Asset Tracking Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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.

How much of an impact will Asset Tracking Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any words.

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

First and foremost, asset tracking provides businesses with a comprehensive view of their inventory. By tagging and monitoring each asset, companies can easily keep track of quantities, locations, and statuses of their assets, making it easier to identify any discrepancies or issues that may arise. This helps in preventing theft, loss, or misplacement of assets, ultimately saving the company time and money in the long run.

Furthermore, asset tracking enables businesses to streamline their operations and optimize workflow. With real-time data on asset locations and statuses, companies can quickly allocate resources, schedule maintenance tasks, and manage inventory levels more efficiently. This, in turn, leads to improved productivity and reduced downtime, allowing businesses to operate at peak performance levels.

In addition to improving operational efficiency, asset tracking also plays a key role in enhancing customer satisfaction. By having accurate data on asset availability and delivery times, businesses can provide more precise and reliable service to their customers. This not only builds trust and loyalty among clients but also sets the business apart from its competitors.

Moreover, asset tracking can have a significant impact on a company’s bottom line. By effectively managing assets and preventing loss or theft, businesses can reduce unnecessary costs and increase their overall profitability. Additionally, with better control over inventory levels and asset utilization, companies can avoid overstocking or underutilizing resources, saving money and optimizing their budget allocation.

Another significant benefit of asset tracking is its role in ensuring compliance with regulations and industry standards. Many businesses are required to maintain accurate records of their assets for legal and audit purposes. By implementing an asset tracking system, companies can easily generate reports, track usage histories, and provide documentation to comply with regulatory requirements. This helps in avoiding fines, penalties, and legal consequences that can arise from non-compliance.

Overall, the usefulness of asset tracking cannot be overstated. From improving operational efficiency and customer satisfaction to reducing costs and ensuring compliance, asset tracking plays a vital role in the success and growth of businesses in today’s competitive market. By investing in a robust asset tracking system, companies can streamline their operations, optimize resource allocation, and ultimately achieve their business objectives effectively.

In conclusion, asset tracking is not just a luxury for businesses – it is a necessity. With the increasing complexity of operations and the demand for greater efficiency, the importance of asset tracking cannot be overlooked. By harnessing the power of asset tracking technologies, businesses can stay competitive, enhance their productivity, and drive sustainable growth in the long term.

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

Leave a Comment