22 Statistics That Show Why The Value of IoT Asset Tracking Is Poised to Explode
We’ve traversed the dark and stormy waters of the Internet, lightning crackling while we hold a Mac mouse in one hand and perseverance in the other, to uncover the ultimate motherlode of jaw-dropping asset tracking statistics.
What do the numbers say about the future of the asset tracking market, and what happens when businesses in various verticals forgo these solutions? Which of these industries will reap the highest benefits?
Here are 22 gems we’ve found – no more, no less.
- The Real-Time Location Systems market will grow with a 20% CAGR through 2025. (Globenewswire, Research and Markets)
- “The global asset tracking market will reach $36.3 billion by 2025, growing at a 15% CAGR.” (Globenewswire, Research and Markets)
- “The IoT supported asset tracking market will account for 95% of all enterprise and industrial solutions.” (Globenewswire, Research and Markets)
- “Asset tracking solutions are becoming increasingly viable for sub-$1,000 book value assets.” (Globenewswire, Research and Markets) Basically: Asset tracking is becoming more attainable, and in demand for more and smaller assets.
- “$300 billion worth of food will be traced using blockchain and IoT by 2027.” (Cointelegraph Consulting and VeChain)
- “The global food industry could save over $100 billion annually by implementing blockchain and IoT technology.” (Cointelegraph Consulting and VeChain)
- Solutions should reduce potential losses due to food safety risks by $12 billion to $14 billion. (Cointelegraph Consulting and VeChain)
- “The healthcare asset management market is expected to grow at a CAGR of more than 30% 2020-2024.” (WFMJ, 360 Market Updates)
- “China will lead the asset tracking market, generating $3 billion of spending in 2020.” (MH&L)
- “$33 billion will be spent on asset tracking in 2025 globally, up from $10 billion in 2020.” (MH&L)
- “Asset tracking solutions that allow companies to track cargo from dispatch to final destination will see a 27% increase in usage over the next five years.” (MH&L)
- The global cold chain market is projected to grow at a CAGR of 7.6% 2018-2023. (Markets and Markets) That is projecting more goods that need both accurate location and temperature control.
- “$2.5 billion is estimated lost every year to revenue leakage in the trucking industry.” (Supply Chain Management Review)
- 79% of companies with “superior” performing supply chains achieve revenue growth above average within their industries. In contrast, only 8% of businesses with less capable supply chains report above-average growth. (Deloitte)
- “Supply chain market research shows that the majority of companies (69%) don’t have complete visibility of their supply chains.” (Finances Online, BCI Supply Chain Resilience Report, 2017) Location, or asset tracking, is a big factor in completing the puzzle.
- Failures in temperature-controlled logistics alone cost the pharma industry $35 billion annually. (Air Cargo News, IQVIA Institute)
- “Hospitals can save hundreds of thousands dollars a year with an immediate ROI of 275%” if they implement an asset tracking system. (Inc.)
- “24 million articles of luggage were lost in 2016 due to poor location tracking.” (Inc.) Let’s not forget about Consumer IoT.
- Workplace theft can amount to as much as $50 billion per year in the U.S. alone. (DC Velocity)
- “Construction job site theft costs the industry up to $1 billion each year. US businesses spend more than $170 billion dollars annually on work-related injuries.” (Construction Dive) Not only would asset tracking assist with positioning tools once lost or stolen, but adding location to employee IoT wearables could potentially help quickly find someone after they’ve been hurt.
- “A recent study found that an estimated $1.9 trillion of economic value could be created by the use of IoT devices and asset tracking solutions in the global supply chain and logistics sector.” (Sierra Wireless)
- Lost pallets tally somewhere between $750 million and $1.5 billion of monetary waste each year. (Packaging Revolution)
We hope these stats likewise helped you conceptualize the state of the asset tracking market, and indicate which verticals and parts of the world stand to profit the most.
Which number surprised you the most? Which others are we missing? Let us know in the comments.
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