Global asset tracking is among the most critical trends in IoT. Companies save millions annually by implementing asset tracking to their equipment and processes. Asset tracking holds much more potential as IoT continues to develop, but some challenges may delay the worldwide adoption of this innovation.
The Market for Asset Tracking
The development of IoT has accelerated the use and application of asset tracking worldwide and it is projected to grow significantly. According to research and market, the global asset tracking market will reach $60.7B by 2027, growing at 17.1% CAGR. This significant growth and market is an encouraging sign for IoT and perhaps persuasive to companies who are hesitant to use asset tracking technology. The report states that asset tracking solutions are becoming increasingly attractive for sub-$1,000 book value assets, implying increasing affordability as technology evolves. The report also states that the IoT-supported asset tracking market will account for over 90% of all connected enterprise and industrial solutions by 2030. This statistic shows the importance of asset tracking to industrial progression for the next ten years and gives a reason for others to adopt this technology. Expansion is inevitable as even though the RTLS market is the largest in the United States, it is growing even faster in Asia. IoT-supported asset tracking is growing and does not seem to stop, but there may be some obstacles it will need to overcome.
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Advancements of Global Asset Tracking
Presence of IoT
IoT is becoming top of mind for many companies looking to get ahead in the competition. Between automating processes to reduce human error and tracking equipment to reduce loss, IoT is becoming a huge presence in companies globally. IoT is constantly seeing advancements to help companies even more than it currently can.
As a company, you want to be as efficient as possible; IoT companies like Link Labs work hard to improve technology offerings so you can be as profitable as possible. For example, Link Labs offers a solution that combines indoor and outdoor asset tracking in one tag. Instead of implementing two separate systems, one for your plant and one on the road, you can save money and a headache by using one complete system with all your data in the same place.
Security is a significant factor many professionals are questioning regarding asset tracking. Companies are moving toward cloud-based computing for asset tracking, which presents many benefits to their processes. Cloud computing can be fast, easily accessible, and affordable. The easily accessible trait can be good for employers looking to provide an accurate and reliable resource for their employees. Still, it can also be a severe security issue. With a centralized location for all data, the wrong people can gather private information and use it to harm the company or its employees.
At Link Labs, we know how important having secure technology is. That’s why we’ve done things like making our solution IT-independent. We can provide you with all the data you’re looking for safely and securely.
One other significant aspect contributing to global asset tracking growth is affordability. As mentioned earlier, asset tracking is becoming a more democratized market. Companies that use asset tracking reduce loss and improve efficiency to cut costs. This, paired with the affordable price Link Labs offers a solution at, gives companies ROI.
A major trend currently in companies across the country is promoting sustainability. Many companies are focusing heavily on selling sustainable products and using sustainable services. IoT providers, including Link Labs, have considered the importance of environmental safety while creating technology solutions. Link Labs has taken the initiative by creating a battery recycling plan, reducing emissions, and offering cold supply chain monitoring to reduce waste.
Link Labs’ Role in the Future of Asset Tracking
Link Labs has been advancing our asset tracking technology, AirFinder, to offer a better solution to companies. Between sustainability and tracking capabilities, AirFinder is pushing forward to the future of asset tracking. If you’re looking for an asset tracking solution for your company, book a demo with us to learn how we can help you!