A new study from Juniper Research, the foremost experts in IoT markets, has found that the number of physical tracked assets globally will surpass 42 billion in 2029, increasing 208% from 13 billion in 2024. Emerging regulations surrounding sustainability practices will drive businesses to use asset tracking to measure carbon emissions, not just location and status monitoring; significantly increasing the required reporting functionality.
An extract from the new report, Global Asset Tracking Market 2024-2029, is now available as a free download.
Sustainability Becoming a Core Asset Tracking Focus
Juniper Research found that environmental concerns have ignited efforts from asset-tracking vendors and businesses tracking assets to develop solutions catering to the environmentally conscious. While sustainability efforts are evident from reducing manufacturing materials required for tags, vendors must also invest in software explicitly measuring the environmental impact of transporting assets.
Research Author Matthew Purnell remarked: “Sustainability-related asset-tracking solutions will play a major role, as legislation on emission reporting from businesses drives the growth of asset-tracking volume, especially for EU businesses due to the Corporate Sustainability Reporting Directive. Consequently, vendors must develop this value-added service to expand the utility of asset tracking and provide a comprehensive tracking solution.”
RFID Affordability Allowing Businesses to Track Asset-related Emissions
The report found that smaller RFID inlays have reduced the materials needed to produce tags; lowering costs and removing the financial barrier for many businesses. More organisations are now using asset tracking for assets of varying sizes and values. Not only is asset tracking protecting more assets, reducing loss or damage-related costs, but businesses can also monitor the carbon footprint of assets more affordably. RFID vendors should advertise this capability to bolster asset tracking’s value proposition, especially given that this is an overlooked benefit.