India Asset Tracking Market Key Major Challenges, Drivers, Growth Opportunities Analysis to 2025
Japan, Japan, Tue, 01 Jun 2021 02:44:06 / Comserve Inc. / — The research report analyze market size, share, growth, trends, segmentation, top key players, strategies, demand, statistics, sales, current scenario, competitive landscape and forecast.
The India asset tracking market was valued at around USD 400 million in 2019 and is expected to register a CAGR of 17.3%, during the period of 2020-2025. Asset management and tracking solutions are increasingly resulting as a critical technique to achieve greater operational efficiencies in the current market scenario of rapid digitalization, in manufacturing environments and office spaces.
– Recent advancements in the IoT technology have enabled several end-users to acquire economical and efficient asset tracking hardware. In comparison to standard traditional asset tracking systems, modern IoT equipment that uses minimal electricity and infrastructure are driving the sales for asset tracking systems in the region.
– India is expected to witness a significant growth rate over the forecast period, owing to the increasing adoption of various technological advancements in the region and the significant contributions made by the emerging economies in the region. The rapid increase in the adoption of IoT and AI in almost every end-user industry in the region is expected to act as a significant driver.
– Moreover, India is expected to witness growth, owing to the investments of small and medium organizations. SMEs are investing to increase the adoption of various technologically advanced solutions for their business processes. According to data from the Ministry of Micro, Small, and Medium Enterprises, India has 50 million MSMEs, which makes it among the world’s largest MSMEs.
– Also, various nations across the world are pushing towards local data storage, which also covers the asset tracking market; for example, India is looking to move towards localized data storage rules. Owing to such drives, vendors who offer their services on cloud find limitations are expected to see increased adoption.
– Due to the outbreak of COVID-19, recessionary pressures across the globe are expected to have a direct impact on the level of global exports. Given that the MSMEs contribute to over 40% of India’s exports, the impact would be severe and could last for a long time. MSMEs are expected to experience several liquidity problems due to the delayed payments from the customers which could result in lower conversion rate of the enterprises to adopt asset tracking in the near future.
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Key Market Trends
Transport and Logistics is expected to hold major share
– Transportation and logistics are witnessing a significant demand for mobile asset tracking solutions in India. Some of the most advanced custom-built tracking solutions that are found in the current market scenario are used by transportation and logistics players. Due to significant demand from the sector, almost all the asset tracking vendors in the market currently have custom-built solutions to serve the transportation and logistics sector.
– Moreover, according to the IBEF, the Indian e-commerce market is expected to grow to USD 200 billion by 2026 from USD 38.5 billion as of 2017. The above developments would boost the market’s growth in the near future and the ongoing digital transformation in the country is expected to increase India’s total internet user base to 829 million by 2021 from 636.73 million in FY19. The transport and logistics will play a key role in driving the Indian e-commerce forward and this factor is expected to boost the asset tracking market.
– Furthermore, asset tracking systems are expected to gain significant demand from the public transportation sector in India. Fleets of buses and trucks commissioned by the government needs to be monitored in real-time in order to ensure good health of public transport and minimize the maintenance and operation costs through predictive maintenance features offered by the asset tracking solutions.
Hardware is expected to hold major share
– Barcodes and QR codes is one typr of hardware that has witnessed an increased usage among the asset tracking systems in India. They improve the users’ operational efficiency and foster better customer service, thus, providing a visibility into business management processes. Since the cost of developing a barcode or a QR code is low, they find applications on products that are non-returnable and have a lower life-cycle. For example, unit shipment of any food package would bear such a tag.
– Global positioning system (GPS) is another hardware solution that is widely deployed in vehicles, but the application is not limited by it. There have been use cases of organizations using it for keeping track of the employees as well. GPS tracking assists in monitoring the exact outdoor location. Easy availability and cheaper deployments are an indication of increased adoption among SMEs in the logistics sector. Asia-Pacific is experiencing increased adoption, with China and India being major adopters.
– According to Nasscom, the Indian IoT market is expected to reach USD 15 billion by 2020 and constitute 5% of the global market. India is one of the strongest emerging economies in the Asian markets, and the manufacturing sector has witnessed high growth in the country due to government initiatives like ‘Make in India’, which are aimed to provide global recognition for the manufacturing hub. Growing manufacturing of hardware devices such as GPS, RFID, BLE etc is expected to be another driving factor for the asset tracking market.
Competitive Landscape
The India asset tracker market is moderately frangmented and comprises several global and regional players vying for attention in a highly competitive market space, with players, like Oracle, Verizon, AT & T Inc., etc. Although the market poses high barriers to entry for the new players, several new entrants have been able to gain traction.
– December 2019 – Verizon Connect announced new workforce management solutions with the introduction of Verizon Connect Field Service Dispatch, which efficiently schedules and communicates the job information to technicians and customers throughout the day, in near-real-time and works alongside the Verizon Connect Reveal platform to combine vehicle location data and technician status to help manager operate faster.
– August 2019 – AT&T announced Fleet Complete for FirstNet would now offer an integrated solution that gives real-time insights into the critical fleet and in-field first responder activities. This innovation leads to increased situational awareness, efficiency, and safety for first responders and public safety fleets.
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1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing presence of hardware and third-party service asset tracking vendors in the country
4.2.2 Ongoing efforts towards fleet optimization coupled with technological advancements
4.3 Market Challenges
4.3.1 Relative lack of awareness among end-users & installation cost remain a key concern
4.4 Industry Attractiveness – Porter’s Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Key use-cases and implementation case studies related to India
4.6 Evolution of Asset Tracking Systems – Hardware (LoRaWAN, BLE, etc), emergence of SaaS & consultative approach
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Hardware
5.1.2 Software
5.1.3 Services
5.2 End-User Industry
5.2.1 Transportation and Logistics
5.2.2 Manufacturing
5.2.3 Construction
5.2.4 IT and Telecommunication
5.2.5 Oil and Gas
5.2.6 Other End-user Industries
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Coresonant Systems Private Limited
6.1.2 AT & T Inc.
6.1.3 NFC Group
6.1.4 Quinta Systems Private Limited (Software)
6.1.5 Hilti (Software)
6.1.6 Oracle Corporation
6.1.7 Chekra Business Solutions
6.1.8 Trimble Inc.
6.1.9 Identis
6.1.10 Verizon Communications Inc.
6.1.11 Zebra Technologies India
6.1.12 SAP SE
6.1.13 ORBCOMM India
6.1.14 Omnitracs India
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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