Asset Tracking Statistics


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Steve Bennett
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Asset Tracking Statistics 2023: Facts about Asset Tracking outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Asset Tracking, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

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Top Asset Tracking Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 13 Asset Tracking Statistics on this page 🙂

Asset Tracking “Latest” Statistics

  • The market for asset management systems market growth for asset management systems is anticipated to continue at a CAGR of 10.3% between 2020 and 2025.[1]
  • Statista projects that the worldwide market for fixed asset management software will increase from $3 billion in 2019 to $5.2 billion in 2024.[2]
  • Retail portfolios, accounting for 41% of global assets at $42 trillion, increased by 11% in 2020, while institutional investments, accounting for 59% of the market, also increased at a similar rate to reach $61 trillion.[3]
  • The asset management industry has recovered from the worldwide pandemic in good shape, with assets expected to expand by 11% in 2020 to reach $103 trillion by year’s end.[3]
  • Assets under management (AuM) increased by 12% to reach $49 trillion in 2020, continuing the biggest asset management area in the world trend of double.[3]
  • The size of the worldwide healthcare asset management market, which was USD 11,002.50 million in 2019, is expected to increase at a CAGR of 28.9% to reach USD 84,483.03 million by 2027.[4]
  • The international standard ISO 55000 states that asset management should optimize value for money.[5]
  • When businesses follow best practices to maximize the utilization of their assets and software licenses, they may save expenditure by up to 30%.[6]

Asset Tracking “Other” Statistics

  • Despite the need for adequate security, research has found that 35% of corporate data is not safeguarded at all.[1]
  • Although it varies by industry, 75% of maintenance work should be preventative, with the remaining 25% being saved for problems that can’t be prevented.[1]
  • According to a blog, firms lost over $51.2 million worth of heavy machinery, trucks, and equipment between 2004 and 2014.[2]
  • According to the Capterra blog, businesses in 2017 spent an average of 80% of their time responding to maintenance problems rather than avoiding them.[2]
  • The asset tracking market was estimated to be worth USD 17.75 billion in 2021 and is anticipated to grow at a CAGR of 13.91% from 2022 to 2022.[7]

Also Read

How Useful is Asset Tracking

One of the key advantages of asset tracking is its ability to help organizations keep tabs on their assets in real-time. By utilizing technologies such as GPS, RFID, and barcodes, businesses can effectively monitor the location and status of their equipment, vehicles, and inventory at all times. This visibility allows businesses to pinpoint the exact whereabouts of their assets, reduce the likelihood of theft or loss, and optimize asset allocation for improved efficiency.

Asset tracking also enables businesses to make better-informed decisions by providing them with valuable insights into asset utilization and performance. By tracking key metrics such as asset usage, maintenance history, and downtime, organizations can identify patterns, trends, and inefficiencies that may be hindering their operations. This data-driven approach empowers businesses to proactively address issues, optimize their asset management strategies, and ultimately, increase their overall productivity.

Furthermore, asset tracking can help businesses enhance their customer service and satisfaction levels. By knowing the location and status of their assets at all times, businesses can provide accurate and up-to-date information to their customers regarding their orders, deliveries, and service requests. This level of transparency can not only help build trust and loyalty among customers but also improve the overall customer experience by reducing the likelihood of delays or errors.

However, despite its many benefits, asset tracking does come with its own set of challenges and limitations. One of the main drawbacks of asset tracking is the initial cost and investment required to implement the necessary tracking technologies and systems. For small or medium-sized businesses with limited resources, the upfront costs of asset tracking may be prohibitive, making it difficult to justify the return on investment.

Additionally, asset tracking can be a complex and time-consuming process, especially for businesses with a large number of assets spread across various locations. Without a well-defined asset tracking strategy and proper training for employees, businesses may struggle to effectively utilize asset tracking tools and technologies, leading to inaccuracies, inefficiencies, and missed opportunities.

In conclusion, asset tracking can be a highly useful and valuable tool for businesses looking to improve their operational efficiency, productivity, and customer service. By harnessing the power of asset tracking technologies and systems, businesses can gain real-time visibility into their assets, make data-driven decisions, and optimize their asset management strategies for maximum impact. While asset tracking may come with its own set of challenges and limitations, the benefits far outweigh the drawbacks, making it an essential tool for any organization looking to stay ahead in today’s competitive business landscape.

Reference

  1. gocodes – https://gocodes.com/asset-management-statistics/
  2. assetinfinity – https://www.assetinfinity.com/blog/business-statistics-and-how-asset-management-software-overcomes-them
  3. bcg – https://www.bcg.com/publications/2021/global-asset-management-industry-report
  4. fortunebusinessinsights – https://www.fortunebusinessinsights.com/industry-reports/hospital-asset-management-systems-market-100625
  5. ibm – https://www.ibm.com/topics/fixed-asset-management
  6. servicenow – https://www.servicenow.com/products/it-asset-management/what-is-itam.html
  7. mordorintelligence – https://www.mordorintelligence.com/industry-reports/asset-tracking-market

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