North America Asset Tracking Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, Services), By Technology (RFID, M2M/IoT, GPS, Barcode, and Others), By Deployment (Cloud, On-Premises), By Enterprise Size (Large Enterprise and SMEs), and North America Asset Tracking Market Insights, Industry Trends, Forecast to 2035.

North America Asset Tracking Market Insights Forecasts to 2035

• The North America Asset Tracking Market Size Was Estimated at USD 8.26 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of Around 15.45% from 2025 to 2035
• The North America Asset Tracking Market Size is Expected to Reach USD 40.1 Billion by 2035

According to a research report published by Spherical Insights & Consulting, the North America Asset Tracking Market size is anticipated to reach USD 40.1 Billion by 2035, growing at a CAGR of 15.45% from 2025 to 2035. The market is driven by advanced technology adoption, robust infrastructure, and high demand from industries such as logistics, manufacturing, and construction.

Market Overview

Asset tracking is a process that consists of monitoring a company’s physical assets through the scanning of barcode labels or the use of GPS/RFID tags. The method provides up-to-the-minute information about asset ownership, usage, and the financial impact. Physical asset management systems based on tags and software platforms are being used for tracking physical assets, all the way starting from acquisition to disposal. The main objectives are real-time visibility provision, manual errors reduction, and decision-making enhancement. Real-time tracking allows for the discovery and recovery of misplaced or stolen equipment and goods with high value attached.

In June 2024, Samsara Inc. publicized the first enterprise-level Asset Tag for the industry that was developed according to customer requests for the small and high-value assets’ tracking and management. The new gadget utilizes the Samsara Network and gives improved access to the position of the crucial equipment and tools; thus, it is coining the term “visibility” in the area of location tracking.

The Cybersecurity & Infrastructure Security Agency (CISA) released Binding Operational Directive 23-01, which requires federal civilian agencies to have a current and complete inventory of their networked assets for finding vulnerabilities and improving cyber resilience. The Canadian government invests in the Municipal Asset Management Program (MAMP), a project with a total cost of $110 million that enables municipalities to make better infrastructural investment choices by providing them with trustworthy data and applying good asset management practices.

Report Coverage

This research report categorizes the market for the North America asset tracking market based on various segments and regions, and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America asset tracking market. Recent market developments and competitive strategies, such as expansion, product launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America asset tracking market.

Driving Factors

The asset tracking market in North America is driven by the timely tracking of assets is a must, such as logistics, manufacturing, and healthcare, which will be the ones to benefit most from such a solution. The merger of IoT, AI, and cloud computing not only helps to achieve high levels of accuracy but also increases the performance and scalability of the tracking systems. It has become practice among firms to apply asset tracking to cut down on losses, avoid the theft of assets, and do the right thing with the existing equipment. The result will be not only significant cost savings but also better return on investment.

Restraining Factors

The asset tracking market in North America is hindered by the initial investment necessary for hardware, software, infrastructure, and employee training, which is a major drawback, especially for small and medium-sized enterprises with tight budgets. The continuous gathering and sending of sensitive, real-time location data create a significant risk of unauthorized access, data breaches, and misuse.

Market Segmentation

The North America asset tracking market share is categorised into component, technology, deployment, and enterprise size.

• The hardware segment accounted for the largest revenue market share in 2024 and is expected to grow at a significant CAGR during the forecast period. 

The North America asset tracking market is segmented by component into hardware, software, services. Among these, the hardware segment accounted for the largest revenue market share in 2024 and is expected to grow at a significant CAGR during the forecast period. The growth of the segment is driven by the extension of Low Power Wide Area Network (LPWAN) coverage, the technological maturity, and the corresponding miniaturisation of advanced devices, which will facilitate moving asset tracking from the conventional high-value markets to the low-value high-volume markets, which will make up the majority of tracker connections and shipments.

• The M2M/IoT segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period.  

Based on technology, the North America asset tracking market is segmented into RFID, M2M/IoT, GPS, barcode, and others. Among these, the M2M/IoT segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period. The segmental growth is driven by machine-to-machine (m2m) and the Internet of Things (IoT), which are technologies that have come to be considered a significant milestone in the field of asset monitoring and tracking. IoT technology is an essential part of safeguarding the assets by giving full monitoring and security, turning the assets' potential risks and harm into non-issues.

• The cloud segment accounted for the largest revenue market share in 2024 and is expected to grow at a significant CAGR during the forecast period. 

The North America asset tracking market is segmented by deployment into cloud, on-premises. Among these, the cloud segment accounted for the largest revenue market share in 2024 and is expected to grow at a significant CAGR during the forecast period. The growth of the segment is driven by the implementation of a cloud-based asset management system combined with GPS tracking; the logistics firm will be able to keep an eye on the whole fleet every minute of the day. In the past, technology like the RTLS and IoT devices has not only modernized but also made it possible to use cloud technology to its full potential.

• The SMEs segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period.  

Based on enterprise size, the North America asset tracking market is segmented into large enterprise and SMEs. Among these, the SMEs segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period. The segmental growth is driven by the employment of AI and ML technologies, small and medium-sized enterprises (SMEs) in supply chains, manufacturing, logistics, and other industries will be capable of gathering and processing much more data about their environment in a quicker manner. AI and ML cannot just present the assets' locations but also provide comprehensive data on these assets via trend analysis.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America asset tracking market, along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborate analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies                                                                                                                

• Spireon
• ASAP Systems
• OnAsset Intelligence
• GigaTrak
• Actsoft
• Fleet Complete
• Asset Panda
• Samsara Luggage
• AT&T
• Tennant Co
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at the North America, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the North America asset tracking market based on the below-mentioned segments:

North America Asset Tracking Market, By Component

• Hardware
• Software
• Services

North America Asset Tracking Market, By Technology

• RFID
• M2M/IoT
• GPS
• Barcode
• Others

North America Asset Tracking Market, By Deployment

• Cloud
• On-Premises

North America Asset Tracking Market, By Enterprise Size

• Large Enterprise
• SMEs