the location and status of valuable equipment. These solutions prevent equipment loss, reduce downtime, and ensure timely maintenance. For instance, in the healthcare sector, tracking medical devices and equipment ensures their availability when needed, thereby enhancing patient care for instance,

 

  • The asset tracking market addresses three significant challenges in the healthcare sector. Due to frequent cases of misplacing and losing high-cost equipment, hospitals are estimated to purchase 10% to 20% more equipment than necessary. This inefficiency contributes to rising costs, with the cost per bed in hospitals increasing by 90% over the past 15 years to $3,144.2. By implementing advanced asset tracking solutions, healthcare facilities significantly reduce these inefficiencies, ensuring critical equipment is always available, enhancing security, and improving overall patient experience.

 

North America Asset Tracking Market Regional Analysis

The North American asset tracking market is experiencing robust growth, driven by advancements in technology and increasing consumer awareness. In North America, the demand for consumer asset tracking solutions is growing across various segments, including car tracking, kids' GPS watches, and pet tracking. These solutions leverage GNSS or other positioning technologies combined with wireless wide-area networks such as cellular, satellite, LoRa, or Sigfox to provide real-time location data for remote monitoring and control.

 

  • This region, there are 70 million children aged 4–10 years, 345 million dogs and cats, 580 million passenger cars, and 145 million other consumer vehicles.

 

Currently, the asset tracking industry penetration rate of GPS tracking products is around 1.0 percent. As of the end of 2023, the installed base of active consumer asset tracking devices in North America reached 12.5 million units.

North America Asset Tracking Market3

In the United States, the asset tracking market is particularly dynamic, benefiting from a high adoption rate of advanced technologies and a large consumer base with disposable income. The proliferation of smartphones and improvements in network infrastructure have further catalysed the adoption of asset tracking solutions. Consumers are increasingly using these devices for child safety, pet monitoring, and vehicle tracking, highlighting the practical benefits of real-time location monitoring.

 

Canada's market is also expanding, driven by technological innovation and government support for smart technologies. The growing concern for pet safety and vehicle security is pushing consumers to adopt asset tracking solutions. Canadian consumers value the reliability and efficiency offered by these technologies, which enhance their peace of mind and asset management capabilities.

 

In Mexico, the market is growing, albeit at a slower pace compared to the United States and Canada. The rising middle class and increasing urbanization are key factors contributing to market growth. Mexican consumers are beginning to recognize the benefits of asset tracking for personal and vehicle safety, leading to a gradual increase in adoption rates. The increasing consumer demand for reliable and efficient tracking solutions underscores the huge market potential in the region. As awareness and adoption continue to grow, North America is poised to become a leading market for asset tracking solutions.

 

North America Asset Tracking Market Competitive Landscape

The North American asset tracking market features a range of players from established giants to emerging innovators. Major players include IBM Corporation, Zebra Technologies Corporation, Honeywell International Inc., Cisco Systems Inc., Trimble Inc., Oracle Corporation, Fleet Complete, CalAmp Corp., Verizon Communications Inc., Asset Panda LLC, Actsoft Inc., Touma Incorporated (Asap Systems), AT&T Inc., GigaTrak (P&T Solutions Inc.), Tenna, Wasp AssetCloud, FreshService, Asset Tiger, Azuga, and ATTI.

 

In the North American asset tracking market, several key players dominate the family tracking and parental control sectors. Smartcom Mobility Solutions is a leading platform provider for kids' GPS watches and other consumer asset tracking solutions, serving various MNOs, OEMs, and ODMs across the US. Smith Micro Software offers white-label solutions to major US mobile operators, while Life360 provides a widely-used mobile app for location sharing, boasting nearly 60 million active users.

 

IBM Corporation is a leading player with a well-established presence in the asset tracking market. Known for its advanced technological solutions, IBM offers a suite of asset tracking services integrated with its broader IoT and analytics platforms. These solutions provide enterprises with real-time visibility, predictive analytics, and comprehensive asset management, making them ideal for large-scale operations and complex supply chains.

 

Azuga, on the other hand, represents an emerging player making significant strides in the asset tracking market. Specializing in fleet management and GPS tracking solutions, Azuga focuses on providing user-friendly, scalable solutions designed to enhance fleet efficiency and driver safety. Unlike IBM’s broad enterprise focus, Azuga's solutions are tailored to meet the needs of smaller to mid-sized businesses, offering features like real-time tracking, driver behavior analysis, and maintenance alerts.

 

Azuga’s approach emphasizes ease of implementation and operational cost savings, making it a strong competitor in the growing market for fleet and asset management solutions. The contrast between IBM and Azuga highlights the diversity within the asset tracking market, showcasing how established players with extensive resources offer comprehensive, integrated solutions while emerging players focus on niche areas with innovative, specialized offerings.

North America Asset Tracking Market

Market Size in 2023

USD 7.11 Bn.

Market Size in 2030

USD 15.32 Bn.

CAGR (2024-2030)

11.59 %

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

   Segments

By Technology

  • RFID
  • GPS
  • Barcode

By Application

  • Supply Chain Management
  • Logistics
  • Inventory Management
  • Equipment Tracking

By End-User

  • Manufacturing
  • Retail
  • Healthcare
  • Transportation
  • Logistics

Regional Scope

North America- United States, Canada, and Mexico

 

North America Asset Tracking Market Key Players

  1. IBM Corporation
  2. Zebra Technologies Corporation
  3. Honeywell International Inc.
  4. Cisco Systems Inc.
  5. Trimble Inc.
  6. Oracle Corporation
  7. Samsara Networks Inc.
  8. Fleet Complete
  9. CalAmp Corp.
  10. Verizon Communications Inc.
  11. Asset Panda LLC
  12. Actsoft Inc.
  13. Touma Incorporated (Asap Systems)
  14. AT&T Inc.
  15. GigaTrak (P&T Solutions Inc.)
  16. Tenna
  17. Wasp AssetCloud
  18. FreshService
  19. Asset Tiger
  20. Azuga
  21. ATTI
  22. Others Players


Frequently Asked Questions

The growth drivers for the North America Asset Tracking Market include technological advancements in IoT and cloud computing, along with increasing demand for real-time tracking and efficient asset management across various industries.

1.    North America Asset Tracking Market: Research Methodology 
2.    North America Asset Tracking Market: Executive Summary
3.    North America Asset Tracking Market: Competitive Landscape

3.1. Stellar Competition Matrix
3.2. Competitive Landscape
3.3. Key Players Benchmarking
3.4. Market Structure
3.4.1.    Market Leaders 
3.4.2.    Market Followers
3.4.3.    Emerging Players

3.5. Consolidation of the Market
4.    North America Asset Tracking Market: Dynamics
4.1. Market Trends 
4.2. Market Drivers 
4.3. Market Opportunities
4.4. Market Challenges
4.5. PORTER’s Five Forces Analysis
4.6. PESTLE Analysis
4.7. Strategies for New Entrants to Penetrate the Market
4.8. Regulatory Landscape 
5.    North America Asset Tracking Market Size and Forecast by Segments (by Value USD Billion)
5.1. North America Asset Tracking Market Size and Forecast, by Technology (2023-2030)
5.1.1.    RFID
5.1.2.    GPS
5.1.3.    Barcode

5.2. North America Asset Tracking Market Size and Forecast, by Application (2023-2030)
5.2.1.    Supply Chain Management
5.2.2.    Logistics
5.2.3.    Inventory Management 
5.2.4.    Equipment Tracking

5.3. North America Asset Tracking Market Size and Forecast, by End-User (2023-2030)
5.3.1.    Manufacturing
5.3.2.    Retail
5.3.3.    Healthcare
5.3.4.    Transportation
5.3.5.    Logistics

5.4. North America Asset Tracking Market Size and Forecast, by Country (2023-2030)
5.4.1.    United States
5.4.2.    Canada
5.4.3.    Mexico

6.    United States Asset Tracking Market Size and Forecast (by Value USD Billion)
6.1. United States Asset Tracking Market Size and Forecast, by Technology (2023-2030)
6.1.1.    RFID
6.1.2.    GPS
6.1.3.    Barcode

6.2. United States Asset Tracking Market Size and Forecast, by Application (2023-2030)
6.2.1.    Supply Chain Management
6.2.2.    Logistics
6.2.3.    Inventory Management 
6.2.4.    Equipment Tracking

6.3. United States Asset Tracking Market Size and Forecast, by End-User (2023-2030)
6.3.1.    Manufacturing
6.3.2.    Retail
6.3.3.    Healthcare
6.3.4.    Transportation
6.3.5.    Logistics

7.    Canada Asset Tracking Market Size and Forecast (by Value USD Billion)
7.1. Canada Asset Tracking Market Size and Forecast, by Technology (2023-2030)
7.1.1.    RFID
7.1.2.    GPS
7.1.3.    Barcode

7.2. Canada Asset Tracking Market Size and Forecast, by Application (2023-2030)
7.2.1.    Supply Chain Management
7.2.2.    Logistics
7.2.3.    Inventory Management 
7.2.4.    Equipment Tracking

7.3. Canada Asset Tracking Market Size and Forecast, by End-User (2023-2030)
7.3.1.    Manufacturing
7.3.2.    Retail
7.3.3.    Healthcare
7.3.4.    Transportation
7.3.5.    Logistics

8.    Mexico Asset Tracking Market Size and Forecast (by Value USD Billion)
8.1. Mexico Asset Tracking Market Size and Forecast, by Technology (2023-2030)
8.1.1.    RFID
8.1.2.    GPS
8.1.3.    Barcode

8.2. Mexico Asset Tracking Market Size and Forecast, by Application (2023-2030)
8.2.1.    Supply Chain Management
8.2.2.    Logistics
8.2.3.    Inventory Management 
8.2.4.    Equipment Tracking

8.3. North America Asset Tracking Market Size and Forecast, by End-User (2023-2030)
8.3.1.    Manufacturing
8.3.2.    Retail
8.3.3.    Healthcare
8.3.4.    Transportation
8.3.5.    Logistics

9.    Company Profile: Key players
9.1. IBM Corporation
9.1.1.    Company Overview
9.1.2.    Financial Overview
9.1.3.    Business Portfolio
9.1.4.    SWOT Analysis
9.1.5.    Business Strategy 
9.1.6.    Recent Developments

9.2. Zebra Technologies Corporation
9.3. Honeywell International Inc.
9.4. Cisco Systems Inc.
9.5. Trimble Inc.
9.6. Oracle Corporation
9.7. Samsara Networks Inc.
9.8. Fleet Complete
9.9. CalAmp Corp.
9.10. Verizon Communications Inc.
9.11. Asset Panda LLC
9.12. Actsoft Inc.
9.13. Touma Incorporated (Asap Systems)
9.14. AT&T Inc.
9.15. GigaTrak (P&T Solutions Inc.)
9.16. Tenna
9.17. Wasp AssetCloud
9.18. FreshService
9.19. Asset Tiger
9.20. Azuga
9.21. ATTI
9.22. Others Players
10.    Key Findings
11.    Industry Recommendation

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