The global WAN-connected returnable transport asset tracking market valuation is estimated to be worth around USD 74.36 million for the year 2023. As per the FMI analysis report, this market size is expected to grow at an annual rate of 12% between 2023 and 2033. By the end of this forecast period, the overall size of the market is projected to reach USD 230.95 million.
These days, the digitization of the transportation and logistics sector has amplified with the adoption of advanced telecommunication channels. Owing to this advancement, several pre-existing wide area network (WAN) service providers came forward to capitalize on this opportunity.
Interestingly, the WAN connection of a huge volume and traffic of returnable transport assets turned out to be a relief for fleet owners or businesses. Gradually, WAN connection got adopted by businessmen at different ends of any supply chain dealing in returnable transport assets. However, the WAN technologies only account for a small portion of all connections deployed by the returnable transport asset tracking market players.
Third-party party WAN connectivity service providers are expected to remain the main contenders on the technology front as returnable transport asset tracking is an add-on service. Moreover, as these service providers assure proper product differentiation, therefore, are expected to gain popularity in the coming days.
The development of item-tracking management solutions for static as well as remote assets is a development influencing the market remarkably these days. On the other hand, the implementation of cloud service platforms has further strengthened WAN-connected tracking services in the last few years.
Recent advancements in radio frequency identification (RFID) technologies have enabled several end users to integrate affordable and effective asset monitoring devices. Furthermore, the growing trend of using the internet of things (IoT) has further necessitated the integration of WAN connectivity to utilize it at its full potential.
The most significant driver for the higher deployment of WAN-connected returnable transport asset tracking services, however, is a better awareness of use-case subsets. So, as per the experts at FMI, the adoption of WAN connected returnable transport asset tracking services is expected to strengthen in the next ten years.
| Attributes | Details |
|---|---|
| WAN Connected Returnable Transport Asset Tracking Market Share (2022) | USD 68.85 million |
| WAN Connected Returnable Transport Asset Tracking Market Size Value (2023) | USD 74.36 million |
| WAN Connected Returnable Transport Asset Tracking Market Size Value (2033) | USD 230.95 million |
| WAN Connected Returnable Transport Asset Tracking Market Growth Rate (2023 to 2033) | 12% |
Global WAN Connected Returnable Transport Asset Tracking Market Historical Analysis (2018 to 2022) Vs. Forecast Outlook (2023 to 2033)
As per the previous market survey report on WAN connected returnable transport asset tracking business, it is gaining traction in recent years. In 2018, the net worth of the market was nearly USD 50.6 million. In the following five years from 2018 to 2022, the market registered a promising CAGR and concluded at a worth of USD 68.85 million.
WAN connected management in manufacturing facilities and office spaces by asset management and tracking solutions has played an important role in the said market. In fact, achieving operational efficiency in asset management is regarded to be a significant factor in the boost of WAN services in the transportation sector.
The overall market witnessed a slight dip during the financial years 2020 to 21 and 2021 to 2022 owing to the widespread prohibition of transportation and logistics in non-essential items. According to FMI, the WAN RTA tracking market would have over 117 connections by 2027 rendering the market at a valuation of USD 117 million.
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The requirement for remote transport asset management services is projected to rise with the proliferation of e-commerce retail supply chains around the world. The online sales channels have robustly expanded the logistics sector, which is expected to progress the WAN connectivity in traffic asset tracking and management.
Automation and IoT solution providers have long targeted Returnable Transport Assets (RTAs) as a very potential segment of investment requiring higher tracking and management in a wider area. During the past decade, there have been sizable shipments of Wide-Area Network (WAN) technology into this business.
A broad ecosystem of WAN connected returnable transport asset tracking management solution providers is expected to be crucial for market growth.
What are the Driving Factors for the Global WAN Connected Returnable Transport Asset Tracking Market in the Forecast Years?
The requirement for remote transport asset management services is projected to rise with the proliferation of e-commerce retail supply chains around the world. The online sales channels have robustly expanded the logistics sector, which is expected to progress the WAN connectivity in traffic asset tracking and management.
Automation and IoT solution providers have long targeted Returnable Transport Assets (RTAs) as a very potential segment of investment requiring higher tracking and management in a wider area. During the past decade, there have been sizable shipments of Wide-Area Network (WAN) technology into this business.
A broad ecosystem of WAN connected returnable transport asset tracking management solution providers is expected to be crucial for market growth.
As the initial sector of application, the WAN connected returnable transport asset tracking services for the transportation and logistics sector is the leading segment. Moreover, with the improvement of the economy and services sector transportation and logistics sector is poised to continue as the leading segment through 2033. In recent years many industries requiring WAN connected returnable transport asset tracking services from third-party providers are focussing on developing it by themselves.
The manufacturing industries are the leading developers of domestic WAN connected RTA tracking solutions and are progressing at a higher rate than other end-use industries. Manufacturing industries are readily adopting the deployment of WAN connected returnable transport asset tracking services for assisting businesses in achieving inventory liabilities.
As the WAN connectivity for RTA tracking services is at an initial stage of development so on-premise services currently hold the larger market share. Many end-use industries those adopted WAN connected returnable transport asset tracking services in the last decade mostly preferred on-premise solutions.
The advancement of cloud-based technologies has been remarkable in the last few years and is anticipated to strengthen the on-cloud segment through 2033. Though its installation cost is higher, the overall cost comes down significantly for the whole operation giving it an edge over the earlier segment.
Currently, many successful WAN connectivity service providers are operating in North America, particularly in the United States. In addition to this, the logistics and transportation sector is also quite developed here in comparison to other countries.
Businesses in the United States and Canada are also known for the earliest adoption of high-end technologies in almost every sector. Owing to all these factors, the United States is projected to remain at the forefront in the adoption of WAN connectivity for remote or returnable transport asset tracking and management.
Europe is known for its higher use of freight and Cargo transporting goods and commodities across several regional and international boundaries. So, this region is believed to have a huge potential for different types of remote asset tracking and management market.
Presently, Germany leads in the demand for WAN connected returnable transport asset tracking services in the European region. Meanwhile, France, Italy, Spain, and the United Kingdom have increased their regional markets substantially in the post-pandemic period.
Asia Pacific is a remarkably growing economic region with transport and logistics being the backbone of many countries. However, countries with suitable infrastructure and digital advancement have only been yet able to adopt WAN connectivity in their existing remote asset-tracking systems.
India and China have emerged to be very promising marketplaces for WAN connected returnable transport asset-tracking service providers. The sheer amount of transport assets operating continuously in these two countries has opened up huge opportunities for regional players as well.
The sheer interconnected nature of the logistics sector has led to the emergence of many regional players for tracking returnable transported assets. However, the unavailability of a certain level of technological advancement has limited the proliferation of WAN connections in this sector in all regions. So, the overall market is fairly consolidated until now, with some leading network companies still dominating the global landscape.
Given the growing emphasis on the establishment of telecommunication and data transfer infrastructures, many start-ups are gearing towards WAN connectivity these days. Hence, encouraging federal policies is anticipated to usher in new market players soon and fragment the market landscape. Moreover, a favorable market climate is poised to intensify the competition for WAN connected returnable transport assets tracking services in the coming days.
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A total of USD68.85 million was generated in 2022 by the market.
The market is expected to reach USD 230.95 million by 2033.
The market is anticipated to expand at a 12% CAGR through 2033.
ActSoft, Inc., Touma Incorporated, and Asset Panda LLC are the leading market players.
On-cloud services are expected to grow the market.
| Expected Market Value (2023) | USD 21 billion |
|---|---|
| Anticipated Forecast Value (2033) | USD 50 billion |
| Projected Growth Rate (2023 to 2033) | 9% CAGR |
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WAN Connected Returnable Transport Asset Tracking Market
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