MAPSTED BLOG

The Future of Asset Tracking: Emerging Technologies and Innovations to Watch

May 24, 2023
Categories:

IoT Solutions

future of asset tracking

Whether you’re managing a small retail store or a massive manufacturing plant, keeping track of your assets is absolutely essential. Why?  First of all, asset tracking gives you unparalleled visibility into the location and status of your assets. With the right tracking technology in place, you’ll always know where your assets are, who’s using them, and how they’re being used. This level of visibility can help you prevent loss or theft, ensure that assets are being used properly, and hold employees accountable for their actions

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But that’s not all,

Asset tracking can also help you optimize your asset usage, reduce waste and save money. By analyzing data about asset usage and performance, you can identify opportunities to improve efficiency, reduce downtime, and get the most out of your assets. 

Plus, asset tracking can help you stay on top of maintenance and repairs, extending the lifespan of your assets and reducing the risk of unexpected downtime. So now you know why asset tracking has great potential for businesses of all sizes and types. 

Here are some details about the current asset tracking market, the latest innovations and how they could affect you.

Exploring the Asset Tracking Market

Asset tracking market has an impressive growth rate without any signs of slowing down.

According to a report by Research and Markets, the global asset tracking market size is expected to reach $33.5 billion by 2028, with a compound annual growth rate (CAGR) of 13.83%. 

One of the major drivers of this growth is the increasing adoption of IoT and cloud-based asset tracking solutions by businesses across various industries. These solutions provide real-time location tracking, predictive maintenance and inventory management, which can significantly improve asset utilization and reduce costs.

The healthcare industry is one of the fastest-growing segments of the asset tracking market.

According to Mondor Intelligence, the healthcare asset management market is expected to register a CAGR of 30% between 2023 and 2028.

With the increasing demand for medical equipment, pharmaceuticals and patient tracking, the healthcare industry is expected to account for a significant share of the market in the coming years.  

Today, these signs imply that now is the prime time to stay invested in asset tracking technology to improve your operations, reduce costs, and gain a competitive edge in the marketplace.

Asset Tracking Technologies in Current Use

Today we have a number of asset tracking solutions, but choosing the right one for your needs will require thorough deliberation and weighing priorities. 

GPS (Global Positioning System) Tracking

Let’s begin with the most well-known asset tracking technology, GPS. In outdoor settings, GPS is the king, offering pinpoint accuracy to help businesses keep track of their vehicles, equipment, and other assets. For years, it has been the preferred choice for fleet management and transportation companies. However, when it comes to indoor use, GPS falls short due to its poor signal reception within RCC structures. 

RFID (Radio Frequency Identification) Tracking

RFID technology is commonly seen in retail stores, where it assists staff in keeping track of assets. Due to its compact hardware and limited range, it’s an excellent option for small businesses. However, its accuracy can be affected by physical obstacles, and it’s typically more expensive than barcode readers. As a result, RFID-based asset tracking solutions are less popular than other options.

Barcode Tracking

The rise of cloud-based asset tracking has contributed to the growing popularity of barcode scanners. The low operating cost associated with this technology is a major pull-factor for businesses. By utilizing a barcode label and reader, organizations of any size can efficiently track assets, managing inventory and the asset lifecycle. However, damage to tags and labels can affect reliability and handlers need high-quality training to avoid cataloguing errors. 

Bluetooth Tracking

Bluetooth technology is well-known for its versatility. When it comes to tracking assets and mobile objects in close proximity, Bluetooth beacons are a reliable solution. They are particularly useful for indoor tracking, eliminating the need for mobile apps, and can provide 2D positioning data by increasing the number of receivers. However, the need for a power supply, stable signal transmission, and hardware installation means that Bluetooth beacons can be more expensive and require annual maintenance. This is one of the reasons why they are less popular in the asset tracking market.

What’s New in the Asset Tracking Market Today?

Here are some noteworthy technologies that are worth staying invested in to futureproof your business – 

AI (Artificial Intelligence) and Machine Learning

While the market for AI and ML-based asset tracking is still relatively new, it’s a rapidly growing area of research. The future of asset tracking technology will undoubtedly be based on intelligent sensors that use real-time data from multiple signal sources to provide superior asset tracking performance. With AI and ML, you can gain insights into asset performance, usage, and maintenance status, empowering you to make informed decisions and stay ahead of the competition.

For example, an AI-powered asset tracking system could detect unusual wear and tear on a piece of equipment, predict when it is likely to fail and schedule maintenance before a breakdown occurs.

Real-Time Location Systems (RTLS)

RTLS is a technology that uses multiple wireless signals to track the real-time location of assets. RTLS typically involves placing small, battery-powered tags on assets that emit wireless signals at regular intervals. These signals are then picked up by receivers throughout a facility or outdoor area, allowing the asset’s location to be determined in real time. RTLS is particularly useful in large facilities, such as hospitals or warehouses, where it can help streamline workflows and improve asset utilization.

Augmented Reality (AR) for Asset Visualization

Augmented reality technology overlays digital information onto the real world, allowing users to see digital information in the context of their physical environment. In the context of asset tracking, AR can be used to visualize asset locations and attributes in real-time. 

For example, a maintenance worker could use an AR headset to visualize the location of a specific piece of equipment and see information about its maintenance history, current status, and upcoming maintenance needs. This can help improve efficiency and reduce downtime

QR Code

QR code asset tracking is a superior option compared to bar code tracking and there are a number of reasons why. Firstly, with just a smartphone, one can scan QR codes in a facility and get directions to assets located at fixed points and also have access to more information than barcodes. This type of asset tracking is particularly beneficial for businesses with a large number of assets that don’t need to be processed in high volumes daily, and who don’t require automatic tracking. 

For example, QR code asset tracking is also useful for keeping track of assets that are being checked in and checked out, as well as ensuring that assets are being held by authorized custodians and for how long.

Internet of Things (IoT) Sensors

IoT-based sensors are another innovative asset tracking technology that is gaining popularity. While the technologies we have discussed so far can be incorporated into IoT, combining signals from multiple devices connected in a network enables two-way communication, data exchange, smart data collection, and autonomous control of assets. IoT sensors have many potential use cases, especially if you want to make predictive decisions based on real-time data. By combining intelligence from proximity sensors, accelerometers, magnetic sensors, temperature sensors, and pressure sensors, IoT sensors can effectively track asset usage and monitor the live environmental conditions of the asset.

Mapsted’s Asset Tracking: A Shortcut to the Future

Looking for a revolutionary asset tracking technology? Mapsted is on a mission to revolutionize the asset tracking market with patented location technology that requires no hardware. Using powerful AI-powered location algorithms and smartphone sensors, Mapsted offers live tracking of assets in even the most complex indoor-outdoor environments. Whether you’re in transportation, retail, healthcare  or any other industry where asset tracking is critical, Mapsted’s solution can help. With enterprise-grade support and precise location tracking up to a meter, Mapsted makes it easy for businesses of any size to benefit from smart indoor location technology. 

Ready to give Mapsted a try? Contact us today! If you are interested in learning more about how Mapsted’s location-based technology is shaping the business world you may enjoy checking out our blog on Location Analytics Without External Wi-Fi and our short video highlighting the benefits of our technology.

Frequently Asked Questions

Q1. What is asset tracking?

Ans. Asset tracking is the process of monitoring and managing physical assets, using technology to track their location, status, and other relevant information.

Q2. What are some emerging technologies for asset tracking?

Ans. Some emerging technologies for asset tracking include Internet of Things (IoT) sensors, RTLS, AR, and QR code.

Q3. How will asset tracking evolve in the future?

Ans. Asset tracking is expected to become more efficient, accurate, and automated in the future, with the adoption of AI and machine learning, edge computing, and cloud-based platforms.

Q4. What are the benefits of asset tracking?

Ans. Asset tracking can improve operational efficiency, reduce costs, enhance security, and increase productivity by providing real-time visibility and insights into asset performance and utilization.

Q5. What industries will benefit from asset tracking?

Ans. Industries that rely on physical assets, such as manufacturing, transportation, logistics, and healthcare, will benefit from asset tracking solutions to optimize their operations and improve their bottom line.

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