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.
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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.
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On this page, you’ll learn about the following:
Best Asset Tracking Statistics
â° Use “CTRL+F” to quickly find statistics. There are total 48 Asset Tracking Statistics on this page đAsset 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, âThe 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, âThe 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 Verizonâs 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 donât 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 canât 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, âOver 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, â80% of employees waste an average of 30 minutes per day retrieving information.â. [2]
- According to Retail Wire, âOverstocks 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, âBusinesses, on average, spend 80% of their time reacting to maintenance issues that arise rather than preventing them.â. [2]
- âAs 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.â. [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 countryâs 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% donât 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 masterâÂÂs 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. Donât forgot to check latest Asset Tracking statistics of 2024.
Reference
- servicenow – https://www.servicenow.com/workflow/learn/what-is-it-asset-management/key-statistics-it-asset-management/.
- gocodes – https://gocodes.com/asset-management-statistics/.
- assetinfinity – https://www.assetinfinity.com/blog/business-statistics-and-how-asset-management-software-overcomes-them.
- fortunebusinessinsights – https://www.fortunebusinessinsights.com/industry-reports/hospital-asset-management-systems-market-100625.
- bcg – https://www.bcg.com/publications/2021/global-asset-management-industry-report.
- goldentree – https://www.goldentree.com/firm.
- taiwannews – https://www.taiwannews.com.tw/en/news/4446533.
- mordorintelligence – https://www.mordorintelligence.com/industry-reports/asset-tracking-market.
- coursera – https://www.coursera.org/courses?query=asset%20management.
- asset – https://asset.guru/5-benefits-of-asset-tracking-automation-for-smes/.
How Useful is Asset Tracking
One of the key benefits of asset tracking is the ability to monitor the location of valuable resources in real-time. By using GPS technology and barcoding systems, businesses can keep track of their assets wherever they may be located, whether it’s in a warehouse, on a job site, or in a delivery truck. This real-time visibility helps businesses ensure that their assets are secure and accounted for, reducing the risk of theft, loss, or misplacement.
Asset tracking also improves the efficiency of operations by streamlining inventory management processes. By accurately tracking the movement of assets, businesses can better plan and optimize their inventory levels, reducing excess inventory and minimizing stockouts. This not only saves time and money but also improves customer satisfaction by ensuring that products are always available when needed.
Furthermore, asset tracking helps businesses make informed decisions regarding maintenance and replacement of equipment. By monitoring the usage and performance of assets, businesses can identify when equipment is due for maintenance or when it’s time to replace old or outdated assets. This proactive approach to asset management can help businesses avoid unexpected downtime, reduce repair costs, and prolong the lifespan of their equipment.
Asset tracking also plays a crucial role in enhancing accountability and responsibility within an organization. By assigning unique identifiers to assets and tracking their movement and usage, businesses can hold employees accountable for the proper care and handling of company resources. This not only improves employee accountability but also fosters a culture of responsibility and ownership within the organization.
Moreover, asset tracking provides businesses with valuable data insights that can help them make strategic decisions and optimize their operations. By analyzing asset utilization patterns, businesses can identify inefficiencies and bottlenecks in their processes, leading to improved operational efficiency and cost savings. Asset tracking data can also be used to forecast demand and plan for future resource needs, enabling businesses to stay ahead of the competition and adapt to changing market conditions.
In conclusion, asset tracking is a valuable tool that can greatly benefit businesses of all sizes and industries. By providing real-time visibility, streamlining operations, improving decision-making, enhancing accountability, and providing valuable data insights, asset tracking helps businesses maximize their productivity and optimize their resources. As technology continues to advance, asset tracking will only become more sophisticated and essential for businesses looking to stay competitive and thrive in today’s fast-paced business environment.
In Conclusion
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