Asset tracking in five years – 24bn assets in transit, $45bn in pockets, 180-200% growth
Spending on IoT-based asset tracking solutions, for monitoring goods in transit, will reach $45 billion globally by 2027, according to Juniper Research. The total spend will jump from $16 billion in 2022, representing growth of 184 percent over the five-year period. It said the uptick will be driven by higher demand and lower costs.
The total number of tracked assets will reach 24 billion by 2027, increasing from eight billion in 2022 – at a rate of 200 percent in the period. Juniper Research said 4G-LTE and 5G networks, increasingly, are providing more sophisticated tracking capabilities for tracking of higher-end assets – which, in turn, are driving demand for asset tracking solutions.
A statement said: “The growing availability and affordability of asset tracking solutions will drive adoption of managed services amongst the largest enterprises that operate their own supply chains for high-value assets… The most sought-after solutions will be those which can demonstrate a return on investment by minimising theft and loss of assets during transit.”
A new report says asset-tracking platform providers should include real-time monitoring solutions that can leverage multiple technologies, including 4G and 5G, as well as standard GPS. “The comprehensive network capabilities of 4G and 5G must be implemented to monitor assets with the highest values,” said Juniper Research in a statement.
It said: “Increasing reliance on 5G will present significant opportunities for hardware vendors over the next five years… The growing demand for ‘always connected’ supply chain solutions will drive the interest in 5G-enabled asset-tracking hardware. In turn, supply chain hardware vendors must focus development on sensors that leverage the data-intensive nature of 5G to provide features such as real-time anti-tampering notifications.”