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 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Asset Tracking Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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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 primary benefits of asset tracking is improved inventory management. By using technology such as barcode scanners, RFID tags, and GPS tracking devices, businesses are able to track the location, status, and movement of their assets in real-time. This not only helps businesses keep track of their inventory levels and prevent loss or theft but also enables them to streamline their supply chain and improve overall efficiency.

Asset tracking also plays a crucial role in enhancing asset utilization. By monitoring the usage and performance of assets, businesses can identify opportunities to maximize their utilization and avoid unnecessary downtime. This not only helps businesses make better decisions about when to repair or replace assets but also enables them to optimize their asset allocation and improve overall productivity.

Moreover, asset tracking provides businesses with valuable insights into the health and condition of their assets. By monitoring factors such as maintenance schedules, repair history, and performance data, businesses can proactively identify potential issues and take preventive measures to avoid costly downtime. This predictive maintenance approach not only helps businesses minimize the risk of unexpected breakdowns but also extends the life of their assets and reduces overall maintenance costs.

In addition, asset tracking enables businesses to meet compliance requirements and improve accountability. By maintaining accurate records of asset movements and transactions, businesses can easily demonstrate compliance with regulations and industry standards. This not only helps businesses avoid potential fines and penalties but also fosters trust and transparency with customers, partners, and other stakeholders.

Furthermore, asset tracking can help businesses enhance customer service and satisfaction. By tracking the location and status of assets in real-time, businesses can provide customers with accurate and up-to-date information about their orders, deliveries, and service requests. This not only improves communication and transparency but also enables businesses to make timely updates and adjustments to meet customer expectations and deadlines.

Overall, asset tracking is a valuable investment for businesses looking to optimize their operations, improve efficiency, and drive growth. By providing businesses with real-time visibility, actionable insights, and proactive management capabilities, asset tracking enables businesses to make informed decisions, minimize risk, and maximize the value of their assets. Whether it’s tracking inventory, managing maintenance schedules, or improving customer service, asset tracking has proven to be a versatile and effective tool for businesses in today’s dynamic business landscape.

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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