Asset Tracking Market Gains from Circular Economy and Reusable Packaging

The global asset tracking market size was valued at USD 24.14 billion in 2024 and is projected to reach USD 51.59 billion by 2030, expanding at a CAGR of 14.9% from 2025 to 2030. The growth is driven by increasing supply chain digitization and rising demand for operational efficiency.

Organizations across industries are adopting IoT-enabled tracking solutions to monitor assets in real time, minimize losses, and streamline logistics. The boom in e-commerce and omnichannel retail has further heightened the need for end-to-end visibility, with companies deploying RFID, GPS, and BLE tags to track shipments from warehouses to last-mile delivery. Additionally, the post-pandemic focus on building resilient supply chains has accelerated adoption, as businesses emphasize inventory accuracy and asset utilization analytics to mitigate risks.

Advancements in wireless connectivity technologies, particularly 5G and LPWAN (Low-Power Wide-Area Network), are enabling seamless, low-latency tracking of high-value assets such as construction machinery, medical equipment, and manufacturing tools across wide geographies. The integration of AI and predictive analytics into tracking platforms further enhances asset lifecycle management by predicting maintenance needs and preventing theft or misplacement. Regulatory compliance requirements in industries such as pharmaceuticals (DSCSA), aviation (FAA), and automotive (ELD mandates) are also propelling the adoption of audit-ready tracking systems.

The rise of Industrial IoT (IIoT) is another major driver, with smart factories and warehouses deploying UWB and sensor fusion technologies for precise indoor tracking. These solutions enable centimeter-level accuracy, essential for automated guided vehicles (AGVs), robotics, and tool monitoring in mission-critical environments. At the same time, sustainability initiatives are pushing companies to track reusable packaging and reduce idle time of equipment to support circular economy practices.

Key Market Highlights:

• North America dominated the market with a revenue share of around 39.0% in 2024.
• The U.S. asset tracking market is expected to grow at a CAGR of 14.8% (2025–2030).
• By component, the software segment held the largest share at 47.0% in 2024.
• By technology, the RFID segment led the market with a 31.0% share in 2024.
• By deployment, the cloud segment accounted for nearly 62.0% share in 2024.

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Market Performance:

• 2024 Market Size: USD 24.14 Billion
• 2030 Projected Market Size: USD 51.59 Billion
• CAGR (2025–2030): 14.9%
• North America: Largest market in 2024
• Asia Pacific: Fastest growing region

Prominent Companies & Market Dynamics:

The market is competitive, with established players and new entrants leveraging partnerships, product innovation, and technology integrations to strengthen their positions.

• Verizon (Jan 2025): Launched Extended View Cameras and a customizable Driver Vehicle Inspection Report (DVIR) via Verizon Connect Reveal, enhancing fleet safety, compliance, and operational efficiency.
• Trimble Inc. & Qualcomm Technologies Inc. (Jan 2025): Expanded their partnership to integrate Trimble’s ProPoint Go positioning engine into Qualcomm’s Snapdragon Auto platform, delivering 10 cm positioning accuracy for automated vehicles.
• Samsara Inc. (Jun 2024): Introduced its enterprise-level Asset Tag for real-time tracking of smaller, high-value assets via the Samsara Network, improving visibility, reducing losses, and optimizing inventory management.

Key Companies:

• Fleet Complete
• GigaTrak (P&T Solutions Inc.)
• OnAsset Intelligence Inc.
• Qualcomm Technologies Inc.
• Samsara Inc.
• Spireon Inc.
• Tenna
• Trimble Inc.
• Verizon
• Wasp Barcode Technologies

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Conclusion:

The asset tracking market is rapidly transforming with the convergence of IoT, 5G, AI, and IIoT, enabling real-time visibility and smarter asset management. Rising demand for operational resilience, compliance, and sustainability will continue to shape the industry, positioning asset tracking as a critical enabler of digital supply chains and connected ecosystems.