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Supply Chain Connectivity to drive Asset Tracking market to $45 Billion by 2027

Supply Chain Connectivity to drive Asset Tracking market to $45 Billion by 2027

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.

Supply Chain Connectivity to drive Asset Tracking market to $45 Billion by 2027

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.

Supply Chain Connectivity to drive Asset Tracking market to $45 Billion by 2027

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.

Supply Chain Connectivity to drive Asset Tracking market to $45 Billion by 2027

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Post source : Juniper Research

About The Author

Anthony has worked in the construction industry for many years and looks forward to bringing you news and stories on the highways industry from all over the world.

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