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 most significant advantages of asset tracking is its ability to improve operational efficiency. With the ability to monitor the whereabouts and status of assets in real-time, businesses can streamline their processes and make data-driven decisions. For example, fleet managers can track the location and performance of their vehicles, enabling them to optimize routes, reduce fuel consumption, and schedule maintenance proactively. This level of control and visibility can lead to cost savings, increased productivity, and improved customer satisfaction.
Asset tracking also plays a vital role in enhancing security and reducing the risk of theft or loss. By equipping assets with tracking devices, businesses can deter criminals and quickly recover stolen items. In warehouses or construction sites, for instance, asset tracking can help prevent unauthorized access, track inventory levels, and flag any unusual activity. This not only protects valuable assets but also provides peace of mind to business owners and stakeholders.
Moreover, asset tracking facilitates compliance with industry regulations and standards. Many businesses operate in highly regulated sectors, such as healthcare, transportation, or manufacturing, where asset management is a critical factor. By implementing an asset tracking system, organizations can create audit trails, establish maintenance schedules, and monitor asset usage to ensure compliance with relevant laws and guidelines. This not only helps avoid hefty fines or penalties but also improves overall performance and accountability.
Another benefit of asset tracking is its ability to enhance customer service and satisfaction. By accurately tracking orders, deliveries, or service requests, businesses can provide customers with real-time updates and reliable information. This level of transparency can build trust and loyalty, leading to repeat business and positive referrals. Whether it’s tracking a package in transit, locating a rental car, or scheduling a maintenance appointment, asset tracking can streamline the customer experience and set businesses apart from their competitors.
In addition, asset tracking can enable proactive asset maintenance and management. By monitoring the condition and performance of assets in real-time, businesses can predict potential issues, schedule preventative maintenance, and extend the lifespan of their equipment. This proactive approach not only minimizes downtime and repair costs but also ensures that assets are always in optimal working condition. Whether it’s a malfunctioning machine, a leaking pipe, or a fluctuating market demand, asset tracking can provide valuable insights and help businesses stay ahead of the curve.
Overall, asset tracking is a versatile and indispensable tool for modern businesses looking to optimize their operations, protect their investments, and delight their customers. By leveraging technology, data, and innovation, businesses can unlock the full potential of asset tracking and reap a myriad of benefits. From improved efficiency and security to regulatory compliance and customer satisfaction, asset tracking is a critical component of success in today’s competitive marketplace.
In Conclusion
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