AI to boost asset tracking markets, says Mind Commerce
February 19, 2019
Rapidly moving beyond a fleet management centric marketplace and leveraging artificial intelligence (AI), the global asset tracking market will reach $32bn by 2024, growing at 14.9% CAGR, according to ICT strategy company Mind Commerce.
There are many opportunities for technology integration, such as leveraging AI for enhanced decision-making. Accordingly, the global asset tracking market for AI in embedded devices will grow at 28.2% until 2024.
As part of a rapidly expanding IoT enabled market, the IoT supported asset tracking market will account for more than 93% of all enterprise and industrial applications by 2024. However, IoT introduces of challenges for enterprise such as end-point security. Leading companies will combine asset tracking and device security.
By way of example, the recent Blackberry acquisition of Cylance – a major player in the AI based cyber-security market – represents a cyber-security play that may be parlayed into IoT device security such as Blackberry UEM and combined with asset tracking products such as Blackberry Radar for greater overall enterprise security. This is a prime example of the anticipated positive impact of the AIoT market within industry verticals.
Mind Commerce sees a major trend shift as leading enterprise organisations increasingly realise the value in connected assets goes beyond protecting high book value items. Major asset tracking market growth will come from within certain sub-segments such as industries with low cost items that have high operational impacts.
For example, there are many medium-value assets involved in ground support operations for aircraft such as dollies, service stairs and tripod jacks. In contrast, an aircraft chock – used to hold a plane in place on the ground so that it does not roll prior to push-back – typically costs less than $100. While representing a small book value to an organisation, the aircraft chock has an important role from an operational value stand-point.
As commercial airliners represent multi-million dollar investments, a missing or unavailable chock could mean large material losses or intangible value lost due to bad public relations.
Leading asset tracking market vendors are taking a consultative sales approach with their clients. This includes provision of business case analysis for strategic and high-impact connected enterprise assets.
The report evaluates asset tracking technologies and ecosystem including major players. The report assesses the impacts of various use case specific considerations in terms of asset technology and product selection. The report also analyses the market outlook for asset tracking globally, regionally and by major country in each region.
This second edition of asset tracking market research from Mind Commerce is broader in scope of coverage across a wide array of sub-segments. The report provides analysis and forecasts by technology, components including M2M communications, embedded, on-board and remote computing systems, and infrastructure such as asset tracking by software.
The report assesses the impact of AI, blockchain and big data including storage and data analytics in support of asset tracking. The report also evaluates cloud computing including central and mobile edge computing versus non-cloud based applications. And it assesses special opportunities, such as the asset tracking market in smart cities, smart buildings and smart workplaces.
The report provides forecasts for the aforementioned that includes asset-tracking market sizing by revenue, unit deployment, region and countries from 2019 to 2024. This includes assets not typically associated with the fleet tracking market.