Asset Tracking Statistics


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Steve Goldstein
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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 🙂

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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 reasons for the growing popularity of asset tracking is its ability to provide real-time visibility into the location, status, and condition of assets. By utilizing technology such as GPS, RFID, or barcode scanning, businesses can track the movements of their assets throughout the supply chain, from the warehouse to the customer’s doorstep. This level of visibility not only helps to prevent theft and loss but also allows companies to improve inventory management, optimize storage space, and minimize downtime.

Asset tracking also plays a crucial role in enhancing productivity and efficiency. By accurately tracking the location and utilization of assets, businesses can identify bottlenecks, streamline workflows, and allocate resources more effectively. For example, a construction company can use asset tracking to monitor the usage of equipment and ensure that each piece is being utilized to its full potential. This data-driven approach can help businesses optimize their operations, reduce waste, and increase overall productivity.

In addition to improving efficiency, asset tracking can also help businesses make more informed decisions. By collecting and analyzing data on asset usage, performance, and maintenance, companies can identify trends, track performance metrics, and forecast future needs. This insight allows businesses to implement preventive maintenance schedules, identify opportunities for optimization, and make strategic decisions based on data rather than guesswork.

Furthermore, asset tracking can have a positive impact on customer satisfaction. By having real-time visibility into the location and status of assets, businesses can provide accurate and up-to-date information to customers, ensuring timely delivery and service. This level of transparency can help build trust and loyalty among customers, leading to repeat business and positive referrals.

Overall, the benefits of asset tracking are clear and compelling. From improving efficiency and productivity to enhancing decision-making and customer satisfaction, asset tracking can have a profound impact on a company’s operations and success. As technology continues to evolve and become more accessible, businesses of all sizes can leverage asset tracking solutions to boost their bottom line and stay competitive in today’s fast-paced market.

In conclusion, asset tracking is a valuable tool that can help businesses maximize their operational efficiency, improve productivity, and enhance customer satisfaction. By investing in asset tracking solutions, businesses can unlock a wealth of benefits that can drive growth, innovation, and success. So, if you’re looking to take your business to the next level, consider implementing asset tracking as part of your strategy for success.

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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