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India Asset Tracking Market Size (2024 - 2029)

The Indian asset tracking market is poised for substantial growth, driven by the rapid digitalization in manufacturing and office environments and the increasing adoption of IoT and AI technologies across various industries. The market's expansion is further supported by investments from small and medium-sized enterprises, which are seeking to enhance their business processes with advanced technological solutions. Additionally, the push for localized data storage regulations is expected to benefit the asset tracking sector, as it creates constraints for cloud-based service providers. Despite potential challenges posed by global economic pressures and their impact on exports, the market is anticipated to grow significantly during the forecast period.

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Market Size of India Asset Tracking Industry

India Asset Tracking Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 18.30 %
Market Concentration Medium

Major Players

India Asset Tracking Market Major Players

*Disclaimer: Major Players sorted in no particular order

India Asset Tracking Market Analysis

The Indian asset tracking market is expected to register a CAGR of 18.3% during the forecast period. Asset management and tracking solutions are becoming more and more important to improve operational efficiency in a market where digitalization is happening quickly in both manufacturing and office settings.

  • Recent advancements in IoT technology have enabled several end users to acquire economical and efficient asset-tracking hardware. Compared to standard, traditional asset tracking systems, modern IoT equipment that uses minimal electricity and infrastructure is driving the sales of asset tracking systems in the region.
  • The country is expected to witness a significant growth rate over the forecast period, owing to the rising adoption of various technological advancements in the region and the significant contributions made by emerging economies. Rapid adoption of IoT and AI in almost every end-user industry in the region is expected to be a major driver.
  • Moreover, India is expected to witness growth owing to the investments of small and medium-sized organizations. SMEs are investing to increase the adoption of various technologically advanced solutions for their business processes. According to data from the Ministry of Micro, Small, and Medium Enterprises, India has 50 million MSMEs, which makes it among the world's largest.
  • Also, various nations worldwide are pushing toward local data storage, which also covers the asset tracking market. For example, India is looking to move toward localized data storage rules. As a result of such initiatives, vendors who provide cloud-based services face constraints and are expected to see increased adoption.
  • Due to the outbreak of COVID-19, recessionary pressures worldwide were anticipated to directly impact the level of global exports. Given that MSMEs contributed to over 40% of India's exports, the impact could be severe and could last for a long time. MSMEs were expected to experience several liquidity problems due to delayed customer payments, which could result in a lower conversion rate for enterprises to adopt asset tracking shortly.

India Asset Tracking Industry Segmentation

The asset tracking technology is deployed in the form of hardware, which includes GPS, RFID, BLE, and QR Code, and software, which includes on-premise and cloud, and other services. The technology is used across various end-user verticals, such as transportation and logistics, manufacturing, construction, IT and telecommunication, and oil and gas.

The market sizes and forecasts are provided in terms of value (in USD million) for all the above segments.

Type
Hardware
Software
Services
End-user Industry
Transportation and Logistics
Manufacturing
Construction
IT and Telecommunication
Oil and Gas
Other End-user Industries
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India Asset Tracking Market Size Summary

The Indian asset tracking market is poised for substantial growth, driven by rapid digitalization across manufacturing and office environments. The integration of IoT technology has made asset tracking solutions more accessible and efficient, surpassing traditional systems in terms of cost-effectiveness and energy consumption. This shift is further propelled by the increasing adoption of IoT and AI across various industries, including logistics and supply chain management, which are crucial for global business operations. The market is also benefiting from the investments by small and medium-sized enterprises (SMEs), which are keen on adopting advanced technological solutions to enhance their business processes. Additionally, the push towards localized data storage is influencing the market dynamics, as it encourages the adoption of asset tracking systems that comply with these regulations.

The demand for mobile asset tracking solutions is particularly strong in the transportation and logistics sectors, where custom-built tracking solutions are becoming essential. The growth of e-commerce in India is also contributing to the market expansion, as efficient asset tracking is vital for meeting the demands of fast-paced consumer preferences. Public transportation and automotive production are other significant areas driving the demand for asset tracking systems, with real-time monitoring and predictive maintenance features being crucial for operational efficiency. The market is moderately fragmented, with both global and regional players competing for market share. Recent collaborations and technological advancements, such as blockchain-based asset tracking solutions and IoT-enabled predictive maintenance, are expected to further enhance the market's growth trajectory.

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India Asset Tracking Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Growing Presence of Hardware and Third-Party Service Asset Tracking Vendors in the Country

      2. 1.2.2 Ongoing Efforts Toward Fleet Optimization, Coupled with Technological Advancements

    3. 1.3 Market Challenges

      1. 1.3.1 Relative Lack of Awareness among End Users and Installation Cost Remain a Key Concern

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Hardware

      2. 2.1.2 Software

      3. 2.1.3 Services

    2. 2.2 End-user Industry

      1. 2.2.1 Transportation and Logistics

      2. 2.2.2 Manufacturing

      3. 2.2.3 Construction

      4. 2.2.4 IT and Telecommunication

      5. 2.2.5 Oil and Gas

      6. 2.2.6 Other End-user Industries

India Asset Tracking Market Size FAQs

The India Asset Tracking Market is projected to register a CAGR of 18.30% during the forecast period (2024-2029)

Oracle Corporation, AT&T Inc., Verizon Communications Inc., Zebra Technologies India and Coresonant Systems Private Limited are the major companies operating in the India Asset Tracking Market.

India Asset Tracking Market Report Snapshots

India Asset Tracking Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)