MAPSTED BLOG

5 Emerging Tech Trends in Asset Tracking: What to Expect in 2024

June 19, 2024
Categories:

IoT Solutions

Tech Trends in Asset Tracking

In 2024, say goodbye to misplaced inventory hassles and unexpected equipment breakdowns. The future of asset management is here and it is smarter than ever. These cutting edge tech trends in Asset Tracking are transforming how businesses function, predicting maintenance needs, preventing theft and even optimizing workflows. From AI powered analytics to blockchain technology, these technologies are here to stay and reshape industries. A recent report by Custom Markets Insight, predicts this market will hit a whopping $34.5 Billion by 2032 – this highlights the growing significance of this technology. 

As Jeff Bezos, the founder of Amazon has said:

“If you’re competitor-focused, you have to wait until there is a competitor doing something. Being customer-focused allows you to be more pioneering.” 

Here lies the necessity for businesses to stay ahead by being proactive and using innovative technologies like advanced asset tracking.

These trends are set to redefine how industries monitor and manage their assets. From the rise in hardware and the integration of artificial intelligence (AI), to the Internet of Things (IoT), these emerging technology trends in asset tracking will ensure that your business remains competitive and efficient when maintaining and managing assets. So, let’s get started! 

5 key Trends Driving Asset Tracking and Management

In this blog, we will explore 2024 key trends driving asset tracking and management.

1. Rise of Real-Time Location Systems (RTLS) for Precision Tracking

Real-time location systems (RTLS) are moving mountains in asset tracking. How? By allowing businesses to locate the exact location of their assets with top-notch accuracy. In 2024, RTLS is expected to get even smarter with ultra-wideband (UWB) technology and algorithms to take indoor and outdoor tracking capabilities to the next level.

A recent study found that the RTLS market is expected to grow by $13.84 billion at a CAGR of 28% from 2022 to 2027.

A recent study found that the RTLS market is expected to grow by $13.84 billion at a CAGR of 28% from 2022 to 2027.

Benefits: 

  • Improved inventory management
  • Optimized workflows
  • Theft prevention

Applications: 

  • Warehousing
  • Healthcare (tracking medical equipment)
  • Big box retail (enhancing customer experiences)  
  • museums

2. Asset Management Innovations: AI-Powered Analytics and Predictive Maintenance

Artificial intelligence (AI) has fundamentally improved asset management. How? By using its analytical capabilities to understand patterns, predict equipment failures and enhance maintenance schedules, which ultimately upgrades asset utilization.

A study by McKinsey estimates that AI-powered predictive maintenance can substantially reduce equipment breakdowns by up to 50% and increase asset life by 20% to 40%.

A study by McKinsey estimates that AI-powered predictive maintenance can substantially reduce equipment breakdowns by up to 50% and increase asset life by 20% to 40%.

Benefits: 

  • Better operational efficiency
  • Reduced downtime
  • Extended asset lifespan.

Applications: 

  • Logistics (optimizing routes)
  • Transportation hubs (monitoring vehicle health)
  • Manufacturing (predicting machine failures)

3. The Future of Asset Tracking: IoT Sensors and Connectivity

IoT technology is the third main priority after AI in the business industry. And the global market of this industry is growing massively. The reason? Its improved sensor technology, tracking movements, monitoring asset conditions, automating processes, smooth communication and data exchange between assets and management systems. 

In 2024, IoT sensors will become more affordable, energy-efficient and versatile. Undoubtedly this technology holds a promising future for both the businesses and customers. The GSMA says there will be 25 billion connected IoT devices by 2025, most of which will be used for asset tracking. Check out here to know more about the future of asset tracking in detail. 

Benefits: 

  • Enhanced security 
  • Real-time visibility
  • Proactive maintenance

Applications: 

  • Healthcare (monitoring patient health
  • Construction (tracking tools and equipment)
  • Supply chain management (tracking shipments)

4. Asset Monitoring Trends: Integration of Blockchain for Transparency and Security

One of the robust security features in the business operations that is vital to prevent fraud and maintain integrity is “blockchain technology.” Its unique features like decentralized and tamper-proof nature makes it an ideal and reliable tool for ensuring security, transparency and traceability in asset tracking. In 2024, we can expect the surge in the adoption of blockchain solutions to create permanent records such as asset ownership, movement and conditions that can’t be deleted or altered. In simple words this technology is like a digital ledger that can’t be deleted or messed with. For example,  IBM’s Food Trust initiative is one such prime example of blockchain technology being used to track food products from farm to table.

Benefits: 

  • Reduced fraud
  • Improved compliance
  • Better supply chain visibility

Applications: 

  • Retail (authenticity verification)
  •  Pharmaceuticals (counterfeit prevention)
  • Healthcare (reliable medical records and patient data)

5. Asset Management 2024: Cloud-Based Platforms for Scalability and Flexibility

Cloud asset management is all about keeping tabs on the businesses digital assets in the cloud. Cloud-based platforms provide numerous benefits to businesses by offering flexibility, visibility, automations, prevent cybersecurity risks, cost-effectiveness and scalability. The best part? This technology keeps getting better and is expected to grow in 2024. 

Businesses are understanding the value it brings such as real-time collaboration, data analytics and seamless integrations with other enterprise systems. This growth is projected in the Grand View Research forecasts latest study, which states that the global cloud-based asset management market will grow at a CAGR of 21.2% from 2024 to 2030.

Moreover, trends show a shift towards opting for less hardware, with Mapsted IoT asset management solutions pioneering new ways. Mapsted lightweight, durable tags and real time location system provides advanced asset tracking with minimal hardware requirements, reducing both the installation and maintenance costs. This approach ensures smooth functionality while improving efficiency and reducing maintenance cost. By utilizing Mapsted ‘s innovative IoT solutions, every business can get the benefits of cloud-based platforms while minimizing the hardware and making the way for a better efficient and cost-effective asset management strategy.

Benefits: 

  • Improved data accessibility
  • Reduced IT infrastructure costs
  • Enhanced collaboration

Applications: Suitable for all industries where assets require to be managed and tracked, like healthcare, manufacturing, retail and logistics.

Conclusion

The year 2024 is going to be the game changer for asset tracking technology. With advancements in AI, RTLS, IoT, blockchain and cloud-based platforms coming together to create a more connected, efficient and transparent ecosystem for asset management. The bottom line? By embracing these emerging trends, businesses can unlock new levels of productivity, cost savings, and competitive advantage in the digital age. 

Ready to stay ahead in the business? Explore how Mapsted’s location-based indoor navigation, asset tracking solutions and real-time insights can equip your business for success. Contact us to learn more. If you like this blog content, don’t forget to take a look at our another amazing blog post on Asset Tracking: How It Works & Its Benefits and Mapsted Tags vs Bluetooth Asset Tracking Tags: Unveiling the Ideal Solution for Asset Management. With Mapsted, the future of asset management is at your fingertips.

Frequently Asked Questions

Q1. What is asset tracking technology?

Ans. Asset tracking technology monitors the assets condition, location and movement using barcodes, or tags.

Q2. How can asset tracking technology benefit my business?

Ans. Assets are the backbone of any industry and asset tracking technology becomes a must for the business growth and profitability. It can help in improving operational efficiency, improving security, reducing losses and allowing data-driven decision-making.

Q3. What are the latest trends in asset tracking technology?

Ans. IoT sensors, RTLS, AI-powered analytics, blockchain, and cloud-based platforms are among the leading trends in 2024.

Q4. How do I choose the right asset tracking solution for my business?

Ans. When choosing an asset tracking solution for your business, you need to consider some important things like your budget, specific needs, reliability, ease of management and the type of assets you need to track. It is suggested to consult with experts in the field to decide your options.

Q5. What is the future of asset tracking technology?

Ans. The future of asset tracking is likely to use greater AI integration, machine learning and other advanced technologies to provide better tracking insights, utilization and automation.

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