Supply Chain Connectivity to drive Asset Tracking market to $45 Billion by 2027
A new whitepaper by Juniper Research has found that global spend on asset tracking by enterprises will increase from $16 billion in 2022 to $45 billion in 2027 – a substantial growth of 184%.
Asset tracking in this context refers to systems that leverage wireless connectivity to remotely monitor assets’ locations, based on real-time data with the aim of better managing asset condition.
The research predicts that 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. It envisages that the most sought-after solutions will be those which can demonstrate a return on investment by minimising theft and loss of assets during transit.
Real-time GPS Tracking to Enhance Asset-tracking Capabilities
The report forecasts that the number of assets tracked will reach 24 billion by 2027; increasing from only 8 billion in 2022.
It urges asset-tracking platform providers to include real-time monitoring solutions that can leverage multiple technologies, including 4G, 5G and GPS.
Widely used today, GPS is a cost-effective technology, however, the comprehensive network capabilities of 4G and 5G must be implemented to monitor assets with the highest values.
5G Networks Needed for High-value Assets
The report predicts that this increasing reliance on 5G will present significant opportunities for hardware vendors over the next 5 years.
It anticipates that 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.