Asset Tracking Statistics 2024 – Everything You Need to Know

Steve Bennett
Business Formation Expert  |   Fact Checked by Editorial Team
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Are you looking to add Asset Tracking to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Asset Tracking statistics of 2024.

My team and I scanned the entire web and collected all the most useful Asset Tracking stats on this page. You don’t need to check any other resource on the web for any Asset Tracking statistics. All are here only 🙂

How much of an impact will Asset Tracking have on your day-to-day? or the day-to-day of your business? Should you invest in Asset Tracking? We will answer all your Asset Tracking related questions here.

Please read the page carefully and don’t miss any word. 🙂

Best Asset Tracking Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 48 Asset Tracking Statistics on this page 🙂

Asset Tracking Benefits Statistics

  • What surveyed IT leaders consider the most important potential benefits of SAM Improving systems security, data integrity, and data security (36%). [0]

Asset Tracking Usage Statistics

  • Avoiding compliance irregularities (33%) Optimizing software deployment and usage (29%). [0]

Asset Tracking Market Statistics

  • Asset Management System Market Asset management systems represent a booming market that is expected to maintain a compound annual growth rate of 10.3% from 2020 to 2025. [1]
  • According to Statista, “The global market for fixed asset management software is forecast to grow from 3 billion U.S. dollars in 2019 to 5.2 billion U.S. dollars in 2024. [2]
  • Also, the segment held significant market revenue in 2019 and is estimated to hold market revenue across the forecast period. [3]
  • Growing at a CAGR of 28.9%, the market will exhibit lucrative growth in the forecast period. [3]
  • Retail portfolios, representing 41% of global assets at $42 trillion, grew by 11% in 2020, while institutional investments grew at a similar pace to reach $61 trillion, or 59% of the global market. [4]
  • With expertise across areas such as corporate, structured, distressed and emerging markets, we are able to analyze a broad universe of opportunities of Partners Promoted from Within Approximately 40% of Partners Promoted from Within. [5]
  • The Enterprise Asset Management Software market’s value is analyzed according to the key region 2. [6]

Asset Tracking Software Statistics

  • According to Statista, “The global market for fixed asset management software is forecast to grow from 3 billion U.S. dollars in 2019 to 5.2 billion U.S. dollars in 2024. [2]
  • According to Verizon’s 2019 Fleet Technology Trends Study, 64% of fleets reported having used GPS fleet tracking software, up from 59% in the previous year. [7]
  • Read the Workflow Guide The future of software asset management 72% of organizations lack a solid SAM strategy. [0]
  • 83% do not view SAM as a strategic initiative Companies can expect to achieve up to 25% annual savings onsoftware managementcosts by implementing a modern SAM program. [0]
  • Avoiding compliance irregularities (33%) Optimizing software deployment and usage (29%). [0]
  • Improving position to negotiate software licensing (27%). [0]

Asset Tracking Latest Statistics

  • Can you believe that the amount of working capital tied up in inventory equals 7% of the gross domestic product of the United States?. [1]
  • As many as 43% of them use manual methods of tracking or do not track inventory at all. [1]
  • A staggering 80% of employees waste their time because they don’t have the right asset support behind them. [1]
  • A 54% Increase in Theft over 2 years!. [1]
  • In the past 2 years, 33% of salespeople have experienced asset theft. [1]
  • While it differs from industry to industry, 75% of maintenance work should be preventive and 25% reserved for situations that can’t be avoided. [1]
  • Research has shown that 35% of company data is not protected at all, despite requiring strong security. [1]
  • This was the case with a medical facility in New England, where harmful administration errors dropped by a whopping 41% after a tagging system was put in place. [1]
  • According to a blog, “Over the 2004 to 2014 period an estimated $51.2 million of heavy plant, equipment and vehicles were stolen from businesses. [2]
  • According to the data, “80% of employees waste an average of 30 minutes per day retrieving information.”. [2]
  • According to Retail Wire, “Overstocks and outof stocks cost retailers $1.1 trillion globally in lost revenue. [2]
  • Overstocks are responsible for 3.2 percent in lost revenue for the average retailer, and outof. [2]
  • As per the capterra blog in 2017, “Businesses, on average, spend 80% of their time reacting to maintenance issues that arise rather than preventing them.”. [2]
  • “As of 2015, 25 percent of the global data required security but was not protected. [2]
  • That number was projected to increase to 45 percent in 2025.”. [2]
  • On average, there is 5 to 10 percent of ghost assets exist in every organization. [2]
  • Asia Pacific Largest Market North America CAGR 15 %. [7]
  • Market Overview Asset Tracking Market was valued at USD 17.14 billion in 2020 and is expected to reach USD 34.82 billion by 2026 at a CAGR of 13.45% during the forecast period 2021. [7]
  • According to Cisco, over the next decade, the logistics industry, with the implementation of IoT, is likely to generate USD 1.9 trillion, as a result of unlocking higher levels of operational efficiency. [7]
  • According to the data from Select USA, business logistics costs in the United States reached USD 1.6 trillion in 2018, which was 8% of the country’s GDP, indicating the high level of activities in the region. [7]
  • The Asset Tracking Market is growing at a CAGR of 15% over the next 5 years. [7]
  • 43% still track IT assets in spreadsheets. [0]
  • 56% don’t manage the entire lifecycle of their assets More than 60% of IT professionals are missing key information in their ITAM program to effectively manage their assets from procurement to disposal, according to Ivanti. [0]
  • 29% of IT organizations spend excess staff hours trying to reconcile inventory and assets 28% spend excess hours dealing with outofwarranty and outof support policy assets, according to Ivanti. [0]
  • Businesses that successfully implement ITAM can achieve up to a 30% cost savings in the first year, and at least 5% savings in each of the subsequent five years. [0]
  • 74% have not created a formal SAM function. [0]
  • The $100 Trillion Machine has emerged from the global pandemic in a position of strength, with assets growing by 11% in 2020 to end the year at $103 trillion. [4]
  • Retail investors were the main driver of net inflow, contributing 4.4% of net new capital in 2020, twice the size of the contribution made by institutional investors (2.2%). [4]
  • The world’s largest asset management region, North America, delivered another year of double digit growth in 2020, with assets under management increasing by 12% to reach $49 trillion. [4]
  • Growth was also strong in Europe (10%), Asia Pacific (11%), and the Middle East and Africa (12%). [4]
  • Yet across the board, profitability was largely flat in comparison with 2019, as costs and fee compression kept operating profits hovering at around 34% of net revenues. [4]
  • According to the Bureau of Labor Statistics , financial managers earned a median annual wage of $129,890 in 2019, and many employers seek applicants with a master’s degree in finance, accounting, economics, or business administration. [8]
  • According to the Australian Bureau of Statistics, more than 60 percent of small business close their doors for good within their first three years, scary but true. [9]

I know you want to use Asset Tracking Software, thus we made this list of best Asset Tracking Software. We also wrote about how to learn Asset Tracking Software and how to install Asset Tracking Software. Recently we wrote how to uninstall Asset Tracking Software for newbie users. Don’t forgot to check latest Asset Tracking statistics of 2024.

Reference


  1. servicenow – https://www.servicenow.com/workflow/learn/what-is-it-asset-management/key-statistics-it-asset-management/.
  2. gocodes – https://gocodes.com/asset-management-statistics/.
  3. assetinfinity – https://www.assetinfinity.com/blog/business-statistics-and-how-asset-management-software-overcomes-them.
  4. fortunebusinessinsights – https://www.fortunebusinessinsights.com/industry-reports/hospital-asset-management-systems-market-100625.
  5. bcg – https://www.bcg.com/publications/2021/global-asset-management-industry-report.
  6. goldentree – https://www.goldentree.com/firm.
  7. taiwannews – https://www.taiwannews.com.tw/en/news/4446533.
  8. mordorintelligence – https://www.mordorintelligence.com/industry-reports/asset-tracking-market.
  9. coursera – https://www.coursera.org/courses?query=asset%20management.
  10. asset – https://asset.guru/5-benefits-of-asset-tracking-automation-for-smes/.

How Useful is Asset Tracking

Asset Tracking: Unlocking the True Potential

In today’s fast-paced and interconnected world, businesses are faced with immense challenges when it comes to asset management. From manufacturing plants to logistics warehouses and even hospitals, keeping tabs on valuable assets has become increasingly crucial. Asset tracking, once a niche practice confined to big corporations, is finding its way into organizations of all shapes and sizes. The question arises, how useful is asset tracking in helping enterprises streamline operations and maximize efficiency?

To begin with, the sheer scale of assets that businesses deal with can be mind-boggling. The more diverse and widespread these assets are, the harder it becomes to maintain control and visibility over them. That’s where asset tracking solutions step in, providing a digital layer of intelligence and organization to the array of physical assets. By utilizing technologies such as GPS, RFID tags, or sensors, businesses no longer need to rely solely on manual processes or endure the time-consuming search for misplaced assets.

One of the primary benefits of asset tracking is improved operational efficiency. With real-time data, businesses can keep track of asset location, movement, usage, and maintenance needs. This increased visibility enables companies to plan and allocate resources more effectively, reducing downtime and minimizing unnecessary inventory. Furthermore, asset tracking systems can send out automated notifications to notify responsible personnel about maintenance schedules or other issues, ensuring timely interventions and preventive measures.

Asset tracking also enhances accountability, not only within organizations but across entire supply chains. With the clear visibility granted by such systems, everyone involved in the asset’s lifecycle can be held responsible for its condition and whereabouts. This reduces the likelihood of theft, damage, or unauthorized use, fostering increased trust and collaboration among various stakeholders.

Moreover, the benefits of asset tracking extend beyond operational optimization. Many industries have strict compliance requirements, whether it be for regulatory reasons or to ensure customer satisfaction. Asset tracking solutions can provide robust documentation by logging important data related to asset maintenance, inspections, and certifications, simplifying compliance processes and audits.

Similarly, asset tracking enables companies to make informed strategic decisions. The ability to analyze patterns and trends within asset usage data allows businesses to identify inefficiencies, determine areas of over and under-usage, and ultimately optimize asset allocation. Companies can also use historical asset data to identify bottlenecks and better understand their asset lifespan, saving on unnecessary costs associated with premature replacement or repairs.

Furthermore, asset tracking can contribute significantly to cost reduction. Knowing exactly where assets are located curbs the need for unnecessary acquisitions, discourages hoarding, and aids in more efficient sharing and redistribution. Asset tracking systems also enable companies to track asset utilization rates, providing valuable insights for right-sizing their inventory and reducing expenses related to maintenance and repairs.

Ultimately, asset tracking is not just about recovering misplaced items or merely fulfilling regulatory obligations. In today’s competitive landscape, it has become a vital tool for businesses to truly capitalize on their assets. The enhanced visibility, accountability, efficiency, and cost savings it brings forth are catalysts for improving overall business performance and futuristic decision-making.

In conclusion, the importance of asset tracking in the modern business environment cannot be understated. From small businesses to large enterprises, investing in these digitalized solutions can redefine organizations’ capabilities, delivering a wider range of benefits than one might initially expect. As technology continues to evolve and businesses face new challenges, embracing asset tracking will be a cornerstone for companies aiming to drive organizational effectiveness and excel in today’s demanding markets.

In Conclusion

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We tried our best to provide all the Asset Tracking statistics on this page. Please comment below and share your opinion if we missed any Asset Tracking statistics.

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