The asset tracking industry is projected to grow to more than 27 billion USD by the year 2025. The growth in the industry demonstrates the rise in companies looking to adopt asset tracking technology to increase their competitive edge in their particular industry.
What is Asset Tracking?
Asset tracking is when a company tracks the location of physical assets like vehicles and equipment. IoT asset tracking brings another element to this system by using connected sensors to keep assets connected.
How Does It Work?
Asset tracking involves asset tags, connectivity infrastructure, and an asset management platform. The device, like a sensor, will be connected via a wireless cellular provider. This device will be tagged with a specific marker which will make it easy to track on the asset management platform. Companies can track their assets in real-time and view tracking history using this system.
These data insights will be vital when it comes to evaluating your supply chains and spotting any bottlenecks within your business operations.
What Industries Could Use an Asset Tracking System?
Transportation
Asset tracking for fleet management can transform your company. With connected vehicles, you can monitor delivery routes to see what changes need to be made and how to address delivery issues.
Waste Management
Theft is a big concern for those in the waste management industry. Luckily, there are sensors that can be attached to your containers and bins to keep tabs on them wherever they go.
Healthcare
Medical transport has temperature condition requirements, sometimes needing on-site personnel to monitor warehouse temperatures and conditions. With connected sensors, it's easy to monitor the conditions of medicine and other medical equipment remotely.